by Michael Clancy – Jul. 9, 2008 10:38 AM
The Arizona Republic
A 15-acre parcel of land at Pinnacle Peak and Cave Creek Roads will be put up for auction Wednesday.
The Arizona State Land Department is asking $5.5 million for the site, which is on a 65-year land lease.
The auction takes place at 10 a.m. at the Arizona State Land Department, 1616 W. Adams St.,
Wedged between the Catholic Holy Redeemer Cemetery and the National Memorial Cemetery of Arizona, the land will be used for commercial development.
Residential developments are going in, or have been built, on the west side of Cave Creek Road. On the east side, the nearest homes are in Desert Ridge, about a mile away.
A large parcel of about 400 acres in the same area was up for auction twice in the final months of 2007, but drew no bidders.
Land on the north side of Pinnacle Peak Road, also part of the Land Department’s portfolio, also remains vacant.
The applicant for the property is a company called Sterling Realty Group, which could not be reached for comment.
0 Responses to “AZ Republic – 15-acre parcel of trust land on auction block”