How a single bidder got valuable state land

Written by on October 16, 2020

Among the many 9.2 million acres that the Arizona State Land Division owns, no parcel was extra priceless than the 134-acre web site in northeast Scottsdale that’s now being developed by the actual property arm of Nationwide Mutual Insurance coverage Firm. 

That was the conclusion of the Land Division’s commissioner in 2017 because the state ready to promote the parcel.

Land within the north Scottsdale space had been promoting for greater than $900,000 an acre, on common. The Land Division had offered one close by 12-acre web site for greater than $1.three million an acre.

Even so, the Land Division offered the property to Nationwide for simply $619,403 per acre. The $83 million gross sales value was based mostly on an appraisal that concluded, amongst different issues, the developer would incur substantial prices for drainage and roadwork.

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