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06/23/07
Trust land bidder will need $99million for development rights
Filed under: General, Real Estate
Posted by: Lillian Wong @ 3:58 pm

Bidders for Arizona trust land that Westcor wants for its Palisene shopping center will have to pay at least $99 million to gain the development rights. The State Land Department has valued the 112-acre site northwest of Loop 101 and Scottsdale Road at $32 million. Plus, the winning bidder on a 99-year lease must commit to $67 million in improvements, including roads, utilities and drainage work. An auction is planned for late September, although no date has been set, Land Commissioner Mark Winkleman said.  More…

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