A trio of prominent commercial investors is expecting to bid on portions of a 1,600-acre swath of Arizona State Land in north Peoria (photo: courtesy Keith Dines). Vestar, Land Resources and Sunbelt Holdings have applied for the right to participate in an upcoming auction for the huge parcel. The property is adjacent to the Vistancia master-planned community.
Land Resources applied for the largest chunk of land: 480 acres. The developer is planning a mixed-used project, which could include light industrial, retail, hospitality, entertainment or residential developments. Retail giant Vestar applied for a 202-acre parcel for a mixed-use project. Sunbelt Investment Holdings applied for 80 acres for a separate mixed-use project.
Through a unique collaboration with the Arizona State Land Department, Peoria will lead the land planning process and invest $500 million in infrastructure and utility improvements to make the area shovel-ready ahead of public land auctions.
The post CRE Developers to Bid on Massive Chunk of AZ State Land appeared first on Connect CRE.
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