A developer bought a prime piece of land in Scottsdale at an Arizona State Land Department auction on Wednesday.
Hayden Loop 101 Investors LLC, an entity tracing to Scottsdale-based De Rito Partners Development Inc., was the winning bidder on the 85.6-acre site at the southwest corner of Loop 101 and Hayden Road in Scottsdale.
De Rito, which filed the application to request the state land department put the parcel up for auction, paid $61.85 million, the minimum starting bid, according to the state land department.
The developer's application said the property would be used for commercial and industrial uses.
De Rito executives could not immediately be reached for comment on the plans for the property.
The land is just west of a $1 billion proposed development by Scottsdale-based Optima Inc., which plans to build 1,500 luxury units at the southeast corner of Scottsdale Road and Loop 101.
"From a residential standpoint, this really creates a great place to have residential development," David Hovey Jr., president and COO of Optima, told the Phoenix Business Journal in March about his project.
Also in the same area of Scottsdale, Banner Health — the state's largest health system and among the largest in the nation — is in preliminary plans to buy land for a new hospital.
The Phoenix-based health system is working with city of Scottsdale and Arizona State Land Department in an effort to buy 40 to 50 acres at the northeast corner of Loop 101 and Hayden Road. That site is across the street from Cavasson, Nationwide Realty Investors' master-planned development on the northwest corner of Loop 101 and Hayden Road that is proposed to include a residential health care facility.
The land Banner officials have their eye on is managed by the Arizona State Land Department, which would auction the property in a competitive bidding process. An auction has not yet been set, according to the state land department.
There are about 185 acres of State Trust Land on the northeast corner of Loop 101 and Hayden Road, according to a spokesman for the Arizona State Land Department.