Prime site in Desert Ridge
Catherine Reagor
The Arizona Republic
Aug. 9, 2006 12:00 AM
Home builders had a chance to buy a prime piece of land in northeast Phoenix's Desert Ridge development Tuesday. But sticker shock kept them on the sidelines.
No builder or investor was willing to pay the Arizona State Land Department's $150 million asking price for the 325-acre parcel of state land near the busy intersection of Loop 101 and Arizona 51.
For the past few years, land in Desert Ridge sparked bidding wars as home prices and sales in the area soared. In January, a condominium developer paid a record $1 million an acre for a piece of land in Desert Ridge.
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