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Land Rush Accelerates in Arizona
Phoenix-based Vermaland signed multiple solar land lease deals that illustrate an intriguing trend occurring in Arizona. Land is at a premium for solar developers and homebuilders alike.
Earlier this year, Vermaland leased more than 2,000 acres of land in Gila Bend to a solar developer. A similar lease for 1,600 acres in Hyder, AZ followed along with another 900-acre deal in Harquahala Valley, both for solar projects.
Vermaland previously had leased 1,000 acres to solar companies and has several other solar deals in the pipeline that are expected to close before year-end.
Vermaland’s Kuldip Verma says, “This increase in solar activity is up significantly from prior years. If all of these leases result in eventual land purchases, which is typical, these transactions could total nearly $40 million in land sales.”
Phoenix’s West Valley is one of the most active land markets, which presents an interesting dynamic between a rush for solar projects and demand for new homes in the Phoenix area.
For comments, questions or concerns, please contact Dennis Kaiser
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