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Buckeye State Land Auction Draws Interest from Sunbelt Holdings
Sunbelt Investment Holdings says it will bid on a 272-acre vacant parcel near I-10 and Verrado in Buckeye. The Phoenix Business Journal reports the property is just east of the Buckeye Commons shopping center, which Sunbelt owns.
The entire site up for auction is bisected by I-10. The Arizona State Land Department has placed the minimum bid at $42.05 million. The auction date has not been determined. Buckeye has already zoned the site Commercial Center.
Currently, over a million square feet of retail space is under development at the intersection of I-10 and Verrado Way in Buckeye.
West Valley communities have experienced steady growth, with 93,741 residents in 2020 and 114,334 last year.
The section of land up for auction is part of 2,100 acres the city wants to designate as a special planning area. This area would be a mixed-use and very dense development that includes office, retail, multifamily, sports and entertainment.
