The Desert Ridge area north of Paradise Valley has turned into a hot spot for developers wanting to scoop up prime state-owned land in recent years.
One of the highest-priced state land auctions last year happened when Mortenson outbid Verde Investments for over 200 acres in the area, spending $136 million for a site now planned to become a new Arizona Cardinals training campus.
And major national homebuilders turned out to bid on about 53 acres of residential land by the J.W. Marriott Desert Ridge Resort and Spa, with K. Hovnanian Homes ultimately placing the winning bid of $71 million – up from a starting price of $37.75 million.
The next big auction for Desert Ridge land is happening April 30, when the Arizona State Land Department will sell off about 293.5 acres on Deer Valley Road and 40th Street.
