Land Sells at $1 MILLION Per Acre...

Land sells at $1 mil per acre, from the Arizona Republic , reports that a 32-acre State land parcel in Desert Ridge sold yesterday for $33.45 million, or about $1 million per-acre. The buyer was apartment builder Gray Development, which plans to build more than 800 high-end apartment and condos on the site. It was the first of five residential parcels in Desert Ridge that the Land Department plans to auction this year. "There's still tremendous demand for land," said State Land Commissioner Mark Winkleman. The state land department has sold more than $550 million of trust land in Desert Ridge during the past few years. Arizona has more than 9 million acres of State Trust land, much of it in remote areas where it is leased to ranchers or other users. The State Land Department is planning its next big development in Metro Phoenix, Superstition Vistas, on 275 square miles in the Apache Junction-Florence area.

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