BIG STATE LAND SALE

It gives me great pleasure to share with you the results of the State Land auction held a few hours ago for the first parcel of Lost Dutchman Heights in the City of Apache Junction. You may recall that the auction parcel was just over 1,000 acres, with the successful bidder also obligated to master plan the remainder of the 12 square miles of Lost Dutchman Heights.

The auction began at 11:00 a.m. at the Pinal County Board of Supervisors Hearing Room in Florence, AZ. The room was packed to standing room only, and you could feel the energy in the air. The opening bid was $45,250,000. A bidding war between two primary bidders began, making a total of over 115 offers and counter-offers on the property, up until the final winning bid of $58,600,000.

The successful bidder was Desert Communities represented by Mr. Jim Rhodes. They are out of Las Vegas, Nevada, with two parent companies, Sagebrush Enterprises, Inc. and Rhodes Homes.

It is expected that the master planning, including planning for roadways, infrastructure, land use and urban planning, could take a minimum of 24 months. The planning aspect of the project will need to be completed before any actual movement of dirt or vertical development can take place.

Good things to come!
George R. Hoffman
City Manager - City of Apache Junction

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