A California developer is looking to snap up nearly 300 acres of state-owned land in Buckeye.
San Diego-based Sunbelt Investment Holdings plans to bid in an upcoming auction for approximately 272 acres where it wants to build a mixed-use development, the Phoenix Business Journal reported. Bidding for the site starts at almost $42.1 million.
The land is located next to the intersection of Interstate 10 and Verrado Way in Buckeye. I-10 runs on the north edge of the site up for auction. At the same time, Sunbelt is developing the Buckeye Commons shopping center and the surrounding acres for more retail; the available land includes this area. The site is currently zoned as “commercial center” by the city of Buckeye, according to the Business Journal.
Though Sunbelt has been focusing on commercial development in the area, housing is reportedly going to be part of its future developments on the site. It isn’t clear how much of the 272 acres the firm plans to dedicate to retail instead of multifamily or other commercial space if it wins the land auction. As it stands, more than 1 million square feet of retail is under development at the intersection of I-10 and Verrado Way; Buckeye Commons sits on the northeast corner next to a Costco that opened in 2023.
Buckeye is set to see several retail projects rise in the coming years, especially in the area Sunbelt is looking to buy.
The land the Arizona State Land Department is auctioning is part of a 2,100-acre tract the city of Buckeye is looking to designate as a special planning area called “The Landing.” This would be “a mixed-use and very dense development that will include everything from Class A office to higher education, additional retail, multifamily, specialty shops and sports and entertainment,” Suzanne Boyles, the city’s economic development director, said of the endeavor, per the Business Journal.
An auction date for the site is yet to be determined but is reportedly planned for the fourth quarter of this year.
Read more
Residential
Phoenix
Bill to override local resi zoning looks set to die as Arizona legislature nears end of session
Commercial
Phoenix
Office conversions sweep Phoenix as industrial redevelopment joins resi makeover of mall
Commercial
Phoenix
Proposed law gives developers OK to use farmers’ water for growth in Phoenix metro