Shea Homes has made an offer to pay the Baptist Foundation of Arizona for a 7,100-acre parcel in the far North Valley, northwest of 99th Avenue and Jomax Road in Phoenix. Shea hopes to develop the land into a master-planned community.
The land must be sold at public action through the U.S. Bankruptcy Court, and Shea's offer will serve as the baseline bid. At least two other bidders are expected to participate in the auction, which will be held either in late October or early November.
Under the terms of the offer, Shea would pay $16 million in cash and the remaining $69 million over four years. With interest factored in, the defunct fund-raising group would receive about $110 million for the property.
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