Joseph P. Martori, chairman and CEO of ILX Resorts Inc., a leading vacation ownership developer, tells GlobeSt.com that his firm has reached a preliminary agreement with James Bruno Enterprises LLC of Chandler to develop the acreage adjacent to ILX's Los Abrigados Resort in Sedona. Martori says Bruno has put a deposit on the 21-acre parcel with the US Forest Service and expects to hear within 60 to 90 days if his $8.4-million offer has been accepted. The land, which lies next to ILX's existing resort near Arizona 179 and 89A, is one of the last remaining parcels available for sale in the community, whose red rocks and spiritual ambiance draw visitors from around the world.
"It's a beautiful piece of property," Martori says, noting the offer by his partner in the project beat out bids by six other potential buyers. Brewer Road splits the tract into 14 acres on one side and seven acres on the other. ILX and Bruno currently plan to donate four acres from the seven-acre tract to the town of Sedona and build 50 timeshare units on the remaining three acres. He says plans have not been made for the 14-acre tract.
The acreage is zoned residential and commercial, but Martori says the developers will seek a zoning change to accommodate their plans if the offer passes muster. He says construction could begin early next year.
Martori says definitive agreements with the Bruno group are expected to be signed by the end of August. More specific site plans will be in place by the fourth quarter, he adds.
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