Situated at the intersection of Loop 202 and 40th Street near Sky Harbor International Airport, the land is appraised at $15.64 million. The land couldn't be offered to the public before now although it's been under government control "since statehood," says Richard Hubbard, deputy state land commissioner. "We had some false starts with commercial projects. There were some archaeological challenges we had to sort out. At one point, there was discussion that this may have been the home of the new Arizona Cardinals stadium."
Hubbard tells GlobeSt.com that prior to today's auction at least five bidders were registered with the requisite credentials. He adds the door is open to anyone else who can meet the rigorous conditions to participate. "We require first month's rent straight away, with that being a percentage of the appraised value," he says. "The winner will then have 30 days to come up with the remainder for the first year's rent."
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