Shea Homes has made an offer to pay the Baptist Foundation ofArizona for a 7,100-acre parcel in the far North Valley, northwestof 99th Avenue and Jomax Road in Phoenix. Shea hopes to develop theland 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 theauction, which will be held either in late October or earlyNovember.
Under the terms of the offer, Shea would pay $16 million in cashand the remaining $69 million over four years. With interestfactored in, the defunct fund-raising group would receive about$110 million for the property.
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