Thank you for sharing!

Your article was successfully shared with the contacts you provided.

SEDONA, AZ-One of the last remaining parcels of undeveloped land in Red Rock Country could soon be sold to an Arizona investment group by the US Forestry Service in an $8.4-million deal that will allow a joint venture entity to build 50 timeshare units on three of its 21 acres.

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.