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SCOTTSDALE, AZ-Following a 10-acre buy at a state auction, local developer Saxa Inc. is preparing to break ground on a 100,000-sf project. The $26-million development plan calls for 55,000 sf of office condominiums, 40,000 sf of retail and a bank pad.

“Our analysis of the five-mile ring around that site is that there’s maybe two parcels actually for sale,” Jim Riggs, president of Saxa Inc. tells GlobeSt.com, adding that both are smaller than two acres. “It’s definitely one of the last large pieces left. That’s why we’re being careful about what we develop there.” The as-yet unnamed project at 100th Street and Frank Lloyd Wright Boulevard is anticipated to break ground in first quarter 2008, with the space coming on line late in the year.

Saxa acquired the land in an Arizona State Land Department auction. Riggs says his company was the only bidder. Unlike other land department auctions, the land was for sale and not available as a long-term lease. “When the state announced they would release it, we kept an eye on it,” Riggs adds.

Riggs says that project’s price points and lease rates are being calculated. Saxa plans to build office condos ranging from 2,500 sf to 20,000 sf. He says Saxa would like to do more Scottsdale deals too, if they’re available. “But there isn’t a whole lot left to look at right now,” he adds.

Patrick Hayes Architecture Inc. of Scottsdale is the project’s designer. A general contractor has not been selected. Ross Smith, senior vice president, and Sandi Elmore, senior associate, with Grubb & Ellis

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