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PHOENIX-Twenty acres once slated to hold the Bellavita at Stetson Valley luxury condominiums is now in the hands of a local investor, courtesy of the Federal Deposit Insurance Corp. The acreage on the north side of town was the agency’s first area land since taking over assets from Arkansas National Bank.

Todd Braun, senior director with Cushman & Wakefield of Arizona Inc. says the property at 44th Avenue and Happy Valley Road was owned at one point by Weinstein Communities and sold to Jeff DeWitt for $2.1 million via sealed bid. Braun, who marketed the land with Cushman & Wakefield director Jim Crews tells GlobeSt.com that DeWitt will hang onto the land. “He believes when the market turns and development comes back into play again, the site will be well-positioned for that first round of development,” Braun comments.

He goes on to say that Scottsdale, AZ-based Weinstein Communities had begun site work on the acreage for the 249-unit Bellavita at Stetson Valley. Weinstein had gotten as far as pouring concrete for the underground parking garage podium when “he realized the condo market dried up, so he suspended that and the bank subsequently came in and foreclosed on it,” Braun says.

But the bank, Arkansas National Bank in Rogers, AR, also ran into problems, and shut down late last summer. “Once the FDIC took over the bank, they had us list two properties for them,” Braun remarks.

The other area asset formally financed by Arkansas National Bank is an 80-acre parcel in Casa Grande, AZ. The previous developer paid $13 million for the land, with ANB holding the $10 million mortgage. Braun says the land at Jimmie Kerr Boulevard and Cox Road carries a $1.6 million ask.

“That also went through a sealed bid, but it was ultimately determined that the property is better suited for more traditional marketing,” Braun says. He says the FDIC wants to sell the land in its entirety.

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