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MESA, AZ-Between 2005 and 2007, developer Paragon Properties in Carefree, AZ spent more than $100 million assembling 1,000-plus cares through multiple transactions. However, Business Real Estate Weekly of Arizona reports that the land may be headed for the auction block unless Paragon Properties can stave off the trustees.

GlobeSt.com reported in 2006 that the land was originally assembled around the Phoenix-Mesa Gateway Airport area for mixed-use purposes, including cargo-related industrial, hangar, office and retail. However, the current decline in real estate prices put a stop to the plans, while lenders who issued more than $72 million in loans have initiated foreclosure proceedings.

Paragon Properties founder Doug Dragoo said in the BREW article that he might be interested in possibly taking advantage of federal programs designed to encourage alternative energy use. To do this, he would designate more than 400 acres for use as a “green” zone. Dragoo did not return a call seeking comment by press time.

To read more about Paragon Properties in BREW, click here.

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