State’s first freeway land auction a dud
May 7th, 2008, 2:04 pm · Post a Comment · posted by davewoodfill
State officials held a big land auction this morning but found only one taker.
A total of 11 left-over parcels that were purchased for freeway construction were up for sale at an Arizona Department of Transportation auction in downtown Phoenix. However, only one property was sold – a 13.3-acre site at the northwest corner of Lindsay Road and the San Tan section of the Loop 202. The winning bid was $4.6 million.
ADOT officials won’t disclose the name of the buyer until the close of escrow in 60 to 90 days.
Highway officials put a positive spin on the meager interest the auction generated.
“Quite frankly, we’re pleased with the one tentative sale,” said ADOT spokesman Doug Nintzel. “We know that doing this will help shine a light on the fact that properties are available.”
Nintzel said the proceeds from the auction will go to the Maricopa Association of Governments’ freeway construction fund.
The properties up for bid are remnants of land purchased from private owners to construct freeways.
