Shea Proctor Valley LLC, a subsidiary of the Scottsdale, Arizona-based Shea Homes, was the winning bidder on a 415-acre swath of land located in north Peoria.
The auction was held by the Arizona State Land Department, which regularly conducts auctions of state land it has acquired, with revenue from the sales going to Arizona’s elementary and high schools, as well as the state’s colleges and universities.
For fiscal 2020, the department reported $205 million in revenue, $135 million of which came from land sales.
Shea won the land, which is located near the intersection of 75th Avenue and Jomax Road, on a bid of $46.7 million.
Although Shea has not announced immediate plans for the property, the company has been successfully involved in a number of higher-end residential community projects.
Earlier this year it launched work on a community in Avondale, with 34 homes to be built in the first phase, and an additional 48 planned to begin in 2021.
The 75th and Jomax Road site is located near the Rock Springs development, where houses list for an average of $500,000 and up.
New home construction, despite the pandemic economy, seems a solid bet in Peoria, located roughly 20 miles to the northeast of Phoenix. The city is one of the fastest-growing in Arizona, with a population jumping from 108,000 two decades ago, to around 180,000 today.
By Garry Boulard
Get stories like these right to your inbox.