A trio of prominent commercial investors is expected to bid on portions of a 1,600-acre swath of Arizona State Land in north Peoria. Vestar, Land Resources and Sunbelt Holdings have applied for the right to participate in an upcoming auction for the large parcel, which is adjacent to the Vistancia master-planned community.
Land Resources applied for the largest portion of land: 480 acres. The developer is planning a mixed-use project that could include light industrial, retail, hospitality, entertainment or residential components. Retail giant Vestar applied for a 202-acre parcel for a mixed-use development, while Sunbelt Investment Holdings applied for 80 acres for a separate mixed-use project.
Through a unique collaboration with the Arizona State Land Department, the city of Peoria will lead the land-planning process and invest $500 million in infrastructure and utility improvements to make the area shovel-ready ahead of the public land auctions.
