One of the most high-profile land parcels in North Phoenix just changed hands and its future could reshape the Valley’s growth map.
Once eyed for a massive NHL arena and entertainment district, the 217-acre site near Scottsdale Road and Loop 101 was just sold at a state land auction for $136 million to real estate developer Mortenson, edging out Carvana’s top shareholder, Ernie Garcia II. While the Coyotes have officially left Arizona, this parcel is ready for a fresh chapter and it could bring major economic and real estate momentum to the North Phoenix-Scottsdale corridor.
🔍 Key Highlights:
Prime location: 217.16 acres west of Scottsdale Rd. and north of Loop 101, once tied to the now-defunct Arizona Coyotes arena plans.
Winning bid: Mortenson secured the parcel at auction for $136 million, beating out Verde Investments (Carvana).
Future use: Plans are still being finalized, but Mortenson is targeting long-term corporate and mixed-use development.
Development timeline:
Phase I planning, engineering, and permitting due within 10 months
Construction must begin within 1 year
Project completion required within 3 years
Track record: Mortenson has built major Valley projects including ASU’s Mullet Arena and Downtown Phoenix’s Hyatt hotel.
🏘 What This Means for Real Estate:
This isn’t just a land sale it’s a signal of growth in one of the most strategically positioned corridors of the metro. With its proximity to Loop 101, Scottsdale, Desert Ridge, and the TSMC chip plants to the northwest, this site could spark new housing, office, hospitality, and retail demand.
For homeowners, investors, and developers, this is a location to watch closely. As plans come into focus, surrounding property values could see significant upside.
📣 Stay Ahead of the Curve
Want to know how this project could impact home prices, rental trends, or land values near Scottsdale Rd & the 101?
Let’s talk.
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Local market updates near the development zone
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Big moves are being made, let’s make sure you’re in position to benefit.
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