KB Homes buys 210 acres in Tucson for $10.625M
In the first purchase of residentially zoned State Trust Land in Tucson in more than a decade, KB Homes successfully bid $10.625 million today for about 210 acres northeast of the northeast corner of Camino Seco and Irvington Road, State Land Commissioner Lisa A. Atkins said.
The successful bid amount was equal to the appraised value of the subject parcel, the minimum bid allowed under state law. The last time residentially zoned State Trust Land in Tucson sold at an Arizona State Land Department auction was in 2006.
The successful bid amount from today’s auction will be deposited into an account of the Permanent Land Endowment Trust Fund at the Office of the Arizona State Treasurer. The account is designated for these Trust Beneficiaries: Arizona Pioneers’ Home, Arizona Department of Corrections, and Arizona Department of Juvenile Corrections.
“The need for residential land speaks to the booming Tucson economy and growing confidence among individuals and businesses alike and is another example of our state’s overall strong economic health,” Arizona Governor Doug Ducey said.
“While all successful auctions are wins for the state’s Trust Beneficiaries, I’m particularly pleased with the results of this auction in Southern Arizona,” Commissioner Atkins said. “It’s solid evidence of Tucson’s strong market for new housing.”
A schedule of upcoming Arizona State Land Department auctions is available at www.azland.gov/upcoming-auctions.
K-12 public education is by far the largest of 13 Beneficiaries of Trust Land managed by the Arizona State Land Department, whose mission since 1915 is to manage the assets of a multi-generational perpetual trust in alignment with the interests of the Beneficiaries and Arizona’s future.
All uses of the land and resources held in the Trust must benefit the Trust, a fact that distinguishes it from the way public land, such as parks or national forests, may be used or managed. While public use of Trust Land is not prohibited, it is regulated to ensure protection of the land and its resources and compensation to the Beneficiaries for its use. Today the Arizona State Land Department pro-actively manages more than 9.2 million acres of Trust Land, which is 13 percent of the land within the state of Arizona.