By Roland Murphy for Arizona Builder’s Exchange
JLB Realty LLC, a subsidiary of JLB Partners, recently placed a record bid to win a State Land Department trust land auction. The company bid $16.6M for a prime 10.41 acre (net) parcel in Scottsdale at the SEC of Scottsdale Road and Chauncey Lane.
Kevin Ransil, development partner at JLB Partners, said in a phone interview the company is currently evaluating options for a mixed-use project to support the approximately 300 unit multifamily units it plans to build on the site. “We’re looking at what will be the best possible mix to complement the multi-family development,” he said. “We’re considering retail, restaurant or office space. We should be able to confirm the exact direction we want to go in the next 60 days.”
Once that direction is identified, JLB will develop the multifamily component and sell the remaining land to allow approximately 200KSF of supporting development. Construction on the multifamily component is anticipated to begin in early 2017. No GC or architect has yet been named.
Five bidders placed a total of 62 bids for the property before it was secured by JLB. According to a release by the Arizona State Land Department, the property had an appraised value of $815K/acre. JLB Partners’ final bid was nearly $1.6M/acre.
K-12 Education is the Trust beneficiary for the sale.