By BEX Staff for AZBEX
A planned April 30 auction of 293.5 acres along the east side of 40th Street between Loop 101 and Deer Valley Road could provide the next multifamily development site in the bustling Desert Ridge area of north Phoenix.
The site is appraised at $108.3M, which will be the minimum starting bid. Developer Michael Lieb (as AZ18 LLC) submitted the application to the Arizona State Land Department that triggered the auction, according to a local news report. Lieb is president of Michael A. Lieb Ltd.
An earlier report noted the application specifies developing the site for residential use, which reflects the property’s current zoning.