SCOTTSDALE, AZ — After losing a state land auction to HonorHealth last November, the state's largest health system plans to build a $400 million hospital campus down the street.
Phoenix-based Banner Health plans to purchase 48 acres of land on the southwest corner of Hayden Road and Loop 101 in north Scottsdale — near a separate 48-acre parcel of state land where it had planned to build at the northeast corner of Hayden and Loop 101.
Banner had been working with the city of Scottsdale earlier in the year on entitlements for the state land, which also is across the street from Cavasson, Nationwide Realty Investors' master-planned development on the northwest corner of Hayden and Loop 101.
But by the time Banner CFO Dennis Laraway was ready to bid on the state land, HonorHealth CEO Todd LaPorte was there to compete for the property. The $56.95 million minimum bid ratcheted all the way up $84 million, with LaPorte ending up as the winning bidder.
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