PHOENIX — Thursday’s Board of Appeals meeting with the Arizona State Land Department approved 95 acres in the Valley to go up for auction.
The land is valued at $68.5 million and is located at the northwest corner of Scottsdale Road and Loop 101, east of Desert Ridge Marketplace.
Now the multi-million-dollar bidding war will begin.
Mark Winkleman, former Arizona State Land Commissioner said, “It is one of the most primal pieces of real estate in the entire metropolitan area."
So, who's got that cash? The Arizona Coyotes.
The team is eyeing its next permanent home after playing at Arizona State University’s Mullett Arena this season.
Winkleman says the next step is to finalize an auction date, which will be no earlier than 10 weeks from mid-March.
"It's kind of old-fashioned,” Winkleman said. “Raised paddles, and the paddles are notwithstanding the amount of money that's being paid for this land."
To even participate in the auction, according to Winkleman, prospective buyers have to put down 20% of the minimum price — almost $14 million.
The auction will happen at the Downtown Phoenix Land Department's offices. The highest bidder will have two years to pay off the land in full.
Winkleman says once someone wins, work can start immediately.
If the Arizona Coyotes don't get this bid will they uproot and move? ABC15 has reported Salt Lake City, Utah, is interested in purchasing the team.
ABC affiliate in Salt Lake City reports the Utah Senate approved a tax hike to fund a downtown sports and entertainment project.
The Arizona Coyotes have not commented on Thursday’s vote.
