By Ron Davis | Phoenix Business Journal
About 20 acres of state land at the NW corner of Legacy Blvd and Miller Rd sold at auction on March 8, 2023.
Michael Lieb’s firm, Legacy 76 LLC, won 20.5 acres of north Scottsdale land on (March 8) at the Arizona Land Department building. The minimum bid was $28.07 million, which is what Lieb’s company paid for the land as no others raised a paddle.
The auction lasted just over two minutes.
“It doesn’t get much better than north of the 101 with three hospitals and Nationwide,” Lieb said. “I had butterflies in my stomach as if it was the World Series because you spend so much time getting prepared for this day. You never know what’s going to happen.”
Valley-based real estate developer Talos Holdings was the initial applicant, requesting the Arizona State Land Department to consider selling the parcel at the northwest corner of Legacy Boulevard and Miller Road, just north of Loop 101 in Scottsdale. The firm registered to bid but ultimately decided not to raise a paddle for the land on Wednesday morning.
With the newly acquired land, Lieb and Legacy 76 will partner with developer The Dinerstein Cos. to bring a multifamily project to the site. Details for what that project ultimately will look like are still being finalized, but Dinerstein expects the site to be three stories with a mix of townhomes and apartments, said Jessica Cassolato, the firm’s development director.
Cassolato expects to move forward on building out its project by the middle of next year.
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