Key points:
- Phoenix purchased 158.7 acres at a state land auction for $11.9M, winning as the sole bidder.
- The land sits near I-17 & Jomax, north of Sandra Day O’Connor High School.
- The city plans to turn the property into a mountain preserve and hiking trail system.
- Despite massive development nearby — including TSMC’s $165B plant, Halo Vista, and NorthPark Phoenix — no homebuilders bid on the land.
- The site is mountainous, with 60–65% developable area, though currently zoned single-family residential and planned for open space.
- Nearby master-planned communities will eventually bring thousands of new homes to the area.
- Developers of NorthPark will donate ~2,100 acres to expand the Sonoran Preserve.
Why it matters for investors:
- Preserving this parcel removes developable land near one of Phoenix’s hottest growth nodes.
- Fewer future rooftops in this section of North Phoenix pushes more value to existing SFR inventory, especially near TSMC.
- Strong alignment with investor pain points: protection of property rights, predictable development patterns, and limited housing supply continuing to drive demand.