THE NEXT FRONTIER

Article originally posted on Phoenix Business Journal on May 26, 2023

Back in November, a vigorous bidding war broke out at a state land auction between two Valley hospitals for 48 acres of north Scottsdale land.

Phoenix-based Banner Health had been working with the city of Scottsdale earlier in the year on entitlements for the land before it went for auction on Nov. 16. But HonorHealth also brought its auction paddle to compete for the land.

The $56.95 million minimum bid ratcheted up to $84 million, with HonorHealth walking away the winner of the land at the northeast corner of Loop 101 and Hayden Road.

When Banner CFO Dennis Laraway finally conceded the auction, he was heard saying to another staffer, “That’s OK, there’s more land.”

How much? The city of Scottsdale’s economic development department estimates there’s more than 500 acres of developable land left north of Loop 101 — and most of the acreage is only available for sale through a state land auction. Because of the area’s attraction for sprawling corporate campuses it’s been given the moniker — the corporate corridor.

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