Speculators buy land near proposed freeways in Pinal County
By The Associated Press
CASA GRANDE, AZ (AP) -
Speculators are buying vacant property near proposed freeways in Pinal County in anticipation of a building boom.
The Casa Grande Dispatch reports that investors and developers are banking on the proposed Interstate 11 and the north-south freeway that would connect Interstate 10 at Picacho with the communities east of Phoenix.
The most notable transaction is an 11,000-acre buy by Pinal Land Holdings LLC, which followed the $114 million sale with annexation into the city of Coolidge in early 2014.
The annexation of the land into Coolidge added nearly 13 square miles to the city.
The plan is to develop the area with industry first.
The rest of the property would turn into a mixed-density residential and commercial area over a period of several decades.