The Arizona Department of Transportation has sold one of its properties near Interstate 10 in east Phoenix to help pay for the freeway’s widening, the agency said.

The 21-acre parcel, which includes three buildings, is located on the north side of I-10 and west of State Route 143. It was sold for $28.7 million, making it the largest sale of excess property in the agency’s history, the department said. 

ADOT said the property, which it purchased in 2011, was sold to a Philadelphia-based developer, Exeter 4425-4535 East Elwood LLC. 

Revenue from previous excess property sales, along with the money from this latest sale, will be used for widening I-10 between the Loop 202 and the Interstate 17 “split” interchange near Sky Harbor International Airport, the department said. 

A portion of the property it sold will be needed to accommodate the widening, officials said.

“Our engineers determined how much of the property would be needed for I-10 widening,” Michael Craig, manager of ADOT’s office of property management, said. “The timing was right to sell the excess portion and put those dollars into the upcoming project’s budget.”

The new property owner will remove sections of three buildings that extend into the area the department will need for the improvements, ADOT said.

The spaces in the buildings are being leased by several business, including cabinetry and shipping firms, the department said.

The project is scheduled to start construction in 2021. 

Earlier this year, ADOT advertised the property for sale and conducted several tours for potential buyers. Eight bidders took part in an auction for the property, the department said.

The total estimated cost of the project, and additional details about the widening, were not immediately available from ADOT.

READ MORE:

 

Read or Share this story: https://azc.cc/2NnvRMD