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Fortune 500 company buys state trust land in Scottsdale for $83M

(Arizona State Land Department)

PHOENIX – A national insurance company has paid $83 million for more than 100 acres of state trust land in Scottsdale, officials in Arizona said.

Arizona State Land Department said Wednesday that Nationwide Mutual Insurance Company planned to construct a mixed-use development on the 134-acre site, including a regional corporate headquarters, near Loop 101 and Hayden Road.

The Fortune 500 company already has an office complex in Scottsdale, where it employs about 1,200. That number could jump to 5,500 with the project’s completion.

Scottsdale chose Nationwide to oversee its employees’ retirement plans in May.

“Today’s successful auction represents another major milestone for Arizona — Nationwide‘s significant investment speaks to the confidence businesses have in our state’s thriving economy,” Arizona Gov. Doug Ducey said in a statement on the agency’s website.

“I look forward to working with Nationwide as it plans for an expanded presence and an even brighter future in Arizona.”

The city council voted in June to approve the rezoning package to allow for offices and hotels and residential units.

“We see the raw assets of the trust as a catalyst for creating an even more healthy and prosperous economic future for Arizona,” Lisa Atkins, state land commissioner, said.

Arizona K-12 public education is the largest of 13 beneficiaries of trust land managed by the department.

The Associated Press contributed to the report.

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