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

Sep 6, 2018, 6:20 AM | Updated: 4:27 pm
(Arizona State Land Department)...
(Arizona State Land Department)
(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.

Lifetime Windows & Doors

We want to hear from you.

Have a story idea or tip? Pass it along to the KTAR News team here.

Arizona News

Maricopa County flag...
Kevin Stone

Tentative $4.46B Maricopa County budget includes property tax rate reduction

The Maricopa County Board of Supervisors unanimously approved a tentative $4.46 billion budget that would increase spending while lowering the property tax rate.
15 hours ago
(Yelp Photo)...

Celebrate National Barbecue Day with these metro Phoenix restaurants

It's the perfect day for barbecue lovers in metro Phoenix to indulge guilt-free. Here's where to eat for National Barbecue Day.
15 hours ago
(Facebook Photo/Kris Mayes for Arizona)...
Kevin Stone

Democratic Arizona AG candidate says she wouldn’t prosecute abortion cases

Kris Mayes, Arizona’s lone Democratic candidate for attorney general, said she wouldn’t prosecute abortion cases if Roe vs. Wade gets overturned.
15 hours ago
(Best Buy Photo)...

Best Buy to convert store near Paradise Valley Mall into outlet

Big-box electronics retailer Best Buy announced plans to open an outlet store in Phoenix later this year.
15 hours ago
(Facebook Photo/Lake Pleasant Regional Park)...

MCSO divers recover body of 18-year-old from Lake Pleasant

Authorities have recovered the body of swimmer who went under at Lake Pleasant near Peoria on Sunday.
15 hours ago
Dorothy Walls (Photo via Phoenix Police Department)...

Silver Alert issued for Phoenix woman with medical condition

A Silver Alert was issued early Monday for a Phoenix woman with cognitive problems, authorities said.
15 hours ago

Sponsored Articles

Carla Berg, MHS, Deputy Director, Public Health Services, Arizona Department of Health Services

ADHS mobile program brings COVID-19 vaccines and boosters to Arizonans

The Arizona Department of Health Services and partner agencies are providing even more widespread availability by making COVID-19 vaccines available in neighborhoods through trusted community partners.
Canvas Annuity

The secret to guaranteed retirement income

Annuities aren’t really a secret, but they are so misunderstood that they might as well be. Once you understand what an annuity is and how it can benefit you, you could decide this “secret” is the perfect supplement to your retirement plan.
(Twitter photo / Coco5)...

Suns star Devin Booker’s all-natural sports drink Coco5 perfect for any activity

Devin Booker is leading the Suns in pursuit of their first NBA championship while also working to provide people proper hydration with Coco5.
Fortune 500 company buys state trust land in Scottsdale for $83M