PHOENIX — Discount Tire announced its plans to build a new corporate headquarters in the Valley after purchasing 35 acres of land in north Phoenix.

The land was purchased at a recent Arizona State Land Department public auction and is located near Loop 101 and State Route 51.

“We are pleased to acquire this property in Phoenix and begin work on an innovative, sustainable workspace that honors and strengthens the culture on which our company was founded,” chairman Michael Zuieback said in a press release.

The plans for a 300,000-square-foot office building and campus amenities are already underway. Construction of the infrastructure will begin in the next 12 months.

The announcement represents one of the largest economic development deals of its kind in recent years in Phoenix, according to the release.

“From Bruce Halle’s first stores in Phoenix more than 50 years ago to growing to be the nation’s premier tires and wheels retailer, Discount Tire has always done business while giving so much back to Arizona and our communities,” Gov. Doug Ducey said in the release.

The campus will be the home to Discount Tire’s headquarters and offices of The Diane & Bruce Halle Foundation, a provider of philanthropic resources to local communities.