Could the Arizona Coyotes be one step closer to having a permanent home?
On Thursday, the Arizona State Land Department’s Board of Appeals gave the green light for a 95-acre land in the Valley to be put up for auction.
The property holds a value of $68.5 million and is located on the northeast side of Scottsdale Road and Loop 101, situated just east of Desert Ridge Marketplace.
This will more than likely trigger a bidding war worth millions of dollars. As the Arizona Coyotes search for a new home, they will navigate the state land trust auction in hopes of making Scottsdale their new home.
The property is considered to be one of the most sought after pieces of land in the entire metropolitan region.
The Coyotes leadership has mentioned the land is one of several options they are considering for their future arena home.
The team has been forced to play several seasons at Arizona State University’s Mullett Arena while they work to find a permanent home. Tempe voters rejected the Coyotes’ prior plan to build an arena and entertainment district near the Loop 202.
The auction is considered to take place 10 weeks from now and will take place at the offices of the Downtown Phoenix Land Department. A potential buyer must make a down payment of 20% of the base price, which amounts to nearly $14 million. The successful bidder will be given a period of two years to fully pay for the land.
If the Arizona Coyotes fail to secure this bid, the big question has been will they relocate? There have been rumors circulating that Salt Lake City, Utah, is showing interest in acquiring the team.
Recently, the Utah Senate has passed a measure to increase taxes in order to finance a sports and entertainment initiative in the downtown area.
