Western Emulsions secures land for future growth
Western Emulsions secures land for future growth
03/07/2008
March 7, 2008 - 3:17AM
Mesa approves sale of 37 acres in Pinal County
Jason Massad, Tribune
Mesa has approved the sale of 37 acres in Pinal County that could be purchased by Western Emulsions, a Tucson-based asphalt company. The potential sale is part of Mesa's plan to sell off more than 10,000 acres of holdings in Pinal County that were once envisioned to provide water to the city.
The property for sale is south of Coolidge and Randolph Road and was briefly used as a refinery. That closed in the early 1990s.
The parcel affords access to a nearby Union Pacific railroad line. The sale could net more than $34,000 per acre, according to the city's records.
Local real state brokers in the area say that property closer to Interstate 10 in the area has sold for $40,000 to $55,000 an acre.
The city has been looking to help offset a widening budget gap by selling the land it owns in Pinal County.
Mesa faces an estimated shortage of $16 million over the next 14 months as consumer spending dwindles and sales tax receipts to Mesa come in lower than expected.
Mesa's strategy for its land sales in Pinal County has focused on areas that could be turned into industrial centers, much of that around the Union Pacific rail line. City officials say they are holding onto the properties in Pinal County that would be suitable for residential development because the housing market is in a steep decline.
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