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Board moves to place two vacant Fountain Hills parcels on ballot after broker'led valuations estimate multi-million-dollar residual land value
Summary
Following a presentation by Nathan Associates, the board voted to call a special election to place sale resolutions for two vacant district parcels (Arroyo Vista and Aspen) on the ballot. Broker estimates put Aspen's residual land value at about $3.15M'$3.8M and Arroyo Vista at roughly $5M'$6M under current zoning.
The Fountain Hills Unified School board voted June 18 to call a special election to ask voters whether the district may sell two vacant properties after hearing an independent valuation from Nathan Associates.
Ryan Duncan of Nathan Associates presented an appraisal-style market review and site analysis. For the Aspen site (about 19.95 acres, currently zoned R1-35), Duncan said a substantial wash along the western boundary reduces usable acreage and that, under conservative assumptions, the site could yield about 12'14 finished lots. He estimated finished lot values of $450,000'$525,000 each and construction costs of around $245,000'$265,000 per lot, yielding a residual land-value estimate in the range of approximately $3.15 million to $3.8 million under current assumptions. Duncan recommended detailed engineering and entitlements to confirm the yield and noted a plat/entitlement process could take about 8'14 months.
Duncan said the Arroyo Vista site (zoned R1-18) is more developable and, depending on layout and engineering, might yield 30'32 lots under existing zoning; his residual land-value estimates for that parcel were roughly $5 million to $6 million. He cautioned that rezoning to higher density (R1-10 or multifamily) could substantially increase value but would add entitlement cost and risk.
Board members discussed community input, the facilities committee's mixed feedback and the timing of a ballot measure; the board approved resolutions calling for a special election to place the two sale questions on the ballot, and trustees directed staff to hold public town-hall meetings before any sale would proceed even if voters approve the measure.
What happens next: The board will include the measures on the special election ballot and host public engagement meetings; staff and outside consultants recommended additional engineering, entitlement work and community outreach ahead of any final sale or redevelopment.
