Sierra Reserve, Scottsdale
By Kristena Hansen | Phoenix Business Journal
Last week we learned the 223-acre Sierra Reserve project in north Scottsdale had been scooped up by billionaire Bob Parsons, pulling the plug on developer Lyle Anderson’s long-awaited plans there for about 250 luxury homes and a boutique hotel.
Neither Parsons or Anderson were willing to disclose the price paid for the vacant site, which abuts Parsons’ Scottsdale National Golf Club at 122nd Street and Dynamite Boulevard. Sources told the Business Real Estate Weekly of Arizona the transaction was between $55 million and $67 million — more than double the $25 million Anderson paid in 2006.
“The offer was substantial enough for us to not do the project,” Anderson, chairman of Lyle Anderson Cos., said in an interview last week.
Cameron Carter can be reached at ccarter@roselawgroup.com
