GM proving grounds sold to developer for $265 million

[Ming]

GM proving grounds sold to developer for $265 mil

Glen Creno
The Arizona Republic
Dec. 29, 2006 12:00 AM

A Scottsdale developer known for high-end housing projects is paying $265 million for the biggest piece of the vast General Motors proving grounds in east Mesa.

The sale, which closed Thursday, is one of the biggest land deals in the state this year. It does not, however, eclipse the approximately $320 million a consortium of buyers paid in a couple of different transactions for more than 9,000 acres in Mobile, a small community in Maricopa County.

DMB Associates bought the Mesa land that GM had used for more than 50 years to test vehicles. Land brokerage firm Nathan & Associates negotiated the deal.

More: http://www.azcentral.com/business/ar...oving1229.html

[CBECK]

I wonder if GM could have recieved more money. I mean last I checked God isn't making anymore land.

[paul3230]

Here's hoping that GM uses the money well...like to fund an mid cycle enhancement of the G6's interior..or something like that...

[iamwin]

I said it once, I'll say it again, GM robbed them. Home building in Phoenix area is dying a fast and quiet death.

[JazzyChef]

How odd is it that I work for DMB developers in North Scottsdale at one of their other resorts DC Ranch. Hehe quite interesting, from what i've seen at their past few resorts the land will be put to good use.

[JazzyChef]

Originally Posted by iamwin

I said it once, I'll say it again, GM robbed them. Home building in Phoenix area is dying a fast and quiet death.

I'm not sure what your talking about, Arizona is the fastest growing state according to an article I read in the Az republic. Phoenix metro area is growing much faster than you think, take a drive around sometime and you'll see.

[Butta]

Originally Posted by iamwin

I said it once, I'll say it again, GM robbed them. Home building in Phoenix area is dying a fast and quiet death.

Boy you are smoking something, Arizona building might have slowed down a bit, but between now and 2025, it will see a growth only seen in America after the World War II, any land in the Phoenix/Tucson area is a great investment.

Trust me GM could have gotten way more money, now some developer will get richer. You should google "Arizona Growth" sometime, it will open your eyes.

[likearock00]

Haven't we seen this article before? I thought I read this a few months ago...

[desmo9]

Originally Posted by CBECK

I wonder if GM could have recieved more money. I mean last I checked God isn't making anymore land.

yeah, but he's not making any more water, either.

if you've been around DPG, you'd know that it's flat, barren scrub. Not the best land around. I doubt if high-end houses will be built there. High-end properties are typically built in hillier terrain with more desirable Sonoran landscapes. Unfortunately, this practice wrecks the Sonoran desert, but developers do have a way of taking the country backwards. I think I'd rather tell the world I'm a trial lawyer than a developer.

I had to move away from Arizona because I felt like living there contributed to the problem. Urban sprawl gone completely mad. Sad to see the GM grounds turned into more cookie cutter tract parcels.

[01cavalier]

Originally Posted by desmo9

yeah, but he's not making any more water, either.

if you've been around DPG, you'd know that it's flat, barren scrub. Not the best land around. I doubt if high-end houses will be built there. High-end properties are typically built in hillier terrain with more desirable Sonoran landscapes. Unfortunately, this practice wrecks the Sonoran desert, but developers do have a way of taking the country backwards. I think I'd rather tell the world I'm a trial lawyer than a developer.

I had to move away from Arizona because I felt like living there contributed to the problem. Urban sprawl gone completely mad. Sad to see the GM grounds turned into more cookie cutter tract parcels.

I moved away from there partly because of that too...

Though it is sad to see that the proving grounds will be developed into yet more housing, it makes perfect sense that GM sells it off. From what I understand they lease out the use of it a lot now to other companies who do the test driving for other manufacturers. The traffic around the grounds is a pain, even though it's now 2 lanes each way on the road going by there. I lived in AZ from 97 to 2000 and it seems like housing developments is still at a crazy rate there. I'm glad I moved away, the desert is beautiful but being ruined, not to mention traffic is still unpleasant. I picked right up on my old driving habits immediately after leaving the airport.

[asim]

Interesting. I hope GM got a pretty got deal out of this. But imagine saying that you are living in a house that used to be GM proving grounds. Thats pretty cool there.

[soloyosh]

GM got hosed... They'll never be able to duplicate what's at DPG anywhere else and come out of this deal in the black. With the environmental clean-up, erecting a new site, correlation then actually moving they'll be lucky to lose a couple million.

Just shows that there's still problems at RenCen.

[mbukukanyau]

GM could buy such land in the Chinese Desert, Africa (Namibia or Kenya) for pennies to the $$ and there will be no Brenda and Priddy snooping...

Plus they now have one of the most powerful Crays on the planet Earth.. to simulate driving conditions in the Pegasus galaxy, not just Arizona

[redimpss5]

I heard it was not ALL the proving grounds, so more good cars may be tested there!

[stevecmh]

Originally Posted by CBECK

I wonder if GM could have recieved more money. I mean last I checked God isn't making anymore land.

its all about mars...
ha
nice joke though