Arizona State University is planning to purchase 24 acres near the Mayo Clinic Hospital in north Phoenix to build a health education and bioscience research campus.
It is working with the Arizona State Land Department to conduct what is called a “beneficiary redesignation.” Calling it a land swap is not accurate, even though ASU will trade another 24-acre parcel for the one near the Mayo hospital, said State Land Commissioner Vanessa Hickman.
Basically, ASU is a beneficiary of 24 acres near the Scottsdale Princess Resort, while the state’s K-12 education system is the beneficiary of the 24 acres near the Mayo hospital. The state land trust will switch the beneficiaries of those parcels in the transaction.
ASU has applied for a 99-year lease for the parcel near the Mayo hospital, Hickman said. The land is valued at $7.2 million. A public auction will be required, giving others a chance to bid on the parcel.
