KUD International LLC has spent seven figures preparing to bid on 150 acres of state land for a massive research park. But at the auction, tentatively set for December, somebody else still could walk away with the 99-year lease.
Marvin Suomi, president of the New York-based developer, said it’s “a treat” to work with the Arizona State Land Department, but also a challenge.
“For somebody to go through this process costs a lot of money,” he said. “Then you show up one day, and there’s an auction. You hope no one else shows up. We spent well over $1 million preparing for this bid.”
State Land Commissioner Vanessa Hickman said the department has not reached a final agreement with KUD as to whether it will be a full cash sale or a sale on terms if it turns out to be the highest bidder.
