Joan Levinson brokers deal with tenets ensuring characteristics of community
Staff Reports | Real Property & Homes
Brokered by Realtor Joan Levinson, the largest undeveloped parcel in the Town of Paradise Valley has been sold — but with specific development conditions for what sprouts at the vacant land within municipal bounds.
The 27-acre parcel was sold this past Friday by the family of the late John W. Teets, Jr., who is the former chairman of the Greyhound and Dial corporations. The property had been in the family for nearly three decades, according to a press release.
The Teets family accepted a price of $42 million — as the buyer of the parcel has agreed to low-density development on minimum 1.8-acre lots, representatives of the sale tell the Digital Free Press.
Representatives of the sale say tenets of the purchase seek to maintain the buyer of the parcel follows through with building out the property in concert with the Teets family’s emphasis on preserving the quality and integrity that is emblematic of private estates in the Town of Paradise Valley.
The purchase terms also included that the new owner will not do any site work for at least a year, or any above ground construction for at least two years, the purchase agreement dictates.