SOURCE: Sanctuary of Paradise Valley, Inc.

May 23, 2013 19:13 ET

Brandon Azadegan, Executive Vice President of Sanctuary of Paradise Valley, Inc., Eyes N. Old Mine Road in Scottsdale, AZ as Prospective Upscale Residential Development Plot

SCOTTSDALE, AZ--(Marketwired - May 23, 2013) - Brandon Azadegan, Executive Vice President of Sanctuary of Paradise Valley, Inc., has announced plans to consider placing a bid on the popular and historical plot of North Old Mine Road, Scottsdale, AZ as a prospective investment venue for residentially zoned land plots that could ultimately create a master planned and historically rich community of custom, luxury homes in North Scottsdale.

North Old Mine Road is the largest available plot of land near the greater Phoenix area, and could represent the ideal parcel for Dubai World Hedge Fund Sanctuary of Paradise Valley, Inc. to consider for a master planned community of custom and luxury homes that would feature spectacular views of the city's lights, and present homeowners with an option of claiming a slice of Scottsdale's rich history.

The plot is inclusive of 117.11 acres, priced at $12.9 million. It features a large land parcel that rises as many as 4800 feet. Originally discovered in 1874, it was used as a gold mine, assayed at producing approximately .925 oz gold/ton, with 6 patented gold claims. The entity plans on reviewing the plot and comparing it with a few other plots and parcels as they move closer towards bringing their vision of a historical, master planned community to life in Scottsdale.

"We are currently considering several options as we move forward with our vision of creating a historically rich and custom, luxury community of homes in the Scottsdale area," said Brandon Azadegan, Executive Vice President of Sanctuary of Paradise Valley, Inc. "North Old Mine Road is an attractive parcel because it contains a prime slice of Scottsdale's rich history, and also for the fact that it's ideally situated in the desert, surrounded by mountainous, natural terrain that offers incredible skyline views."

The company is expected to start making bids on selected properties sometime within the next 120 calendar days. Currently the entity is conducting further due diligence as they carefully research available areas that would be ideal for residential construction.

"It is our goal to make this as expedient a process as allowable while not foregoing the intrinsic method of due diligence and proper planning," Azadegan said.