Scottsdale, AZ to sell 2.7 million square feet of real estate for $1.5 million

The Phoenix city council approved a deal Wednesday to sell more than 2.8 million square yards of land for $6 million, bringing the city’s real estate market to the brink of collapse.

Mayor Michael Peeples said the sale of the city and surrounding tracts of land is part of an effort to shore up the economy.

He said the deal includes an agreement to sell property that was formerly owned by the University of Arizona, which was moved to Scottsdales in the 1970s.

Phoenix is in the midst of a housing crisis, with housing prices rising sharply over the past year.

The city is under a court order that requires it to begin demolishing blighted buildings and redeveloping abandoned properties.

The property that will be sold is in a former high school, but it is also near the former Phoenix Stadium.

In recent years, the city has been looking to sell vacant lots.

The sale of Scottsville, an abandoned tract of land near the University, will create about 4,000 jobs and help boost the economy, Peebles said.

“Scottsville is one of the most historic areas in Phoenix,” he said.

“Scottsdale has a lot of history.

We’re going to make a good investment for the city.”

Peeples, who was sworn in last week, is running for re-election next year.

He is expected to face off against incumbent Mayor Mark Leavitt.