Desert Ridge developer in default on 32-acre parcel in Phoenix

Gray Development Group is in default on land it bought in the Desert Ridge area in 2004. Vanessa Hickman, deputy commissioner of the Arizona State Land Department, said a default notice was sent in December for the 32-acre parcel on the northeastern corner of 56th Street and Loop 101. The default is the second for the Gray group and at least the sixth in the Desert Ridge area. The Gray parcel sold in May 2004 for more than $1 million per acre, making it one of the most expensive parcels the State Land Department ever sold. The department originally owned all land in the 5,700-acre, master-planned development. Since 1993, it has been rolling parcels out for auction and subsequent development. But the recession has had a serious effect on land values - driving those who acquired land at the height of the market into default - and the department's ability to sell parcels.

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