Valley View Investors, Inc. has sold a 118-acre residential development property at the southeast corner of Herseth Road and Arizona Farms Road in Florence.

The land was sold for $2.7 million and was acquired by Contadino 2021 Irrevocable Trust, according to a press release from commercial real estate firm Kidder Mathews. Both parties were represented in the sale by Kidder Mathews Senior Vice President Brian Rosella.

“The property is situated in an area between San Tan Valley and Florence that is poised for significant growth over the next decade,” the release stated. “In the past two years, this property has been one of only three land parcels over 100 acres to sell in this submarket. Arizona Farms Road is a planned east-west thoroughfare of regional importance, making this area ideal for residential growth.”

Over the past year, plans for several new residential developments in Florence have been announced.

Last month, Coe & Van Loo, a civil engineering firm based in Phoenix, said it plans to ask the town of Florence Planning & Zoning commission in January to rezone 660 acres of land into what could be a more than 3,000-home master-planned community.

The site for the proposed community, C.D. Farms, is generally located near the northwest corner of Adamsville and Plant roads.