Discount Tire has acquired 35 acres in Phoenix for a new corporate headquarters near Loop 101 and State Route 51.

Discount Tire purchased the site at a recent Arizona State Land Department public auction, the company announced Tuesday. Proceeds from the sale will be invested by the state in the Permanent Land Endowment Trust Fund to benefit K-12 education in Arizona, company officials said in a release.

"Our commitment is to create the best, most positive experience for our people," Michael Zuieback, chairman at Discount Tire, said.

"We are pleased to acquire this property in Phoenix and begin work on an innovative, sustainable workspace that honors and strengthens the culture on which our company was founded.”

Plans for a 300,000-square-foot office building and campus amenities are in the early stages, according to the company.

Development is expected to occur in phases, with the construction of infrastructure improvements beginning within 12 months.

The announcement represents one of the largest economic development deals of its kind in recent years in Phoenix, according to the release.

"Discount Tire is one of Arizona's greatest business success stories," Gov. Doug Ducey said. "From Bruce Halle's first stores in Phoenix more than 50 years ago to growing to be the nation's premier tires and wheels retailer, Discount Tire has always done business while giving so much back to Arizona and our communities.”

The future corporate campus will house Discount Tire's headquarters and the offices of The Diane & Bruce Halle Foundation, a provider of philanthropic resources to local communities across Arizona, officials said.

"I could not be more excited that Discount Tire chose to maintain its local presence with this new headquarters in North Phoenix," Phoenix Mayor Kate Gallego said.

"The company's decision to locate here means 1,100 high-value jobs. Given Discount Tire's long history of growing its own talent, I suspect many a career will be launched at this new location."

Discount Tire ranked as the No. 77 largest company on the "America's Largest Private Companies" list in 2022 and has been named a top employer in Arizona multiple times.