The Idaho Department of Lands will auction off a nearly half-square-mile chunk of land in a growing area of the Treasure Valley.
The land, which is currently part of the Idaho land endowment, sits just to the north of Vallivue Middle School along Homedale Rd. The parcel, near Caldwell, is currently used as agricultural land. The University of Idaho started leasing the land in the 1940s and will give up the lease to allow for the sale.
The parcels sit in the Idaho Land Endowment, controlled by the Idaho Land Board. Endowment lands are managed by the Idaho Land Board for the benefit of public schools. The land board decided to dispose of the lands after the University of Idaho decided to give up its lease.
The state says it could fetch as much as $6 million for the 282 acre parcels.
The state says it expects bids for future residential development in the Caldwell area. Caldwell’s Future Use Land Map designates the site for housing.
“This proposal makes sense because right now the land is no longer supporting the University’s research facility and the revenue generated from the farm lease is nominal,” Idaho Department of Lands Real Estate Services Bureau Chief Josh Purkiss said. “With the current high demand for land, and the prime development nature of these parcels, this has the potential to be a very exciting auction for the endowment beneficiaries.”
The State will hold its auction this Friday at 12:30pm at the Courtyard by Marriott in Meridian at 1789 S. Eagle Rd.