A Treasure Valley homebuilder is no longer going forward with the purchase of a piece of state property it bought in an auction earlier this year.
In June, BoiseDev reported that an LLC associated with CBH Homes won an Idaho Department of Lands auction for half a square mile of former farmland near Caldwell for $35.2 million. This price was nearly five times the appraisal amount of $6 million.
But, now the homebuilder is no longer going through with the sale.
“These are unprecedented times,” a CBH Homes spokeswoman wrote in an email to BoiseDev. “We’re in a different market than before and are working to navigate through the high cost of land, current home prices and what’s best for our community.”
CBH Homes paid the state a $500,000 deposit on the land, plus another $100,000 for an extension on the purchase. The payments were not refunded.
Once the IDL got the news that CBH Homes would no longer buy the property, the department offered it up for purchase to the second-highest bidder of the field of twelve who bid on the land. However, IDL spokeswoman Sharla Arledge said the company has already moved on with different plans and is no longer interested in buying the land.
It will go back up for auction again later this year.
The parcels currently 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 sits just to the north of Vallivue Middle School along Homedale Rd. and are 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 funds will go back to the UI to build a new Center for Agriculture, Food and the Environment in the Twin Falls area.
Caldwell’s Future Use Land Map designates the site for housing.