RIO RANCHO, N.M. (AP) – More homes could be springing up in one of New Mexico’s fastest-growing cities as the State Land Office has put up for bid a few dozen acres of state trust land in Rio Rancho.
Land Commissioner Aubrey Dunn says the 50-acre (20-hectare) parcel is within a master-planned community east of Rio Rancho’s city center.
Bidding starts at $2.5 million, and prospective buyers will have to pay in cash once the sale closes in November.
Dunn says the sale will generate revenue for public schools and other trust land beneficiaries. The Land Office says that during the last decade, 3,500 acres (1,416 hectares) have been leased, sold or exchanged to the city of Rio Rancho.
That includes what is now home to the city center, an adjacent convention center and a regional hospital.
