Developers in escrow for a 500-acre parcel of private land in northern Arizona are planning to build at least 1,000 homes and are in talks to create a theme park.

Total development costs for the entire project are estimated at around $500 million, said Brent Moser, principal of Lee & Associates Commercial Real Estate Services in Phoenix.

This parcel near Bearizona Wildlife Park and Grand Canyon Railway & Hotel in Williams could be the last parcel of private land in northern Arizona, Moser said.

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By Angela Gonzalez, Senior Reporter - Phoenix Business Journal