The Arizona State Land Department has scheduled an auction of 94 acres of state trust land in northeast Phoenix for May 9.

The property, valued at $36.35 million, is south of Loop 101 and bordered by Mayo Boulevard, 64th and 68th streets, and the Princess Drive alignment. 

It is west of apartments and condominiums developed over the past decade and a collection of auto dealerships at Scottsdale Road.

As the housing market recovers, builders are showing renewed interest in buying state trust land.

In March, Taylor Morrison Home Corp. and Pulte Homes were the winning bidders for 410 acres of state trust land northeast of Cave Creek and Deer Valley roads. The two homebuilders will pay $100 million for the land.

They announced plans to build up to 1,200 homes on the property starting next year.

Revenue from state trust land sales is earmarked for public education in Arizona.