ST. GEORGE — Five years from now, the view from atop one of St. George city's most visible landmarks is going to change in a big way.

"This is prime real estate. We are paying top dollar for this property and obviously believe it is that valuable," said Michael Hutchings, partner and co-owner in Anderson Development, a Sandy-based real estate investment/development firm that recently won the right to purchase the existing St. George airport site. "I think people will be very happy with what we plan to do (with the land)."

Earlier this month, St. George officials accepted Anderson Development's bid of $43.96 million for the land, which sits on a mesa overlooking downtown St. George, Santa Clara and the Virgin River.

According to the bid proposal, Anderson would put $1 million down and pay the rest of the contract when the land is deeded over to the firm on Jan. 1, 2012. St. George would continue to lease the current airport site from Anderson until the replacement airport is open for business, which should be in late 2011, city leaders said.

St. George also successfully sought a "bridge loan" from the Utah Legislature that will provide $42 million in bonds so the city can access funds quickly in order to begin construction at the replacement airport site.

The city's plan to build a $200 million replacement airport on more than 1,400 acres about seven miles southeast of town has Federal Aviation Administration approval and the federal promise of $90 million. Another $17 million in FAA funds is already being spent on land purchases at the proposed site.

Other bids rejected by St. George include an immediate $20 million cash offer submitted by Los Angeles-based Cohen Asset Management Inc. and a bid from Salt Lake City-based Creamer Investments LLC, which included two options of $20 million cash now or $26 million on Jan. 1, 2012.

A third bid from 2222 LLC, an Oklahoma Limited Liability Co. based in Dallas, also was rejected. The offer included a phased purchase price of $43 million and a development plan that included a luxury condo hotel, high-end retail shops and room for public offices or expansion of the Dixie State College campus.

Another Salt Lake City firm, the Boyer Co., submitted a letter of interest to bid on the airport property but did not include any details or specific offer in its query.

Anderson Development's vision for developing the existing airport property is described as a "multi-use concept" similar to one outlined in a 2000 study commissioned by St. George officials.

"It has the same elements, including trails and open space," said St. George Mayor Dan McArthur. "It fits (with the city's plan), and I like that."