The Scottsdale City Council voted earlier this week to extend the life of the Los Arcos Stadium District to Dec. 31. The district provides access to $200 million in public monies to help fund the project.
The Los Arcos redevelopment project would include a new 17,000-seat hockey arena for the NHL Phoenix Coyotes. It would also include movie theaters, office space, lofts, restaurants, retail space and an aquarium.
The stadium, along with several other retail components, is scheduled to be open in time for the start of the 2002 hockey season.. The project is in southern section of the upscale suburb, adjacent to Scottsdale Road.
In July, the city council demanded financial documents from the developer of the project, Phoenix-based Ellman Cos., which would show that the company has the wherewithal to successfully develop the parcel. Although council members expressed some lingering doubt about the project's feasibility, they weren't ready to nix the deal by phasing out the stadium district.
Ellman, along with partner Wayne Gretzky, has spent $16.5 million to acquire the hockey team. Ellman says he'll complete the $87-million purchase of the team by September.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
