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Ellman Hits Road to Raise Cash

PHOENIX-Embattled developer Steve Ellman and his partner, Wayne Gretzky, start whirlwind US tour to raise $90 million.

By D.J. Burrough | Updated on September 21, 2000

PHOENIX-Embattled developer Steve Ellman and his partner, Wayne Gretzky, have started a whirlwind US tour to raise up to $90 to complete their purchase of pro hockey’s Phoenix Coyotes—a key step toward finishing a multimillion-dollar real estate development in suburban Scottsdale.

Ellman, head of locally based Ellman Cos., has been under pressure from Scottsdale officials to show that he has the financial clout to purchase the team and to complete the development of a $577 million mixed-use facility in the southern part of the upscale suburb. A 17,500-seat ice hockey arena will anchor the development, which also will include office space, retail stores, restaurants, an aquarium and movie theaters.

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