Under the proposed plan, the Los Arcos Mall project would shrink from 2.3 million sf to 1.5 million sf, would have fewer parking spaces and include a charge for event parking. The plan also calls for the city to condemn more than 20 acres to the east of the former mall, rather homes to the south, which was proposed by developer Steve Ellman.
The proposal was created to address many of the concerns the city has with Ellman's plan, including density, the need for public facilities like police substations and the condemnation of residential property.The new plan calls for building a neighborhood retail center on a 20-acre parcel to the east of the main 40-acre parcel. Also, the number of parking spaces would be reduced from 10,000 to 9,200 and could go as low as 8,000. The consultant also suggested adding a $5 event parking fee.
With this plan, the city could see an 8.5%return on its investment, up from a projected of 2.8% based on the original plan.The city of Scottsdale will be contributing as much as $100 million to the project, in terms of tax abatement and other incentives.
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