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$335-Mil Stadium Plan Halts $47-Mil Apartment Project

TEMPE, AZ-Magellan Real Estate pulls the plug on a $47-million apartment project in a buy-out offer by the Arizona Cardinals. Some local real estate experts say the developer could be getting as much as $12 million to drop out of the game.

By D.J. Burrough | Updated on August 13, 2001

TEMPE, AZ-An apartment developer has stopped work on a $47-million apartment project in Tempe so that a controversial football stadium can be moved out of the path of planes landing at Sky Harbor Airport.

Magellan Real Estate stopped site work on the Riverview at Rio Salado, a 466-unit apartment complex at the behest of the Arizona Cardinals. The Cardinals asked to assume Magellan’s 85-year lease on the 12-acre parcel at the corner of Washington Street and the Center Parkway in Papago Park Center. Magellan accepted the team’s buyout offer, which could be at high as $12 million, say some local real estate experts.

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