Monday, May 7, 2012

Solis site goes for $30 million

An 11-acre redevelopment site for a planned hotel and condominiums in downtown Scottsdale was sold last week at a trustee sale for $30 million.

AZ-Waters Edge LLC submitted the only bid and will take title of the land northeast of Scottsdale and Camelback roads, said attorney Lawrence Petrowski of Stinson Morrison Hecker LLP, the trustee.

Scottsdale Canal Development LLC, which started assembling the property along the Arizona Canal in 2006, had planned a 240-room Solis Scottsdale hotel and 140 condos on a site that now includes a SRP substation.

"It's a huge disappointment," said Mark Madkour, Scottsdale Canal Development principal. "It was a huge amount of effort, time and money."

Madkour and his investors lost millions of dollars on what was to be a $600 million project.

IMH Financial Corp. of Scottsdale foreclosed on the property in May 2011. AZ-Waters Edge is affiliated with IMH Financial.

Scottsdale Canal Development also lost ownership of a site at 68th Street and Indian School Road it had intended to use for the relocated Salt River Project substation, Madkour said. It paid $7 million for the property.

Westcor gets new deadline

Westcor has again deferred its lease payment until May 31 for 112 acres of state trust land northeast of Scottsdale Road and Loop 101.

The Valley mall developer owed the Arizona State Land Department $2.2 million by April 30 for the site, which has long been planned for a regional mall.

Westcor made $1.26 million in lease payments through 2010 but deferred its payments in January and December 2011. In April 2008, Westcor bid $32 million for the site to secure a 99-year lease.

State Land Commissioner Maria Baier has the discretion to defer lease payments for up to five years.

by Peter Corbett - May. 4, 2012 03:10 PM The Republic |

Solis site goes for $30 million

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