In a letter to Scottsdale officials, Ellman cited a March 9 taxpayer challenge to the project, a pending lawsuit and six other votes before Scottsdale city council as the reason for his decision. Ellman, who said he has invested $68.5 million in the McDowell and Scottsdale Road site, said he will put together a new proposal for the 42 acres, saying he expects his investment "to be respected." He could not be reached for comment prior to publication time.
Ellman's decision comes just weeks before Scottsdale residents are to vote on a referendum ballot that challenged the city's decision to give the developer a $36.7-million subsidy to build the project and just a week after his lender, San Diego-based Price Legacy Corp. wrote down the property's value to $23 million.
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