Stadium Project Gets Boost

PHOENIX-A $550-million sports and entertainment redevelopment project at the south end of the upscale suburb of Scottsdale remains on track, thanks to action by the City Council.

The Scottsdale City Council voted earlier this week to extend the life of the Los Arcos Stadium District to Dec. 31. The district provides access to $200 million in public monies to help fund the project.

The Los Arcos redevelopment project would include a new 17,000-seat hockey arena for the NHL Phoenix Coyotes. It would also include movie theaters, office space, lofts, restaurants, retail space and an aquarium.

The stadium, along with several other retail components, is scheduled to be open in time for the start of the 2002 hockey season.. The project is in southern section of the upscale suburb, adjacent to Scottsdale Road.

In July, the city council demanded financial documents from the developer of the project, Phoenix-based Ellman Cos., which would show that the company has the wherewithal to successfully develop the parcel. Although council members expressed some lingering doubt about the project’s feasibility, they weren’t ready to nix the deal by phasing out the stadium district.

Ellman, along with partner Wayne Gretzky, has spent $16.5 million to acquire the hockey team. Ellman says he’ll complete the $87-million purchase of the team by September.