X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

PHOENIX-Embattled developer Steve Ellman and his partner, Wayne Gretzky, have started a whirlwind US tour to raise up to $90 to complete their purchase of pro hockey’s Phoenix Coyotes—a key step toward finishing a multimillion-dollar real estate development in suburban Scottsdale.

Ellman, head of locally based Ellman Cos., has been under pressure from Scottsdale officials to show that he has the financial clout to purchase the team and to complete the development of a $577 million mixed-use facility in the southern part of the upscale suburb. A 17,500-seat ice hockey arena will anchor the development, which also will include office space, retail stores, restaurants, an aquarium and movie theaters.

Ellman has handed over reams of financial documents to the city, but not everything the city asked for from his privately held company. A stadium district law passed by voters last year requires that the city spend at least $100 million on the project during the first 10 years. The new development is expected to return at least that amount to city coffers in increased sales tax revenue.

Ellman and Gretzky, a partner in the purchase of the team, have been trying to sell 90 shares at $1 million each to investors in and out of the state since April. Ellman and Gretzky need $87 million to complete the purchase of the team, and have already put in $16.5 million toward the sale. The pair was in Chicago yesterday to meet with a group of prospective investors.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt
Live Chat

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.