X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

PHOENIX-The $85-million purchase of the Phoenix Coyotes by local developer Steve Ellman has been delayed and won’t be completed by the deadline imposed by the city of Scottsdale, putting the $550-million Los Arcos Mall redevelopment project in jeopardy.

The National Hockey League ownership group has a problem with Ellman securing $60 million in insured financing from a Japanese bank and wants him to find as much as $20 million in funding from another source. Ellman has said that getting the financing is possible, but not by the Dec. 31 deadline that had been set for closing the deal. Ellman and Wayne Gretzky have agreed to purchase the team for $87 million.

The former owner of the team, Richard Burke, has extended the deadline, but the city of Scottsdale has yet to follow suit. Just last week, the board voted to hold Ellman to several conditions regarding locating a new 17,000-seat ice hockey arena on site of the former Los Arcos Mall.

One of those conditions calls for Ellman to complete the deal by Dec. 31. The city has stipulated that he meet all conditions before city officials agree to extend the life of the Los Arcos Stadium District, which would provide Ellman with as much as $100 million in public funding for the project.

The city council may meet Tuesday to modify the conditions and extend the district.

The ice hockey arena is the cornerstone of the redevelopment of the southeast corner of McDowell and Scottsdale roads in south Scottsdale. The $550-million project also will include hundreds of sf feet of retail shops and restaurants, a movie theater, a hotel, condominiums and office space.

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

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