One Scottsdale & CityNorth New Shopping, Residential, Business Development
March 5th, 2008 Posted in Did You Know?, Real Estate News, ScottsdaleOne Scottsdale & CityNorth New Shopping, Residential, Business Development
Scott Nelson, Westcor vice president of development, said the alliance allows Westcor and DMB to develop the right project for Scottsdale, which will “complement CityNorth rather than compete with it.”
Robert Mayhew, DMB Commercial general manager, added that the luxury retail at One Scottsdale would not duplicate what CityNorth is doing. DMB expects to announce a hotel for One Scottsdale soon, but no retail tenants were disclosed.
The DMB-Westcor joint venture could thwart a state land auction for the 112 acres that Westcor wants for its Palisene project.
The Arizona State Land Department intends to auction that site on April 30. The winning bidder must pay at least $32 million to lease the land, plus $67 million to develop utilities and roads for the site.
Westcor, a division of Santa Monica, Calif.-based Macerich Partnership LP, still intends to acquire the 112 acres and develop the site, said Nelson, the Westcor official.
Westcor will talk with the State Land Department about the auction’s timing, he said.
Land Commissioner Mark Winkleman said Westcor’s involvement in developing One Scottsdale raises questions about its interest in bidding on the Palisene land.
“We don’t know if they will show up and bid,” Winkleman said. “We’ll find out on April 30.”
There are valid questions about how much retail the northeast Valley can support, Winkleman added.
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