Log in

Development

Museum Square given until 2021 for purchase, sale agreement to come to fruition

Posted 8/28/20

An extension has been provided to ARC Scottsdale Holdings — the entity behind the approved Museum Square development in Old Town Scottsdale — to accommodate delays in financing …

You must be a member to read this story.

Join our family of readers for as little as $5 per month and support local, unbiased journalism.


Already have an account? Log in to continue.

Current print subscribers can create a free account by clicking here

Otherwise, follow the link below to join.

To Our Valued Readers –

Visitors to our website will be limited to five stories per month unless they opt to subscribe. The five stories do not include our exclusive content written by our journalists.

For $6.99, less than 20 cents a day, digital subscribers will receive unlimited access to YourValley.net, including exclusive content from our newsroom and access to our Daily Independent e-edition.

Our commitment to balanced, fair reporting and local coverage provides insight and perspective not found anywhere else.

Your financial commitment will help to preserve the kind of honest journalism produced by our reporters and editors. We trust you agree that independent journalism is an essential component of our democracy. Please click here to subscribe.

Sincerely,
Charlene Bisson, Publisher, Independent Newsmedia

Please log in to continue

Log in
I am anchor
Development

Museum Square given until 2021 for purchase, sale agreement to come to fruition

Posted

An extension has been provided to ARC Scottsdale Holdings — the entity behind the approved Museum Square development in Old Town Scottsdale — to accommodate delays in financing commitments.

The extension is the fifth amendment to a Loloma Lands purchase and sale agreement between the City of Scottsdale and ARC.

Scottsdale City Council approved the fifth amendment on Aug. 25, on a consent agenda.

The extension of the purchase and sale agreement moves the closing date to Nov. 12, 2021, because of national and global financial market uncertainties caused from the COVID-19 pandemic.

The close date had been set at Sept. 11 prior, a city staff report shows.

In addition, a first amendment to the development agreement between the two entities was approved, stating ARC shall not begin construction on its property until the closing of the purchase and sale agreement.

ARC Scottsdale Holdings’ acquisition is necessary to accomplish the Museum Square project on the city’s parcels west of Marshall Way and ARC’s parcel east of Marshall Way.

The initial agreement was approved by Scottsdale City Council in February 2018, and then amended four more times through October 2019.

No other changes are contemplated, the city staff report states.

Museum Square is a mixed-use development that will sit around the intersection of Second Street and Marshall Way along the Goldwater Boulevard curve. The city sold the Loloma Lands, parcels west of Marshall Way, for $27.75 million to the developer Macdonald Development Corp.

The site is home to mostly unused land. The Scottsdale Artists School, Scottsdale Museum of the West and Stagebrush Theater surround the site.

Plans call for the site to house a hotel tower and four residential buildings, three of which will be along the Goldwater Boulevard curve, as well as two public open space plazas including one on the north end called the Museum Square plaza and one to the south.

In total, 60% of the site will be developed open space despite not needing any per a city ordinance. Though the city won’t own any of the open space, the developer will license the space to the city for public use.

The 190-room hotel will stand at 150 feet, and one of the southern buildings will be 149 feet. The other two southern building will be 135 and 139 feet, and the fourth residential building in the northeast corner will be 75 feet. The residential buildings will include 346 units.