Phoenix land meant for mall returns to state

Jun 8, 2012, 8:27 AM

PHOENIX — Phoenix land that was intended to be the site of a new mall is
going back to the Arizona State Land Department.

The Arizona Republic reported developer Westcor and land
officials agreed last week to end a 99-year lease of 112 acres of state trust
land.

The cancellation ends Westcor’s 20-year plan to build a mall and mixed-use
development on the property northwest of Scottsdale Road and Loop 101.

Westcor said the property’s lack of sewer lines and flood control was among the
reasons to cancel the lease.

A state land commissioner said the land can be auctioned again was the
commercial real-estate market bounces back.

The land commissioner said $18 million in an escrow account will be divided,
with the state receiving $10 million.

___

Information from: The Arizona Republic, http://www.azcentral.com

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Phoenix land meant for mall returns to state