- Associated Press - Friday, April 8, 2016

PHOENIX (AP) - The developer of Glendale’s Westgate has backed out of a deal to buy a portion of vacant state-owned land in Fountain Hills.

The Arizona Republic reports (https://bit.ly/1S7LYtY ) that developer Ellman Cos. Missed a $182 million payment on the 1,275-acre parcel in mid-March. By backing out of the deal, the company loses $28 million it has paid since 2007 toward purchasing the land, which is located between the McDowell Mountains and the north side of Fountain Hills.

Arizona State Land Commissioner Lisa Atkins says Ellman Cos. Notified the agency in late March that it was voluntarily canceling its contract to buy the parcel.

CEO Steve Ellman says the value of Fountain Hills land hasn’t recovered enough to make the project viable at the price negotiated in 2007.

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

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