The developer who launched Glendale's Westgate City Center sports-and-entertainment complex has officially lost ownership of the major part of the development.

The core of the Ellman Cos.' project outside University of Phoenix Stadium and Jobing.com Arena was repossessed Monday by its lender iStar Financial after Ellman failed to sell at a foreclosure auction for a reserve price of $40 million.

The 33-acre property features restaurants, shops a movie theater complex and was designed as a suburban sports, entertainment and commercial hub to rival downtown Phoenix.

Glendale spokeswoman Jennifer Stein says the city continues to consider Westgate a strong destination point and economic engine generating about $8 million a year in sales-tax revenue for Glendale.

(0) comments

Welcome to the discussion.

Keep it Clean. Please avoid obscene, vulgar, lewd, racist or sexually-oriented language.
PLEASE TURN OFF YOUR CAPS LOCK.
Don't Threaten. Threats of harming another person will not be tolerated.
Be Truthful. Don't knowingly lie about anyone or anything.
Be Nice. No racism, sexism or any sort of -ism that is degrading to another person.
Be Proactive. Use the 'Report' link on each comment to let us know of abusive posts.
Share with Us. We'd love to hear eyewitness accounts, the history behind an article.