Lender repos part of Westgate - Ahwatukee Foothills News: Money

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Lender repos part of Westgate

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Posted: Wednesday, September 28, 2011 8:00 pm

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.

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