Museum Square receives purchase, sale agreement deadline extensions

A second amendment to a real property purchase and sale agreement for a portion of city-owned land in Old Town Scottsdale garnered the local City Council’s approval.

VISION: What has been coined the Museum Square project is beginning to pick up steam as municipal deliberations are approaching. (Submitted graphic)

The Scottsdale City Council approved on consent the second amendment to the sale agreement at its May 21 meeting at City Hall, 3939 N. Drinkwater Blvd.

The original 2018 agreement centers on the Loloma Lands area, which is east of Goldwater Boulevard and west of Marshall Way on both the north and south side of Second Street.

The amendment allows for a deadline extension from May 29 to Aug. 11 in two different areas. The first is a signature termination deadline and the second is a city non-approval termination deadline.

These date extensions come at the request of the purchaser, ARC Scottsdale Holdings LLLP, since the deadlines have already achieved the maximum 90-day minor date adjustment. Minor date adjustments don’t require City Council approval if they are less than 90 days.

The City Council originally approved the agreement with Scottsdale Holdings on Feb. 13, 2018. This agreement was for the sale of 180,000 square feet of city-owned land for $27.75 million.

The goal of the purchase is to bring to pass a mixed-use development project called Museum Square.

This project has plans to include a hotel with structures 150 feet hight with 190 rooms and over 300 residential housing units across four separate buildings. The residential component plans to have an apartment complex and condominium units.

The first amendment — which the council approved on consent on Oct. 16, 2018 — made several adjustments as well. These changes included timeframe extensions for the purchaser’s investigation period, changing the closing date and the removal of the purchaser’s ability to still buy the land if zoning is not approved.

The next steps for the agreement is for city staff to work with the purchaser in bringing a third amendment forward reflecting adjustments to the north and south parcel boundaries. The future amendment also has plans for additional deadlines, such as the closing date.

City staff also anticipates associated rezoning case and development agreement to come before the City Council at a later meeting.

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