Scottsdale approves third amendment to Museum Square purchase agreement

An artist’s rendering shows the proposed plans of Museum Square, a 7.34-acre site comprised of a hotel, residential units and open space in Old Town Scottsdale. (Submitted graphic)

Scottsdale City Council approved its third amendment to the Loloma Lands purchase and sale agreement regarding city-owned land in Old Town Scottsdale.

The amendment adjusts several deadlines, including the closing date, and revises legal descriptions and depictions of the north and south parcel land which the city will convey to ARC Scottsdale Holdings, the purchaser.

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

The land in question is east of Goldwater Boulevard and west of Marshall Way on both the north and south sides of Second Street. The council made its approval at its July 2 meeting at City Hall, 3939 N. Drinkwater Blvd.

The closing date will be 183 days after the development application and development agreement approval, or earlier if the purchaser chooses subject to notification of the city and the escrow agent.

The closing date can also be delayed up to 180 days through a mutually-agreed-upon 90-day minor date adjustment or obtaining three 30-day extensions with a $500,000 security deposit per extension.

The amendment also changes the purchaser’s development agreement signature termination deadline, making it 14 days prior to the final public hearing for the Museum Square project development application.

The city’s non-approval termination deadlines for the approval of the purchaser’s development application and development agreement to Oct. 20.

The council initially approved the agreement on Feb. 13, 2018 with the first amendment being on Oct. 16, 2018 and the second on May 21. 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.

News Services Reporter Josh Martinez can be contacted at jmartinez@newszap.com or at 623-445-2738

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