Following nearly six years of wrangling and debate, the Los Arcos Mall site has finally found a future.
Officials from Scottsdale and Arizona State University today announced plans to purchase the long-vacant site and establish the ASU Scottsdale Center for New Technology and Innovation, a research and entrepreneurship center for technology commercialization, entrepreneurship, and business development.
The city estimates that the center will generate 4,000 new jobs and $175 million in city revenues. Scottsdale will need to invest up to $45 million in roads and other infrastructure.
According to a city news release, the center will include traditional and non-traditional business incubators, as well as programs focusing on technologies at the intersection of engineering, art, and bioscience.
Officials at both ASU and Scottsdale are confident that the new center will not only attract top research talent, but reinvigorate south Scottsdale’s aging neighborhoods as well.
“It’s the start of a true renaissance for this area,” said Mayor Mary Manross in the Arizona Republic.
Although no timetable has been given, the Scottsdale City Council is scheduled to formalize the agreement on June 28, and the city must close on purchase of the property by July 31.
The 42-acre site will be purchased from developer Steve Ellman for $41.5 million by the ASU Foundation, a non-profit organization that works to support the university. Scottsdale would then buy the land from the foundation with the understanding that ASU would use the land for the new center.
The Los Arcos site is located on McDowell and Scottsdale Roads, approximately two miles north of ASU’s main campus in Tempe.
For more information:
“Scottsdale, ASU to redevelop Los Arcos,” Arizona Republic, 05/27/2004
“ASU plans to turn Los Arcos into research center,” East Valley Tribune, 05/27/2004