The final structure to be a part of the big SkySong project in Scottsdale could see construction in the near future.
Members of the Scottsdale City Council have approved a proposal calling for 1.5 acres off of McDowell Road to be sold to an entity called University Realty.
University Realty is the revenue-generating arm of Arizona State University, which, in turn, operates the massive SkySong complex.
As planned, that 1.5 acres will be the site of a new structure that could measure as much as 120,000 square feet and would be the tenth building making up the SkySong complex.
Officials say the new building will house either a hotel or additional office and retail space.
The 42-acre SkySong, otherwise known as the ASU Scottsdale Innovation Center, was launched in 2008 and now includes around 1.2 million square feet of mixed-use office, retail, restaurant, and hotel space.
It is expected that over time the City of Scottsdale may realize as much as $3.6 million in lease payments for the 1.5-acre site.
In a statement, Don Couvillion, a University Realty vice president, described the council action as a “win-win for the project, the City of Scottsdale, and for Arizona State University.”
SkySong sits at the site of the former Los Arcos Mall, which was demolished after more than a decade of decline in 2002.
By Garry Boulard
