Solis hotel, condo site in downtown goes for $30 million

An 11-acre redevelopment site for a planned hotel and condominiums in downtown Scottsdale was sold last week at a trustee sale for $30 million. AZ-Waters Edge LLC submitted the only bid and will take title of the land northeast of Scottsdale and Camelback roads, said attorney Lawrence Petrowski of Stinson Morrison Hecker LLP, the trustee. Scottsdale Canal Development LLC, which started assembling the property along the Arizona Canal in 2006, had planned a 240-room Solis Scottsdale hotel and 140 condos on a site that now includes a SRP substation. "It's a huge disappointment," said Mark Madkour, Scottsdale Canal Development principal. "It was a huge amount of effort, time and money." Madkour and his investors lost millions of dollars on what was to be a $600 million project. IMH Financial Corp. of Scottsdale foreclosed on the property in May 2011. AZ-Waters Edge is affiliated with IMH Financial. IMH principals include venture capitalist William Meris as well as Steven Darak, Brian Peterson and James Abood.

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