Developer defaults, lender wants Los Arcos property

Los Arcos Crossing, the failed shopping center on McDowell Road whose latest developer vowed to turn it into Scottsdale's "center of life," is headed to foreclosure and a possible sale by the end of the year. Phoenix-based developer PDG America has defaulted on its loan, and lender ML Manager LLC plans to take ownership of the property at a trustee sale Aug. 5, said Mark Winkleman, chief operating officer of ML Manager. The Peoria-based firm was formed by investors as a successor to Mortgages Ltd., the high-flying Phoenix investment firm that collapsed in bankruptcy after chief executive Scott Coles committed suicide in 2008. The potential sale of Los Arcos Crossing comes as Scottsdale is pushing for redevelopment of the McDowell Road corridor, a once-thriving strip that has lost auto dealers, grocery stores and other retailers as residents and growth moved northward.

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