Westcor was successful yesterday in securing the 112 acre site in north Phoenix at the north west corner of Scottsdale Road and the 101 for its proposed project Palisene. The cost of the deal was $32 million for a 99 year land lease.
There had been some speculation that Westcor would not move forward with the deal since it partnered with DMB on the mixed use development called One Scottsdale Place, which would be across the street from Palisene on the north east corner of that same intersection. Especially since one of the reasons cited for the partnership was the declining residential and commercial real estate markets, uncertainty in the finance industry, and the stiff competition that Palisene, One Scottsdale Place and a third huge mixed use project, City North to the west, would generate.
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