Valley developer Steve Ellman bought 1,860 acres in Goodyear, picking up a multimillion-debt for infrastructure that the seller could not pay.
Ellman, who developed Westgate City Center in Glendale, would not disclose the sales price for the property, which is zoned for homes.
The Goodyear City Council recently said it would pay the King Ranch developer’s portion of its obligations for the Cotton Lane bridge and road expansion. The city expected to be paid back with interest and stipulated the debt would follow the property if it were sold.
Ellman recently bought 1,275 acres in Fountain Hills and 2,400 acres in Goldfield Ranch which is east of Fountain Hills.
1 response so far ↓
1 paul rapauno // Aug 2, 2007 at 3:59 pm
Great acquisition!!!! That area is going to explode. Wait until you see the plans For the third phase of Estrella and land southwest of the Sierra Estrellas. Contact me if you are interested in additional info. Land is cheap in Rainbow Valley/South Goodyear. Buy now while it is still under $50K an acre.
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