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The City of Scottsdale on Aug. 9, 2004, formally became the owner of the 42-acre site of the former Los Arcos Mall and signed a 99-year lease with the ASU Foundation to develop the ASU Scottsdale Center for New Technology and Innovation.
Scottsdale purchased the site from the ASU Foundation for $41.5 million, after the foundation had acquired it from the Ellman Cos., the former owners. The city will lease 37 acres back to the foundation for development of the center, keeping 5 acres for future development by the city. The foundation expects to develop about 1.2 million square feet of space. About 90 percent is expected to be research/office space and the rest devoted to retail services.
The center will focus on technology commercialization, entrepreneurship and business development.
The layout and design of the center will require city development approvals.