GLENDALE, Ariz. - The Scottsdale-based
real estate investment and development group of GoDaddy founder Bob Parsons, YAM Properties LLC, announced Tuesday the purchase of Westgate Entertainment District.
“The potential at Westgate is huge,” Parsons said in a release. “Westgate currently offers visitors a wide variety of entertainment options, but we’re looking to develop features that will entice even more visitors and residents to this unique and vibrant Valley location.”
According to a release announcing the sale's closing, the purchase of Westgate "marks a new vision for the 76-acre entertainment hub."
"Projects under consideration for the 33 acres of undeveloped property include a boutique hotel, additional multi-family residential, office and specialty entertainment retail space," the release said.
Glendale Mayor Jerry Weiers said Parsons' investment in Westgate shows the entertainment district will "continue to be an economic driver for our community."
City Manager Kevin Phelps said the city is "thrilled" about the purchase of Westgate by Arizona's own Bob Parsons.
“We see tremendous benefit to having local Arizona ownership and are excited to provide the signature level of service needed to help bring YAM Properties’ visionary development plan to fruition,” Phelps said.
Westgate Entertainment District, which opened in 2006, went up for sale back in April. It was listed at $142 million.
Details of the sale to Parsons' company were not disclosed.
