$18M sale of Waterfront land could change face of canal in Scottsdale

$18M sale of some or all of the 11 acre assemblage of land in downtown Scottsdale once planned for a $600M Solis Hotel north of the W hotel and wrapping along the east side of the canal as it extends north from Camelback Road. County records show the parcel sold was a .201 acre site, but unless the highest per square foot commercial sale just happened, the deal included more than that. IMH Financial Corporation foreclosed on the property and formed AZ-Waters Edge LLC, which was the only bidder in the auction of the property and the seller in this transaction.