By Business Real Estate Weekly
Companies formed by Woodbine Development Corp. in Dallas, Tex. (John Scovell, CEO) and Scottsdale-based Westroc Hospitality (Scott Lyon, CEO) paid $10.5 million to buy sites within the Mountain Shadows Resort in Paradise Valley that are targeted for a boutique hotel and residential condominiums.
The landmark Mountain Shadows property takes in 68 acres located along the south side of Lincoln Drive and both sides of 56th Street. Two entities formed by the Woodbine/Westroc venture have taken control of 43.8 acres of the historic resort/golf course community.
MS Resort Owner LLC paid $5.5 million to acquire a portion of the P.V. land that includes the Mountain Shadows Golf Club and a site targeted for a 180-room hotel.
