AV Homes buys struggling Borgata center as site for luxury condos

By J. Craig Anderson

The Arizona Republic

The Borgata of Scottsdale, an upscale shopping landmark on the border of Scottsdale and Paradise Valley, has been sold to a local homebuilder with plans to redevelop the site into a luxury condominium community.

Scottsdale-based AV Homes Inc., which recently relocated its headquarters from Poinciana, Fla., purchased the nearly 7-acre property on Sept. 7 for $12.8 million.

Property records show the previous owner, a subsidiary of Phoenix-based RED Development Inc. named RED Borgata LLC, sold the property to Civila of Arizona LLC, a subsidiary of AV Homes.

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Dismissal likely in suit between Scottsdale developer, critic/The Arizona Republic

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October 2, 2012

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