By Karen Goveia
When construction began in June 2019 on Legacy Sports Arena and an adjacent hotel, local entrepreneur Rob Eaton never would have imagined that a little more than two years later the project would remain half complete with the foreclosure clock ticking on his dream for a bustling sports complex in the far North Valley.
Eaton purchased 40 acres of land in 2018, dedicating 20 acres for the development of the arena and hotel and the other half of the land earmarked for resale.
Multifamily developer Marquis Development is currently in escrow to purchase the remaining 20 acres for the development of approximately 300 apartment units, pending rezoning approval by the City of Phoenix. The project passed its first hurdle when the Phoenix North Gateway city advisory committee unanimously approved the rezoning request on Aug. 12.
But even if the sale of the 20 acres goes through, Eaton told Valley Vibe he still wouldn’t have enough funding to pull Legacy out of foreclosure.
Prior to the pandemic, construction on both the arena and hotel was steadily progressing. It was at the 10-month mark in April 2020 when the pandemic brought work on the project to a sudden halt. And as the sports and leisure industry became severely impacted by government-imposed lockdowns, continued funding for the project became more difficult to secure, according to Eaton.
The Community Wants This
After hearing about the financial struggle to move the project forward, Sonoran Foothills residents Gary and Maria Roth circulated a petition that garnered more than 2,300 signatures of neighbors in support of the project, and an interest list of roughly 7,000 users of the facility and its amenities.
“Both of our sons play sports and our oldest plays hockey. This venue was going to be an amazing indoor sports arena that would be such an outlet for kids and families and all the leagues that could play at that arena,” Gary told Valley Vibe. “I would hate for that land to be developed into something else like more high-density housing because we have enough congestion up here already,” he added.
What’s Next
Despite half-completed shells on the arena and hotel in an area of high residential and commercial growth, including construction already underway on Taiwan Semiconductor Manufacturing Company’s $12 billion silicon chip factory, a foreclosure notice on Legacy Sports Arena and the hotel was filed with Maricopa County July 6.
Eaton said he needs $12 million in funding to pull the project out of foreclosure before Oct. 13, when it is scheduled to go to auction.
In the meantime, ongoing discussions with lenders and investors continue, and Eaton said he remains hopeful in his search for additional funding to revive the project.
“I am surprised with the TSMC plant construction going on across the road that we still have been unable to secure funding for this world class sports venue,” he said. “My hope and prayer is we can find the funding at this final hour because if it goes [to foreclosure] I will have no control over what it becomes.”
Potential investors and lenders can reach Eaton at 480-625-8104.