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New Website Raises Issues Of Scottsdale's Borgata Razing By AV Homes Inc
The Borgata of Scottsdale, a 30-year old specialty center modeled after the Tuscan town of San Gimignano, is in danger of being torn down by AV Homes Inc. against the wishes of Scottsdale residents who want to save and preserve it.
AV Homes’ (http://www.avhomesinc.com) purchase of The Borgata from Red Development, Inc. who purchased it from Macerich, Inc. approximately 3 months earlier, was announced in September, 2012. In the same month, Borgata merchants were quickly given notice to make plans for moving on and out. This action was taken before AV Homes presented any plan at all that might figure to be acceptable to Scottsdale government or the community. The reckless presumption that this destructive action would be viewed favorably is leaving many of the smaller, “mom and pop” variety-merchants in significant financial crisis. Remaining Borgata merchants report that visitation to the center and to their stores has plummeted since the demolition announcement was made.
One such merchant spent $50,000 in recent months to expand and upgrade his shop’s presence in The Borgata. Other Borgata shopkeepers have valid leases that expire in 2014, 2015 and beyond. Yet, AV Homes has been mostly vague as to how they are willing to deal with merchants who were not contemplating leaving their established storefronts on AV Homes’ 2013 timetable.
The website makes it a point to alert investors in AV Homes, Inc. about this controversy. And, issues a call to action for investors to responsibly consider whether their investment and relationship with AV Homes reflects their own positions and attitudes regarding personal accountability for fairness and sound, responsible and conscientious business practices that produce positive, causative results where AV Homes does business and affects communities and people.
Scottsdale’s mayor and city council have recently been directly advised of the website’s launch. The mission of the SaveTheBorgata.com is to give all people who oppose the closure and destruction of the shopping, dining and entertainment center the opportunity to very freely and conveniently voice their opinions and positions on the matter.
AV Homes Inc. describes itself as a company... "engaged in homebuilding, community development and land sales in Florida and Arizona. Its principal operations are conducted at its active adult communities of Solivita near Orlando, Florida and CantaMia near Phoenix, Arizona. The company also builds conventional communities for people of all ages in the Orlando and Phoenix areas under its Joseph Carl Homes brand. AV Homes’ common shares trade on NASDAQ under the symbol AVHI."