Shopping Centers Today is the news magazine of the International Council of Shopping Centers (ICSC)
Issue link: https://sct.epubxp.com/i/753030
D E C E M B E R 2 0 1 6 / S C T 139 R ussell (Rusty) Lyon Jr., the founder of Phoenix-based Westcor and an entrepreneur noted for his business acumen, integrity and keen eye for detail, died Oct. 18. He was 86. Westcor, which Lyon established in 1962,went on to build some of the country's most notable centers, mostly in Arizona, including Scottsdale Fashion Square and Chandler Fashion Center, both in the Phoenix area, and FlatIron Crossing, in Colorado's Denver-Boulder market. Lyon's skills were manifold, recalls Gilbert (Wally) Chester, who joined Westcor in 1974 as legal counsel and became a partner in the 1980s. "Rusty could outdraw architects, design and improvise vignettes that became cuttingedge, create out-of-the-box financial models that no one had tried before, and negotiate with the hardest and toughest personalities in our industry and not lose ground," recalled Chester, who worked for Westcor until its nearly $1.5 billion sale to Macerich in 2002. Remembering Westcor's multitalented founder By Edmund Mander Rusty Lyon After the acquisition, Lyon went on to form WDP Partners, in Phoenix,where he was joined by some of his Westcor colleagues, including Chester and former Westcor CEO Robert L.Ward, who today are principals of WDP. Lyon would demonstrate complete faith in and respect for his colleagues,Ward says, even delegating approval of the final deal with Macerich. "This demonstrated his unique ability to attract outstanding partners, let them share in the future and give them significant authority to move forward in all aspects of our business," said Ward, an ICSC past chairman. Lyon showed a similar respect for Westcor's business partners, Ward says, whether investors, lenders or developers. Lyon's talents were matched only by his modesty, recalls Chester and other colleagues. "In spite of his phenomenal success, he kept a very low profile and made sure he gave credit to others," Chester said. "Rusty liked to say, 'Spouting whales get harpooned.' He had the fierce loyalty of his partners, employees and the professionals he worked with." In all, Westcor developed some 18 million square feet of retail — including about 50 neighborhood, power and specialty retail centers — and other commercial assets. Lyon had a particular knack for accumulating land in undeveloped parts of the Phoenix market in anticipation of the city's future growth. He also had a talent in the hospitality sector: In 1985 Westcor Resorts developed the highly regarded Boulder Resort, in Carefree, Ariz., in a joint venture with Laurance Rockefeller. "He was always low-key, kept himself out of the spotlight and let his projects speak for themselves," noted John F. Rasor, who was a partner at Westcor for 30 years and is today also a partner at WDP. Added Ward, "Rusty Lyon led as reputable a company as has ever existed in our industry." n N E W S M A K E R S