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Phoenix Sells Site Envisioned for $62M MXU Development
Scottsdale, AZ-based Berger Holdings LLC acquired a 0.59-acre parking lot in downtown Phoenix from the city for $2.8 million. It plans to develop a $62-million mixed-use high-rise project encompassing office and hotel space.
The sale-and-development agreement was approved by the City Council for the site at Central Avenue and Adams Street. The 200,000-square-foot tower will include 200 hotel rooms, 20 hospitality suites, 50,000 square feet of office and commercial space, and a 60-space parking structure.
The site was acquired by the city in 1983, and was eventually envisioned for redevelopment. Last November, the city issued a RFP for development of the site. The developer plans to work out development agreements with Phoenix within six months, and anticipates construction beginning within 18 months.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Sale/Acquisition