Aspirant Starts Work on 25-Story Phoenix Rental Project

Avison Young negotiated the $13 million sale of the 3.29-acre land parcel at 1500 N. Central Avenue in downtown Phoenix. Mark Seale, Jonathan Larsen, and Sally Zesut, who are in Avison Young’s Los Angeles office, represented the seller, Donnelley Financial. Ray Cashen of Cashen Commercial represented the buyer, Aspirant. 

Aspirant Development, an affiliate of the Empire Group of Companies, has since started work on a 25-story building that will feature 325 apartment units and 17,000 square feet of retail space. It’s expected to be finished next year.

The parcel is situated on the corner of Central Avenue and McDowell Road, next door to The Spaghetti Factory and across the street from the Phoenix Museum of Art. It also provides immediate access to the Valley Metro Light Rail stop. 

Avison Young initially marketed the property with a vacant two-story obsolete office building on the site. The team advised the seller to clear the site to make it more attractive for a buyer, as it was shovel-ready for a new development.