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Rastegar Property Buys Land, Plans Potential Tallest Building in Arizona

Rastegar Property Co. acquired a 0.61 acre at Fourth Avenue and Van Buren Street in downtown Phoenix. The Austin-based investor is planning a mixed-use project on the site, which could be the state’s tallest building. The site’s zoning allows for a building height of up to 550 feet. If Rastegar builds that high, it would surpass Arizona’s current tallest building, Chase Tower.

“We are envisioning a spectacular project, and we will try to go as high as we can,” Ari Rastegar told the Phoenix Business Journal. He also said his company is pursuing other opportunities in the Phoenix market.

While the parcel is in an Opportunity Zone, the developer hasn’t decided yet if it will pursue the tax benefit to finance the project.

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About Mark El-Rayes

Mark El-Rayes is an award winning designer and photographer from Beirut, Lebanon. El-Rayes has over 15 years in the design industry, 5 years of which he served as a Mass Communication Specialist in the United States Navy at Naval Air Station North Island, Navy Public Affairs Support Element - West (NPASE). El-Rayes is a full-stack developer, seo specialist, photographer, and artist.

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