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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