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Downtown Phoenix Parking Lot To Become Mixed-Use High Rise
Thirty-five years ago, Phoenix acquired a downtown parcel for redevelopment purposes. Now, it’s happening.
Last Wednesday, the city council agreed to sell the lot at the southeast corner of Central Avenue and Adams Street for $2.8 million to Berger Holdings, LLC.
Another proposer, M.A. Mortenson Company offered to pay $630,000 more, but Economic Development Director Christine Mackay said the lower sale price will lead to a better deal over the long run.
“They will actually bring $2.8 million more in additional, direct sales tax to the city of Phoenix over a 10-year period of time,” she said.
Mackay also told council members an independent panel evaluated both proposals and scored Berger Holdings higher than Mortenson.
Berger plans to build a mixed-use high rise with ground floor retail, parking and offices. The majority of the 200,000 square foot project will feature a hotel that Mayor Thelda Williams has said “could be iconic”.
Within six months the developer will enter into agreements with Phoenix with construction to begin within 18 months.