Vancouver, British Columbia-based Macdonald Development Corporation (MDC) is expanding its Arizona presence with the purchase of 0.403 acres of CC-zoned land in downtown Tempe, Ariz., which the company will develop in partnership with current landowner Spike Lawrence and Bill Borders of Phoenix-based ARC Construction.
MDC purchased a 50 percent interest in the land, which is located at 6th Street and College Avenue, from property owner Spike Lawrence, co-founder of Tempe-based Lawrence & Geyser Development Corp. Lawrence will maintain 50 percent ownership in the land and work with MDC and ARC Construction to create the vision for and develop the land, which is in a premier downtown location.
“We’ve held onto this land for quite some time because we’ve been searching for the right development partner that we could trust to do something special with it,” said Lawrence. “Tempe is our home and we want to see a project that will be appropriate for the future of our community. We’re eager to watch plans for this land unfold in Macdonald Development Corporation’s capable hands.”
MDC focuses on single-family communities and multi-family condominium and apartment projects. The company has created over 4,500 for-sale homes and properties, and has redeveloped more than 50 apartment communities in major North American cities including Vancouver, Seattle, Sacramento, San Diego, Phoenix, Atlanta, Toronto, Calgary and Edmonton. The company’s project portfolio also includes hotels, shopping centers and office buildings.
“At MDC, we’re driven by thoughtful and responsible development, so we’re thrilled to partner with Spike and his team on this project because we know he shares in our commitment to our customers and to the community.” said Dana Volrich, division vice president at Macdonald Development Corporation. “This property is arguably one of the best in Tempe, and we’re excited to explore the possibilities.”
MDC’s other Arizona business ventures include the 2010 development of One Lexington, a high-rise condominium project in midtown Phoenix, and the recently acquired Arizona School of Real Estate and Business in downtown Scottsdale, which the company purchased in 2015 in partnership with ARC Construction.
MDC purchased a 50 percent interest in the Tempe land parcel for $2 million.