A partnership of Ryan Companies, Tilton Development Company and Hunt Investment Company has purchased 1.565 acres at the northeast corner of Willetta and Central avenues for development of a mixed-use residential and office project.
The property, which is located just north of the Burton Barr Library and across the street from The Spaghetti Company and CVS Pharmacy, was purchased for a price of $4.5 million.
“This site is extremely well located for a residential development,” says Chaz Smith, senior vice president with Colliers International in Greater Phoenix. “The dynamic transformation of Downtown and Midtown has created a new focus on life in the central city. This property’s proximity to light rail and walking distance to restaurants and cultural venues creates great appeal for future residents and office tenants.”
Smith, John Finnegan and Ramey Peru of Colliers International in Greater Phoenix represented the buyer in the transaction. Dave Headstream of CBRE represented the seller, Soave Management of Detroit.
The development partnership has plans to create 227 residential units and two creative office units at the location. Site work is currently underway and vertical construction is scheduled to begin this summer.