WASHINGTON STREET CORRIDOR ASPIRANT DEVELOPMENT PURCHASES 8.5 ACRES

 The “Washington Street Corridor” continues to experience revitalization and significant new development. This new infill development corridor uniquely combines the joint resources of the cities of Phoenix and Tempe.  Major developments include The Grand at Papago Park Center, a new 56 acre mixed-use development located at the SWC of Washington and Priest which includes 2.5 million square feet of retail and office buildings with 550 new luxury apartment units.  Another project is the I/O Data Center expansion on 48th Street just south of Washington.  This expansion will bring the total I/O Data Center size to approximately 800,000 S.F. with additional investment of $400,000,000.  Additionally, Phoenix has approved the only new light rail station at 52nd Street and Washington at a cost of $12 million.  The station will open in early 2018.  Aspirant Development, Phoenix, Arizona (Geoff Jacobs, Principal) acquired 8.5 acres located at the NEC of the 202 Freeway and Washington Street in Phoenix for a price of $4,525,000.  The Seller in the transaction was the Marusiak-Remaklus Family Partnership.  Aspirant will be building a three-story mini storage 125,000 s.f. development at the north end of the site with building permits slated to be ready in March, 2017.  The remaining six acres of the site is zoned for 300+ units of multi-family.  Aspirant is negotiating to sell that parcel to a developer for a 3rd Quarter 2017 closing.  Ray Cashen of Cashen Realty Advisors was the Broker in the transaction and is representing Aspirant in the resale of the six acre multifamily tract.  The Washington Street Corridor is within a three mile radius of over 20,000 jobs and this number is slated to increase significantly in the very near future.

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