A Las Vegas developer has paid $25.6 million for six acres in Phoenix‘s Central Corridor with possible plans for residential units and retail space.
Central Phoenix Development LLC, a partnership between AmLand Development LLC in Las Vegas and BSR Group in Tel Aviv, Israel, is the new owner of the vacant land at the northwest corner of Central Avenue and McDowell Road.
The company paid nearly double what the seller, Boise, Idaho-based KML Development, spent for the property last year, according to state Department of Revenue records.
Although Central Phoenix Development has no specific plans for the site, Chet Nichols, executive vice president of AmLand Development, said, "We think that the site might be appropriate for a combination of residential units and/or retail and/or a hotel. If we did a residential project, it would certainly be a for-sale project."
The company plans to consult with community members, area homeowners groups and city planners before submitting an official proposal for the property.
"We love the property. We love the possibility for revitalization of downtown Phoenix and specifically that corridor," Nichols said. "But we are in the process of figuring out what works and talking to neighbors and city officials and doing our own feasibility study to see what would be appropriate for that site."
Members of the Willo Neighborhood Association, which deals with the historic district that borders the land to the west, are "anxiously awaiting" a presentation by Central Phoenix Development, association President Robert Cannon said.
The group wants to ensure that whatever is built "has the proper mixed-use development, complements the neighborhood" and takes into consideration traffic and parking, Cannon said.
Central Phoenix Development hopes to have firmer plans for the land within the next four to six weeks, Nichols said.
AmLand Development’s portfolio includes mixed-use developments that combine high-rise condominiums with retail and entertainment space.
The company is developing a 19.5-acre project called One Las Vegas that includes five 18- to 21-story condo towers, a boutique hotel, retail and restaurants, according to Director of Marketing Ennis Julian.
"We like to put our properties in very urban areas that are convenient but make them a convenient center within themselves," Julian said.
AmLand Development’s Web site, www.amlanddevelopment.com, includes a listing for "One Phoenix," but Nichols said the final project most likely would have a different name.
The land is zoned as an urban residential property in a multifamily residential district, according to Sina Matthes, a spokeswoman for Phoenix.
KML Development, which bought the land last summer for $12.83 million, had intended to build high-rise condos on the property but decided to sell because of other projects it is working on in the Valley, said Charlie LaMar, a principal and president of KML Development.
"Most definitely we think it’s one of the best sites in the entire downtown Phoenix area for high-rise development," he said.
Andrew Johnson – The Arizona Republic
