Phoenix council to weigh mixed-use project near light rail

Phoenix council to weigh mixed-use project near light rail : The Phoenix City Council will consider at today’s meeting entering into an agreement with a private developer to erect what could be a midtown high-rise with at least 40 residential units.

The mixed-use project would sit on roughly a 16,600-square-foot lot along the Metro light rail just south of McDowell Road near Central Ave.

Slightly less than half of the parcel, located on the northeast corner of Central Avenue and Willetta Street behind a CVS store, is owned by the city, with the rest privately owned by Howard and Betsy Toy Yee, according to the meeting agenda and records in the Maricopa County Assessor’s Office. The size of the property was not included in agenda, but the information was available through the County Assessor.

Under the proposed development agreement, the Yees would develop both their and the city’s portions of the site into a four-story or more urban high-rise comprised of 8,000 square feet of commercial space, at least 40 residential units and 50 or more parking spaces, the agenda said.

The Yees have also elected to pursue a Government Property Lease Excise Tax break — which reduces or eliminates property taxes that certain developers typically would pay — for the improvements, the agenda said.

But to do this, the city must own all of the land.

So within one year of council approval, the Yees would sign the development agreement and place $180,000 into an escrow account to buy the city’s portion of the land. That amount is the appraised value of the city-owned site.

The project must be finished within two years, at which point the Yees would take over the entire property and Phoenix would deposit the $180,000 into the Public Transit Department’s light rail budget.

Then the entire property would be handed over to the city at no cost. The Yees would then enter a 25-year lease agreement that requires a $1,000 rent payment for the first year and then rising thereafter, reaching $25,000 in the final year.


Source : bizjournals

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