Phoenix developer quietly invests $400M around Metrocenter redevelopment
A Phoenix developer is quietly buying properties surrounding the Metropolitan — the former Metrocenter Mall redevelopment project — and converting them to apartment units.
The Valley Metro light rail extension ends at The Metropolitan mixed-use district, a $1 billion redevelopment of the former Metrocenter Mall. Hundreds of millions of dollars of economic development is now in the works nearby.
PHOENIX — A Phoenix developer is quietly buying properties surrounding the Metropolitan — the former Metrocenter Mall redevelopment project — and converting them to apartment units.
A group of partners are investing $400 million to convert existing space into 1,786 apartment units surrounding the Metropolitan.
Foundation 8 LLC’s most recent acquisition is the iconic Sheraton Crescent, which was built by the late Charles Keating in 1986 at the northeast corner of Dunlap and Interstate 17, near the $1 billion Metrocenter redevelopment project.
The 342-room Sheraton Crescent had been in receivership for three years.
This story is posted in partnership with Phoenix Business Journal. Click to read the full story.
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Comments
1 Comments
PPhoenix Is already messed up with all the over building. Enough. Go to New Mexico.
Corporations have ruined this state.