Phoenix developer quietly invests $400M around Metrocenter redevelopment

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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