ARIZONA NEWS

Iconic Paradise Valley church to be torn down to make way for luxury homes

Jul 29, 2023, 5:00 AM

The iconic Ascension Lutheran Church in Paradise Valley has been sold to a residential developer. (...

The iconic Ascension Lutheran Church in Paradise Valley has been sold to a residential developer. (Launch Powered by Compass)

(Launch Powered by Compass)

The iconic Ascension Lutheran Church in Paradise Valley — practically across the street from the sprawling Ritz Carlton project under development — has been sold for $11 million in cash.

The buyers plan to raze the nearly 60-year-old structure to build luxury custom homes on the 5.3-acre parcel, said Jay Mecray, who represented the buyer and who is part of the residential development team. The deal closed on July 24.

A few years ago, the church at 7100 N. Mockingbird Lane already had sold off a corner 1-acre parcel, where a single luxury home is being built.

Frank DiMaggio, managing partner of Launch Powered By Compass, represented the church in the transaction that closed within five days and fetched $500,000 above the $10.5 million list price.

“We had multiple buyers vying for it,” DiMaggio said. “The price was escalating. They were all interested in doing residential lots. This buyer was most persistent and stepped to the plate with the best price and best terms for the church.”

This story is posted in partnership with Phoenix Business Journal. Click to read the full story.

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Iconic Paradise Valley church to be torn down to make way for luxury homes