Source: Colliers International in Greater Phoenix
A partnership of Ryan Companies, Tilton Development Company and Hunt Investment Company has purchased 1.57 acres at the northeast corner of Willetta and Central avenues for development of a mixed-use residential and office project.
The property, located just north of the Burton Barr Library, was purchased for $4.5M.
The partnership has plans to create 227 residential units and two creative office units at the location. Site work is currently underway and vertical construction is scheduled to begin this summer.
According to an article in The Arizona Republic, the development will be known as The Willa.
“This site is extremely well located for a residential development,” says Chaz Smith, Senior VP with Colliers International in Greater Phoenix. “The dynamic transformation of Downtown and Midtown has created a new focus on life in the central city. This property’s proximity to light rail and walking distance to restaurants and cultural venues creates great appeal for future residents and office tenants.”
Smith, John Finnegan and Ramey Peru of Colliers International in Greater Phoenix represented the buyer. Dave Headstream of CBRE represented the seller, Soave Management.
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