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Developer Plans Central Phoenix High-Rise

Credit: Phoenix Business Journal

By Corina Vanek for Phoenix Business Journal

Since the 1970s, billboard easements on the NWC of Central Avenue and Thomas Road have limited development possibilities on the otherwise vacant land.

But after reaching an agreement with Clear Channel Outdoor Holdings Inc., Phoenix-based developer Pederson Group Inc. is planning a mixed-use high-rise on the site.

The agreement with Clear Channel will move the billboards to the parking structure. The developer is requesting up to 350 feet in height for the building, which is consistent with nearby developments, founder Jim Pederson said. That height could allow for between 15 and 18 stories.

Pederson hasn’t marketed the building to potential users yet and said the mix of uses is still to be determined. It will include ground-floor restaurants and retail, and the upper floors will either be office, apartments or a mix of the two. The project likely will be a joint venture for Pederson, which usually specializes in retail construction, and another developer specializing in high-rises.

The project has received an approval recommendation from the Encanto Village Planning Committee and is scheduled to go before the Phoenix Planning Commission on November 7th. Pederson said the company will begin marketing the building to potential users in 2020, with construction expected to begin in 2021.

Read more at Phoenix Business Journal.

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