By Tasha Anderson for AZBEX
Plans for a 26-story multifamily tower with ground-floor retail proposed for the Roosevelt Row area is making its way through the City of Phoenix.
On September 23rd, the Phoenix Workforce and Economic Development Subcommittee recommended approval for City Council to enter into a development agreement with developer, Hubbard Street Group to build the multifamily project located at the SEC of Sixth and Garfield Streets, which previously housed the Roosevelt Growhouse.
The agreement also includes easements and Government Property Lease Excise Tax (GPLET) incentives which will be abated for up to eight years from the date of the certificate of occupancy.
Currently called Hubbard Street Group Tower, the project calls for a total of 309 residential units ranging from studio to two-bedroom units, with the average size being 655 square feet. According to the September 23rd agenda, at least 10 percent of the units will be designated for workforce housing.
The ground floor will include 7KSF of commercial retail space, an amenities deck would be located at the top of the building and the seventh floor will include a co-working space that will double as a community space. A total of 201 parking spaces will also be provided.
In December 2019, Hubbard Street Group submitted a proposal in response to the 2017-2018 Downtown Development Request for Proposals and requested consideration of a GPLET for the project.
A panel consisting of staff from the Community and Economic Development Departments as well as a representative from the Downtown Voices Coalition reviewed the proposal in early spring 2020 and recommended beginning negotiations with Hubbard.
The project still needs to go before the Phoenix City Council. If approved, the development is expected to, “bring a capital investment of $87M and create approximately 264 construction jobs and 77 permanent jobs,” the agenda states. A request for the construction timeline was not returned by press time.