With the Prescott City Council’s recent approval of a City-owned land sale, developer Founding Fathers Properties LLC plans to build a mixed-use project featuring residential and commercial uses at 215 and 223 N. McCormick St.
Prescott will use the $466K sale proceeds to pay down the loan it used to purchase the new City Hall building on Montezuma Street.
Founding Fathers intends to demolish the existing building on the McCormick Street property and replace it with a mixed-use development featuring residential units, a food hall and a distillery. The current plan is for four stories, although the developer has expressed interest in a fifth. Height variances would have to go through the regular approval process.
The buyer has requested a 60-day escrow to complete environmental and soil studies.
The total estimated development cost is between $35M and $45M. (Source)