Source: Real Estate Daily News
The Rio Nuevo District announced that Nor-Generations, the prevailing bidder, has closed its purchase of and will develop the 8.5 acres along Congress and I-10, known as the Arena Lot; so named due to the ill-fated plans of the former Rio Nuevo organization to build an arena there (AZBEX Aug. 22, 2014).
The District sold the property for $5.6M, which will be re-purposed for other downtown development. As a condition of the deal, the purchaser agrees to objectively verifiable development benchmarks with liquidated damages for failure to meet those benchmarks.
Plans for the site include permanent gem show space, a new flagship hotel, parking, and other mixed uses, all funded with private sector dollars.
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