A partnership between three companies purchased 1.565 acres near Central Avenue and McDowell Road in Phoenix for $4.5 million, according to Colliers International.
Ryan Companies, Tilton Development Company and Hunt Investment Company plan to develop a mixed-use project with residential and office components on the site, at the northeast corner of Willetta Street and Central Avenue.
The development partnership 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.
The property is near the light rail station at McDowell Road and Central Avenue, along with the Burton Barr Library and the Old Spaghetti Factory.
Chaz Smith, John Finnegan and Ramey Peru of Colliers International in Greater Phoenix represented the buyer in the transaction. Dave Headstream of CBRE represented the seller, Soave Management of Detroit.