The new buyers of the former downtown Phoenix Phoenix Motors Mercedes-Benz dealership located near 3rd Avenue and Indian School Road is planned to be developed into a 306-unit luxury apartment.

De Rito Partners assisted Phoenix Motors in its relocation of the Mercedes-Benz dealership to Scottsdale near Scottsdale and Camelback Roads.

Evergreen Devco is expected to close on the purchase of the former dealership in Phoennix for approximately $8 million next month.

Most of the building will be re-used, and plans show 300 rental units in a newly-built, four-story structure, 6 loft-style apartments on top of the existing showroom that will be used as a clubhouse and sales offices, and a second floor mezzanine level targeted for an exercise facility.

“We are proud to be an important part of another adaptive reuse project that creates new life for old buildings. The reuse of existing buildings contributes to the economic vitality of metropolitan Phoenix, promotes building efforts and creates more vibrant neighborhoods,” said Marty De Rito.