ORION Investment Real Estate announced the sale of a rare redevelopment opportunity situated on Central Avenue and Coolidge Street in Midtown Phoenix. The infill location is part of the City of Phoenix Grand Canalscape Program, which offers a Density Bonus to the future developer. The total land size was just under an acre with the buyer in the process of assembling the adjoining parcel to construct a 144 unit mixed-use development. The Grand Canalscape is a 12-mile continuous, multi-use recreational trail system along the Grand Canal in Phoenix – providing a unique opportunity for people to safely walk, run or bike along a dedicated off-street pathway.
“The Buyer of the property intends to redevelop the site into a mixed-use property including 144 apartment units plus commercial. Being located on the Grand Canal, next to two light rail stations and part of the TOD Overlay were all reasons the Buyer was attracted to the site,” said Nick Miner, CCIM, of ORION who represented the Seller in the transaction. After receiving multiple offers, the property eventually sold for $2,430,000 or $80.58/SF which was more than the asking price. Nick Miner added, “Unique, development sites in high-density locations surrounded by appealing amenities are highly sought after in this market. We had competing developers outbid the list price for what is sure to be an outstanding project upon completion.”
Investors continue to have a strong appetite for multifamily projects throughout the Valley including the recently announced $100 Million project located at the northwest corner of Seventh and Oak streets which is less than 3 miles south of ORION’s recent sale. The Oak Street project will be developed by San Antonio-based Embrey Partners LLC who has been active in the Phoenix market for over 15 years.