Cassidy Turley announced today that Houston-based The Hanover Company purchased ±2.76 acres in the Centerpoint on Mill complex in Tempe, west of the SWC of 5th St. and Mill Ave.
The purchase deal includes $7M for the land, and in excess of $4.47M they will use to build a parking structure to replace the 271 parking stalls currently on the lot.
Brent Moser, Mike Sutton and Brooks Griffith with Cassidy Turley Arizona’s Land Group represented the seller, DMB, during the transaction.
Hanover plans to build a 6-story, 341-unit luxury apartment complex with a 9-level parking structure, two levels below grade and seven above.
Construction is expected to begin this year with an estimated 21 months to complete. Hanover’s plans will not only provide new executive level housing in the Mill Avenue area, but with the parking structure they are not eliminating any parking spaces that are already in high demand in burgeoning Downtown Tempe, according to Moser.
“Continuing to bring high-end housing to the heart of downtown Tempe is critical to the evolution of Mill Avenue,” said Tempe Mayor Mark Mitchell. “Today’s professionals want to live in a vibrant city with access to transit, entertainment and high-wage employment. This project captures the best of Tempe.”
