Potential New Tallest for Phoenix
https://www.bizjournals.com/phoenix/...high-rise.html
https://www.bizjournals.com/austin/n...high-rise.html
Rastegar Property Group, an Austin-based real estate investment firm, bought a 0.61-acre parcel at Fourth Avenue and Van Buren Street with plans to build a high-rise that has potential to be the state's tallest building.
“We had been looking in the market for a long time,” said Ari Rastegar, CEO of Rastegar. “We have been bullish on Phoenix.”
The firm spent $2.31 million on the parcel, according to real estate database Vizzda. Potential asset types for the property are still up in the air, Rastegar said, but it will be a mixed-use building.
We are asset class agnostic,” he said of the firm’s experience developing in other states. “We’ve touched it all. There are several asset classes we like for this site.”
The site's zoning allows a building up to 550 feet, he said. If Rastegar’s building reached that height, it would be the tallest in the state, passing Chase Tower, the current record holder, which reaches 483 feet.
“We are envisioning a spectacular project, and we will try to go as high as we can,” he said, adding the development will be a “flagship” for the company.
The parcel is in an opportunity zone, but the firm has not decided if it will pursue the tax benefit by using opportunity fund money to finance the project.
The downtown parcel is Rastegar’s first Phoenix purchase, but the firm is actively seeking other opportunities in the market.