[combusean]

The land was bought last month by Post Road Group, a connecticut company that has never done business in arizona and doesn't disclose the projects they've developed. I suspect by their "$1 billion+ invested" claim is that a high-rise project on that would be out of their league as a tower would be a lot of exposure for them on top of their non real-estate investment activities.

There are no relevant permits for the site, and the VeLa name is already attached to a different company who I suppose could be retained as a development or capital partner but I don't know.

I'm skeptical of anything happening anytime soon on that lot, especially when it takes a like year after a preliminary application conference (PAPP) before a project starts moving.