[muertecaza]

"City Center on the Park"



https://brewaz.com/hot-news/transwes...on-hance-park/

Transwestern...plans to develop a mixed-use apartment project in downtown Phoenix at the southwest corner of Willetta and 2nd Street. The two-phase project, which would initially include 319 apartments in a five-story building, is targeted for a 5-acre site along Margaret Hance Park. Transwestern is working on site plan approval to develop a five-story apartment building that would be connected via a pedestrian bridge to a four-story structure in the second phase. The $100 + million project, being called City Center on The Park, is planned for a portion of the 32.5-acre Margaret Hance Park that stretches across the top of Interstate 10 deck park tunnel through downtown Phoenix from 3rd Street to 3rd Avenue.

Transwestern is under contract to buy 5 acres located along the south side of Willetta Street in between 2nd and 3rd streets. The property is owned by Cable One Inc. in Phoenix (NYSE:CABO). Sources say Transwestern will pay roughly $16 million to acquire the property in two acquisitions...The first purchase could be final in November, which would allow for a start of construction by year-end. Transwestern, a global real estate investment, development and management firm, is believed to have an insurance company equity partner for phase one.

Plans for the initial phase show 243, one-bedroom apartments and 76, two-bedroom units, 4,500 sq. ft. of commercial space and 475 parking stalls. Amenities include: a resort style swimming pool, “zen courtyard with dining and gaming,” resident lounge, business center, fitness facility and a parking garage. The second phase is proposed for a four-story, 138,000-square-foot office building. Short of demand for the office space, Transwestern could develop another 200 + apartments in phase two.

...Transwestern has other multi-family projects planned in the Valley, including The Derby in downtown Phoenix. That 19-story tower, at the northwest corner of 2nd and McKinley streets, is planned for 211 furnished, micro-unit apartments.