California developer seeks extension before construction on long-planned Phoenix project
The Omninet West development project in Phoenix (A 3-acre site located at the northwest corner of Central Avenue and Pierson Street — just south of the Camelback Road intersection), planned since 2015 for multifamily units and commercial space, may face a further two-year delay. The site's owner, Omninet Capital LLC, seeks an extension to start construction by the end of 2025 due to various delays, including design and infrastructure challenges, and the need for financing and city approvals. The project, emphasizing multifamily living with retail amenities, aims to utilize an infill site along a light rail corridor, despite past hurdles including materials shortages and increased interest rates affecting previous development efforts.
Link:
https://www.bizjournals.com/phoenix/news/2024/02/14/omninet-west-phoenix-central-multifamily.html
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