Posted Jan 12, 2024, 4:38 PM
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Join Date: Jan 2013
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Ambitious real estate firm scoops up more downtown Phoenix property
Yo combusean, it finally happened.
If done right, this intersection will look amazing. The new owner is tied to some interesting and unique projects on Roosevelt.
https://www.bizjournals.com/phoenix/news/2024/01/12/phoenix-firm-spends-millions-radio-studio.html
Quote:
Philadelphia-based radio station owner Audacy has sold off the prime Phoenix real estate that houses Big 94.5 and other local stations — and the buyer appears connected to a local real estate firm that’s planning a slew of ambitious projects along the Roosevelt Row District in downtown Phoenix.
The studio building at 840 N. Central Ave. was sold for $10.5 million on Dec. 8, according to Maricopa County records and filings from Audacy with the U.S. Securities and Exchange Commission. Audacy, which owns more than 200 radio stations across the country, filed for Chapter 11 bankruptcy protection on Jan. 7.
The purchase included $7.5 million as a down payment and $3 million in new debt, data from real estate database Vizzda shows.
The stucco building was constructed in 1957 and had a full cash value of more than $1.4 million in 2024, according to Maricopa County records. The purchase price appears to include multiple parcels surrounding the building that make up more than 46,000 square feet in total, public records show. Vizzda pegged the general land area of the sale at 1.06 acres.
The zoning for the property is Downtown Gateway, which is intended to be a "high-density, vibrant corridor with a mix of residential and commercial development designed for transit riders," according to the city of Phoenix.
The buyer is Main & Main RoRo Property Owner LLC, an entity connected to James Jason Merck and Jordan Taylor — both part of the leadership team of Intersection Development, according to the firm’s website. Main & Main also shares the same address as Intersection, which was incorporated in 2021 by Taylor, according to the Arizona Corporation Commission.
Intersection declined to discuss their potential plans for the Audacy building and surrounding land. Audacy could also not be reached for comment on the deal.
Intersection's portfolio includes new 36-unit apartments
Intersection’s portfolio includes a number of high-profile Phoenix sites, with a particular focus on Roosevelt Row. Intersection has partnered with architect Lev Libeskind of Libeskind Studio Design on Rainbow Road, a 36-unit boutique apartment building in Roosevelt Row that was inspired by the video game Mario Kart.
Rainbow Road will feature “dynamic commercial spaces on the ground floor,” according to a Jan. 10 email invitation to the project's groundbreaking event. An additional floor has also been added to the project since it was announced in early 2023.
Intersection has completed 17 projects in Roosevelt Row and invested more than $300 million in those projects, according to a video on the firm's website.
Intersection and Libeskind Studio Design are also behind Manzana, a 68-unit apartment building off Roosevelt Street with 10,000 square feet of ground floor retail that's set to break ground in early 2025. The project is set to rise adjacent to Intersection Development's office, according to the Arizona Republic, located on the same block as Audacy's radio station.
Libeskind in 2023 selected Phoenix for its first U.S. office encompassing 1,500 square feet in a two-story historic building at First Avenue and Roosevelt Street — the same building that Intersection calls home.
Other Intersection-connected entities that control property along North First Avenue just off Roosevelt Row include Arcada RoRo LLC and Stoddard RoRo LLC, which owns the lot at the northeast intersection of North First and W McKinley Street.
Connections to Atari hotel project?
It's unclear what plans might be in store for the Stoddard RoRo and Arcada RoRo sites — though Intersection's website describes a project called Arcada at Roosevelt as an "extraordinary speakeasy bar that pushes the boundaries of entertainment" that will open its doors in the spring of 2024.
Intersection's website also has a landing page dubbed "Atari," though no substantial details are included other than a note that says to "Stay tuned for a breaking announcement."
Before the onset of the Covid-19 pandemic, French entertainment and video game giant Atari made a flurry of headlines when it announced that Atari-themed hotels were being planned around the country, including in Phoenix. Atari at the time inked licensing agreements with Phoenix-based True North Studio and GSD Group, which share connective tissue with Intersection Development.
Roosevelt Row is also the district where Scottsdale-based GSD Group told PBJ back in 2020 it intended to build an Atari-themed hotel.
Taylor was part of GSD Group, according to previous reporting. He remains a managing member of Atari Hotels in addition to being a co-founder of Intersection Development, according to his LinkedIn page.
The initial plan was to build the Atari hotel on land owned by True North Studio, according to past reporting, but GSD Group Managing Partner Napolean Smith III told the Business Journal that the space was likely too small after the vision for the project evolved.
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