PHOENIX, ARIZONA — 9.5 Acres of land were sold on September 24th, 2020 at 290 La Canada Boulevard in Avondale, Arizona for $1,300,000 or $136,842/acre. Larry Kush of ORION Investment Real Estate represented the Sellers, Robert Delacour and Dianna Costa, while Zack Mishkin of ORION Investment Real Estate represented the Buyer Joseph Risi of Risi Companies, LLC. The land parcel (#500-10-110) is located at the northeast corner of Central Avenue and La Canada Boulevard; it’s nearest major cross streets being Central Avenue and Van Buren Street.
On October 5th, 2020, Avondale City Council voted to approve Risi’s rezoning of the land from commercial to high density residential. Though multiple other developers have attempted to have the commercial land rezoned to residential with even lower density projects, Risi was the first to have a successful attempt. Risi Companies is responsible for a number of projects around the valley and beyond from infill development to luxury homes. They recently developed unique, contemporary, eco-friendly vertical homes in North Tempe known as “The Newport.”
Risi Companies will be developing the first residential project in Historic Avondale with this land site. Risi’s project, called Crystal Cove, is set to be the shining star of Avondale. It will be a 238-unit multi-family apartment project consisting of 1, 2 and 3 bedroom units. The gated apartment community will have a beautiful central clubhouse with a pool, 109 garages, and ample additional covered parking for Avondale’s residents.
ORION’s top-producing land expert, who represented the Seller, Larry Kush can be contacted at (480) 482-1944. ORION’s multi-family expert, who represented Risi Companies in the transaction, Zack Mishkin can be contacted at (480) 689-4151.