PHOENIX, ARIZONA — The Fillmore District in Downtown Phoenix continues to experience revitalization and significant new development.  Aspirant Development has purchased 1.2 acres fronting on the north side of Fillmore Street between 2^nd Avenue and 3^rd Avenue.  The property was purchased from The Fillmore Group, LLC, a Los Angeles / Hong Kong based Seller.

The purchase price was $3.5 million ($6.70 PSF) and is planned for 220-units in a 12-14 story apartment tower.

Ray Cashen of Cashen Realty Advisors was the Broker on the transaction.

Aspirant Development is also developing a 312-unit, 19-story apartment tower known as The Stewart located at the northwest corner of Central Avenue & McKinley.  That property under construction is slated to open in 2019.

The Fillmore District has been the recent focus of many developers, including Wood Partners who has built a 230-unit, 4-story apartment complex and Trammell Crow who will break ground this year for a 609-unit, 7-story apartment complex along Fillmore Street.  Additionally, Fore Development is in Escrow to purchase 2.7 acres at the southwest corner of 2^nd Avenue & Fillmore Street and 2.0 acres located at the northwest corner of Monroe and 2^nd Avenue is also in Escrow, both slated for high-density residential development.

Block 23 is under construction with builder, Red Development.  That project is a residential and retail tower which includes the first Fry’s grocery store in Downtown Phoenix.  The adjacent Block 24 is in Escrow with Hines Development who will be building a 30-story residential / hospitality tower over an existing four-level parking structure at the Collier’s Center Project.

Cashen has been involved in numerous Central Phoenix infill deals and is assembling another 2-acre parcel along Fillmore that he says will be the site of a future 15-story residential tower.

Central and Downtown Phoenix continue on a vibrant pace of residential development.  All of the amenities are now in place.  At long last, diverse employment, transportation, entertainment, education, services and a wide spectrum of residential options have combined to transform Downtown Phoenix into a very desirable urban environment.

For additional information, contact Ray Cashen at 602-393-4447.

PHOENIX, Arizona – Aspirant Development of Phoenix (Geoff Jacobs, Principal) acquired 8.5 acres located at the NEC of the 202 Freeway and Washington Street in Phoenix for a price of $4.53 million ($12 PSF). The Seller was the Marusiak-Remaklus Family Partnership.

Aspirant will be building a three-story 125,000-square-foot mini storage development at the north end of the site with building permits slated to be ready March, 2017.  The remaining six acres of the site is zoned for 300+ units of multi-family.  Aspirant is negotiating to sell that parcel to a developer for a 3^rd Quarter 2017 closing.

The “Washington Street Corridor” continues to experience revitalization and significant new development.  This new infill development corridor uniquely combines the joint resources of the cities of Phoenix and Tempe.  Major developments include The Grand at Papago Park Center, a new 56-acre mixed-use development located at the SWC of Washington and Priest which includes 2.5 million-square-feet of retail and office buildings with 550 new luxury apartment units.

Another project is the I/O Data Center expansion on 48^th Street just south of Washington.  This expansion will bring the total I/O Data Center size to approximately 800,000-square-feet with additional investment of $400 million.

Additionally, Phoenix has approved the only new light rail station at 52^nd Street and Washington at a cost of $12 million.  The station will open in early 2018.

The Washington Street Corridor is within a three-mile radius of over 20,000 jobs and this number is slated to increase significantly in the very near future.

Ray Cashen of Cashen Realty Advisors was the Broker in the transaction and is representing Aspirant in the resale of the six-acre multifamily tract.

Get more from Cashen at 602-393-4447.