Proximity to Light Rail and Local Amenities Drive Enthusiasm for Mixed-Use Community

Phoenix,  Arizona —  A partnership of Ryan Companies, Tilton Development Company and Hunt Investment Company has purchased 1.565 acres at the northeast corner of Willetta and Central avenues for development of a mixed-use residential and office project.

The property, which is located just north of the Burton Barr Library and across the street from The Spaghetti Company and CVS Pharmacy, was purchased for a price of $4.5 million ($66 PSF).

“This site is extremely well located for a residential development,” says Chaz Smith, senior vice president with Colliers International in Greater Phoenix. “The dynamic transformation of Downtown and Midtown has created a new focus on life in the central city.  This property’s proximity to light rail and walking distance to restaurants and cultural venues creates great appeal for future residents and office tenants.”

Smith, John Finnegan and Ramey Peru of Colliers International in Greater Phoenix represented the buyer in the transaction.  Dave Headstream of CBRE represented the seller, Soave Management of Detroit.

The development partnership has plans to create 227 residential units and two creative office units at the location.  Site work is currently underway and vertical construction is scheduled to begin this summer.

Former Castle Hot Springs Resort and 118° Natural Hot Springs Sold at Auction

Phoenix, Ariz.– CBRE of Phoenix has directed the successful sale of the former Castle Hot Springs resort located in Yavapai County, Ariz. In an online auction held on February 27^th, an entity composed of Phoenix-area businessmen purchased the historic, desert oasis property for $1.95 million ($9,300 per acre).

“The buyer is presently reviewing all options for the future use of the property,” said Dave Headstream with CBRE’s Land Services Group in Phoenix, who in conjunction with CBRE Auction Services, worked on behalf of the seller, New York City-based EktornetUS, a susidiary of Swedbank. The buyer was Delaware-based CHS3, LLC.

Opened in 1896, the ±210-acre Castle Hot Springs resort was considered one of the premier resorts in the United States, attracting prominent families such as the Roosevelts, Vanderbilts, Wrigleys, and Astors. Listed on the National Register of Historic Places, the property features ±210 acres, nestled in the shadows of the Bradshaw Mountains, five miles from Lake Pleasant Regional Park. The former world class resort contains a lush lawn containing ±550 majestic 100-year old palm trees, a ±125,000 gallon swimming pool, tennis courts, expansive mountain views, a ±4,800 square foot administrative building, and ±2,000 square foot three-bedroom guest house with maintenance building and horse stables. Perhaps its most notable feature is the 118° natural hot spring that produces ±180,000 gallons of pure water per day, which were believed to have mythical healing powers dating back to the 19th century.

Headstream can be contacted at (602)735-1971.