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A high-rise residential development is being proposed for downtown Phoenix after the sale of 1.3 acres of land at Third and Pierce Streets.
Clark Street Holdings LLC bought the land for $6.62 million from Third and Pierce Development LLC.
JLL (NYSE: JLL) Executive Vice Presidents John Cunningham and Charles Steelehelped broker the deal.
The land is on the northeast corner of Third and Pierce next to the Phoenix Biomedical Campus and near Arizona State University’s downtown campus.
“Over the past decade, more than $4.6 billion has been invested in downtown’s two square miles. Factors ranging from university campus expansions and light rail to corporate and employment growth have also spurred the addition of all types of new amenities and led thousands of new residents to the area – with a great deal more expected to follow,” said Cunningham.
JLL brokers expect 10,000 new residents to move downtown during the next five years.
The yet-to-be-named project joins a number of new, under construction or planned apartments and condos in downtown Phoenix and the Roosevelt Row area.
Details of the size and scope of Clark Street’s project were not disclosed.
“Downtown Phoenix currently has the highest concentration of employment in the state, with more than 71,000 employees in just a one-mile radius,” said Steele. “That is a very attractive statistic for any developer looking to establish an urban, transit-oriented residential community like the one being considered for this site.”
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Alan Bermudez
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