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Phoenix Dev Site Goes for $13 Mil

5/02/24

Scottsdale-based Aspirant Development purchased a 3.29-acre land parcel in downtown Phoenix for $13 mil ($91/sf). The parcel, located at 1500 N. Central Ave, is planned for the development of a 25-story res tower.

The planned project will feature 325 apartment units and 17k sf of retail space. The project has commenced development with completion anticipated for 2025.

The parcel, situated on the corner of Central Ave and McDowell Rd, is next door to The Spaghetti Factory and is across the street from the Phoenix Museum of Art. It also provides immediate access to the Valley Metro Light Rail stop.

Mark Seale, Jonathan Larsen and Sally Zesut with Avison Young represented the seller, Donnelley Financial. The buyer was repped by Ray Cashen of Cashen Commercial.

Avison Young initially marketed the property with a vacant two-story obsolete office building on the site. The team advised the seller to clear the site to make it more attractive for a buyer as it was shovel-ready for a new development. Once that occurred, the team was able to successfully sell the site above original seller expectations.




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