Developer looks to build huge mixed-use project in historic area of Phoenix

Downtown development.jpg
Posted at 8:34 AM, May 13, 2022
and last updated 2022-05-13 11:34:45-04

A once-historic site in downtown Phoenix is set to become another massive mixed-use project with a towering residential and retail building totaling about 1 million square feet.

Documents submitted to the city of Phoenix show that Chicago-based developer LG Development Group has proposed building a 29-story multifamily building with 747 residential units comprised of studio and one-to-three-bedroom units and 29,000 square feet of ground-level commercial space.

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Chicago-based LG Development Group is looking to build a massive mixed-use project in downtown Phoenix.

The 2-acre property covers an entire block at 601 N. Central Ave. and is bounded by Pierce Street, Fillmore Street, Central Avenue and First Street across from the historic Westward Ho building. Since the 2000s, the site has been used for surface parking after the previous structure was demolished.

LG Development Group purchased the property from Glasir Capital Partners for $22 million in March, according to real estate database Vizzda. LG Group, which owns LG Development and LG Construction, declined to comment on the project.

Read more of this story from the Business Journal.