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Mesa approves taxation deal for downtown development’s next phase

Mesa Main Street.jpg
Posted at 8:48 AM, Dec 10, 2021

A downtown Mesa multifamily development will be able to expand to its next phase without having to pay property taxes thanks to Mesa City Council.

The Council unanimously approved, without any discussion during Wednesday night's meeting, a government property lease excise tax, commonly called a GPLET, for the extension of the Residences on First apartment complex, which is located in downtown Mesa at 63 W. 1st Ave.

The complex, which started construction on its first phase in 2016 and then its second in 2019, is looking to add three, three-story multifamily buildings containing a total of 72 market-rate apartments and approximately 49 on-site surface parking spaces. The project is expected to cost $12 million, according to city of Mesa documents.

Construction is expected to occur over a period of about 15 months with completion in Q3 2022. Once completed, the entire Residences on First complex will include a total of seven buildings and 168 market-rate units.

Read more of this story from the Business Journal.