A Phoenix developer is quietly buying properties surrounding the Metropolitan — the former Metrocenter Mall redevelopment project — and converting them to apartment units.
A group of partners is investing $400 million to convert existing space into 1,786 apartment units surrounding the Metropolitan.
Foundation 8 LLC's most recent acquisition is the iconic Sheraton Crescent, which was built by the late Charles Keating in 1986 at the northeast corner of Dunlap and Interstate 17, near the $1 billion Metrocenter redevelopment project.
