Phoenix looks to redevelop downtown parking lot into potential high-rise

Posted at 8:59 AM, Jun 13, 2022
and last updated 2022-06-13 11:59:28-04

The city of Phoenix is looking to open up several parcels of land in the growing area of downtown for potential commercial or residential development.

The land, located on the southeast corner of McKinley and First streets, is currently used by Arizona State University as a parking lot. But if Phoenix City Council approves a change in the master lease agreement it has with the university, the city could then seek proposals from developers for potential high-rise apartments or commercial buildings on the site, as well as other city-owned land downtown.

In May, a City Council economic development subcommittee recommended approval for changing a master lease agreement with ASU that was first created in the mid-2000s. Council is set to vote on the matter of transferring ownership of the McKinley parking lot back to the city later this month.

The change would also allow ASU to continue owning the iconic Mercado property in downtown Phoenix, which is currently set to return to city ownership in 2024. The city's economic development director, Chris Mackay, said the amendment is essentially a land swap between ASU and Phoenix.

Read more of this story from the Business Journal.