By Business Real Estate Weekly
Gray Development Group in Phoenix (Bruce Gray, principal) plans to develop a mixed-use apartment, condominium and hotel project on a property located within the Biltmore area of Central Phoenix.
The 8-acre site, now occupied by the 378-unit Biltmore Club apartments, is at the southwest corner of 24th Street and Highland Avenue.
The existing multi-family complex, which was built in 1973, will be razed to make room for the mixed-use project. Plans include 480 apartments, as many as 300 for sale condominiums and a hotel.
Gray Development will build the apartments, sell the hotel land and will either develop or sell the condominium component.
The condominium and hotel sites comprise a 2.92-acre parcel located at the hard corner of the prime infill property.
