Phoenix – Alliance Residential Co. in Phoenix (Bruce Ward, Bob Hutt, Jay Hiemenz, partners) has formed a joint venture with AEW Capital Management L.P. in Boston, Mass. to develop a 192-unit apartment project in uptown Phoenix. The 4+ acre site is located at the northwest corner of Central Avenue and Osborn Road. The property, which is close to a light rail station, is owned by a company formed by AEW Capital Management. The venture filed for zoning approval to develop a four-story residential building and a three-story parking structure. ORB Architecture in Phoenix is designing the multi-family complex, which is being called Broadstone Central. Upon approval from Phoenix, construction could start second quarter 2014, with opening to follow mid-2015. Alliance Residential Builders to serve as contractor. Development cost (land and buildings) estimated to be roughly $30 million to $40 million. Continue reading
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