By: Daniel Benson; Belfiore Real Estate Consulting
Metrowest Development recently closed on an approximate 17,500 square foot preliminary platted site located north of the northwest corner of McKinley Street and 3rd Avenue. The site, according to preliminary plat submittals, is planned for 10 attached townhome units and is being branded by Metrowest Development as “Townhomes on 3rd.” The three-story units will all be approximately 1,568 square feet each and will include a one-car garage. The development will also include four off-site spaces for a total of 14 provided parking spaces. The preliminary plat was approved by the City of Phoenix on December 19, 2013. According to public record (click here to view the affidavit), the deal closed February 24, 2014 for $250,600 ($25,060 per unit / $626,500 per acre).
Metrowest Development is also currently taking another nearby Downtown infill site through the entitlement process. The other site, located at the southwest corner of 1st Avenue and Roosevelt Street, is being branded by Metrowest as “Union at Roosevelt.” Union at Roosevelt, according to preliminary plat submittals, is planned for 80 condominium units. The development is planned as a five-story condo building with a mix of two-story units as well as condo flats. Units will range in square footage from 552-1,366 square feet and a total of 103 on-site and six off-site parking spaces will be provided. The preliminary plat was approved by the City of Phoenix on October 28, 2013. According to public record (click here to view the affidavit), Metrowest Development originally closed on the approximate .92 acre raw site on January 20, 2012 for $920,000 ($11,500 per unit / $1,000,000 per acre).
