Governments approve ‘Psycho’ buildings redevelopment

‘Psycho’ buildingRedevelopment plans for two iconic downtown Phoenix buildings, both visible in the opening scenes of Alfred Hitchcock’s classic movie “Psycho,” advanced Wednesday.

Catherine Reagor at The Arizona Republic reports the city of Phoenix picked P.B. Bell Cos. and Davis Enterprises to redevelop the historic Barrister Place building and the land next to it into a boutique-style, mixed-use development. The property is at the southeast corner of Central Avenue and Jefferson Street.

Also Wednesday, Maricopa County agreed to work with developer CSM Lodging on tax incentives for the redevelopment of the art deco Professional Building at the southeastern corner of Central Avenue and Monroe Street.

Phoenix had offered Minneapolis-based CSM a government property lease excise tax, known as a GPLET, to redevelop the property into a hotel. But Phoenix wasn’t able to complete the deal.

The Maricopa County Board of Supervisors voted unanimously for its Stadium District to negotiate with CSM for the economic-development incentive. A GPLET allows developers to avoid paying certain property taxes through deals that title their land and buildings to a government entity with an exclusive right to lease the property back.

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