Lennar pays $13M to Israeli developer for empty downtown parcel

An Israeli real estate investment firm has sold a long-empty downtown Phoenix parcel to homebuilder Lennar Corp. for $12.75 million for a planned a 368-unit apartment complex at the property on the northwest corner of Central Avenue and McDowell Road.

The land was owned by Africa-Israel USA, an arm of Tel Aviv-based Africa Israel Investments Ltd, also known as AFI Group.

AFI had in 2007 talked about building 34-story condo tower on the McDowell-Central parcel.

Information from Phoenix Business Journal

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October 22, 2014

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Lennar pays $13M to Israeli developer for empty downtown parcel

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Lennar pays $13M to Israeli developer for empty downtown parcel

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