By Catherine Reagor | The Republic | azcentral.com
A historic downtown Phoenix building that appeared in the opening scenes of Alfred Hitchcock’s classic movie “Psycho” is being redeveloped into a Hilton Garden Inn.
Minneapolis-based CSM Corp. recently closed on a $30 million loan with the Phoenix Community Development and Investment Corp. and plans to start redeveloping the art deco tower in January.
The developer paid $7.85 million for the 12-story Professional Building, on the southeastern corner of Central Avenue and Monroe Street, in December 2013 and had been working to get a government property lease excise tax, known as a GPLET, to redevelop the property.