By Business Real Estate Weekly
Omninet Capital LLC in Beverly Hills, Calif. (Neil Kadisha, Benjamin Nazarian, Parviz Nazarian, managing partners) has filed for zoning to develop a multi-family-retail project along Central Avenue in uptown central Phoenix. Public records on file in Phoenix show Omninet Central L.P. filed a PUD (Planned Unit Development) to develop a “transit-oriented” mixed-use project with 286 multi-family units and 14,990 sq. ft. of commercial and retail space. The planned five-story, “walkable” development is targeted for a 2.31-acre (net) site at the northwest corner of Central Avenue and Pierson Street. In November 2006, BREW reported an Omninet limited partnership paying $5 million to buy the property, which is adjacent to a Light Rail Transit Station. According to a narrative on the planned project, the urban development will have ground level retail space, with studio, one- and two-bedroom residential units ranging from 540 sq. ft. to 1,354 sq. ft.
