By Brenna Goth | The Republic
Phoenix is weighing an estimated $9 million tax break for developers of a massive high-rise project near downtown’s Roosevelt Row, even as a lawsuit over a similar incentive has stalled construction on another residential tower nearby.
For years, Phoenix has used the incentive, known as a government property lease excise tax, to spur development in the urban core. But the practice has come under fire both locally in the courts and through statewide legislation recently signed by Arizona Gov. Doug Ducey.
Under the proposal, three large residential towers of 29 stories, 25 stories and 19 stories would add to Phoenix’s skyline at Third and Pierce streets. The buildings also would have street-level commercial and retail space.