A massive high-rise project near downtown Phoenix’s Roosevelt Row will move forward with a tax break worth an estimated $9 million.
By a 7-2 vote, the cty council on Wednesday approved an agreement with Clark Street Holdings LLC, to build three residential towers of 29 stories, 25 stories and 19 stories at Third and Pierce streets. Developer CA Residential plans to add 612 rental units and retail and commercial space to the area.
The developer would transfer the land to Phoenix and lease it back for up to 20 years to save money on property taxes. The controversial statewide incentive is known as a government property lease excise tax.
Councilmen Jim Waring and Sal DiCiccio voted against the proposal. No council member mentioned a recent lawsuit against Phoenix regarding use of the incentive that has stalled another high-rise project downtown.