By Dustin Gardiner | The Republic
Almost two years after Phoenix canceled a downtown land sale over conflict-of-interest concerns involving Councilman Michael Nowakowski, the city finally has agreed to sell the property to a developer.
The City Council voted 5-1 on Thursday to approve the terms of the sale. Trammell Crow Co., a large commercial real-estate firm that was part of the canceled first sale, is the master developer of a team selected to buy and redevelop the coveted 7.6-acre property.
The company will pay $10 million for the land, on Fillmore Street between Fourth and Sixth avenues, but receive up to $3.1 million back from the city in reimbursements for building “public-infrastructure improvements.”
