Phoenix pays $500K for 20 parking spaces. Here’s how it ties into a big new downtown development.

Photo: Radcliffe Dacanay/Flckr

By Mike Sunnucks | Phoenix Business Journal

The Phoenix City Council approved a measure Wednesday to spend $500,000 to buy 20 parking spaces in downtown Phoenix.

The deal is with real estate developer Hines Interests LP, according to city documents.

“The developer has proposed to develop the undeveloped pad at Colliers Center with a high-rise, multi-family residential rental project. The pad is located at the southeast corner of the Colliers Center, near the corner of 3rd Street and Jefferson Street,” according to city documents.

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