Is Grand Canal redevelopment building steam?

Credit: Grand Canalscape / AZBEX

 

By Roland Murphy for Arizona Builder’s Exchange

Recent commercial real estate movements in the area of 12th Street and The Grand Canal have tongues wagging and rumors flying about the future of development near the Grand Canalscape redevelopment zone.

NAI Horizon announced earlier this week it negotiated the $7M sale of “the largest multifamily-zoned land holding in Central Phoenix.” According to the announcement, “NAI Horizon Vice President Kim Kristoff represented Sidney M. Rosen as trustee on behalf of a lifetime grouping of partners and trust beneficiaries. The combined R-5/R-4 zoning allows up to 311 apartment units based upon the results of a previous site plan submittal.”

Sources confirmed to AZBEX the purchase consisted of multiple parcels spanning seven acres from the NEC of 12th Street and East Devonshire Avenue nearly to the canal. Those same sources confirm at least two other assemblages are under consideration/in negotiations in the immediate vicinity.

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