With billboard issues resolved, developer plans central

An artist’s rendering shows the planned high-rise on Central Avenue and Thomas Road. / Provided by Pederson Group / Phoenix Business Journal

By Corina Vanek | Phoenix Business Journal

Since the 1970s, billboard easements on the northwest corner of Central Avenue and Thomas Road have limited development possibilities on the otherwise vacant land.

But after reaching an agreement with Clear Channel Outdoor Holdings Inc., Phoenix-based developer Pederson Group Inc. is planning a mixed-use high-rise on the site.

“Midtown had been a stepchild to downtown Phoenix and 24th Street and Camelback,” said Jim Pederson, founder of Pederson Group. “But this is a very important intersection, and with what has gone on with the Park Central shopping center and the [Creighton] medical school, midtown is attracting attention.”

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