By Mike Sunnucks | Rose Law Group Reporter
A development deal for a 19-story office tower in Roosevelt Row has moved forward while a GPLET (Government Property Lease Excise Tax) deal for a new 140-room hotel in downtown Phoenix has been put on hold until later this month.
The Phoenix City Council approved an amended development deal with True North Holdings for its plans at Roosevelt and Second streets in Phoenix.
True North wants to build 354,000 square feet of office space, 77,000 square feet of retail space and 1,100 parking spaces on parcels at Roosevelt and Second streets on the north end of downtown Phoenix.
The City Council approved adjustments to the existing development agreement with True North related to a third phase of the development which is a planned 19-story office tower. True North has requested two 6-month extensions be part of the deal to help it comes to fruition.
A separate deal between the city for a planned hotel development near Jackson and Second street has been moved to the Jan. 29 meeting. The Council was originally slated to consider the GPLET deal yesterday. The property is located in the Warehouse District on the south end of downtown Phoenix.
Anish Hotel Group / NIXDT LLC wants to build the 6-story hotel on the Fuller Paint Warehouse Property. Plans call for the historic warehouse to be renovated as part of the $21 million hotel development.
