By Angela Gonzales | Phoenix Business Journal
The Goldwater Institute sued the city of Phoenix this week, challenging the use of tax dollars to benefit the developer of a 26-story residential tower being built in downtown Phoenix.
Hubbard Street Group and Cresset Real Estate Partners — both based in Chicago — are making their Phoenix debut with the development of this $87 million project at the southeast corner of Sixth and Garfield streets expected to open in summer 2023. Cresset declined comment and Hubbard Street executives could not be reached.
Because of Arizona’s unique and strong constitutionally based gift clause, Arizona cities have limited tools to incentive good projects to build, said Jordan Rose, founder of Rose Law Group in Scottsdale and a long-time zoning attorney.
“Losing the ability to offer a GPLET would be highly detrimental to economic development,” she said.