By Paul Maryniak | Ahwatukee Foothills News
A luxury home and apartment developer has bought the site for a proposed 417-apartment complex on 50th Street between Ray Road and Chandler Boulevard – two years after the project won approval from Phoenix City Council.
TB Street, a subsidiary of Toll Brothers, last month paid $15.55 million for the two nearly deserted two-building office complex and the 14-acre parcel it sits on near Thistle Landing Drive, according to commercial real estate tracker vizzda.com. The sale price equaled about $106 per square foot.
The land and the two single-story buildings totaling 146,369 square feet and built in 2001 were purchased from Everest Holdings.
Two years ago, Everest and P.B. Bell won approval for to rezone the land from office to multifamily following a 6-2 vote by the Ahwatukee Foothills Village Planning Committee and unanimous decisions by the city Planning Commission and the council.
While the zoning will remain unless Toll Brothers seeks a reclassification, it’s unclear whether the luxury homebuilder will stick with the original plan for a 417-unit apartment complex on the property.
