Via City of Avondale
By Alicia Venter | West Valley View
The city of Avondale terminated its agreement with Diversified Partners LCC, citing a notice of default against the company for failure to meet one of the development milestones for a property at the northeast corner of Avondale Boulevard and The BLVD district.
Avondale City Council voted to approve the Termination Agreement and Mutual Release with Diversified Partners on Dec. 16. It will pay the commercial real estate company $75,000 as the “full and final settlement and satisfaction of all claims relating to the sale and development of the property,” the termination agreement reads, in exchange for the property.
Per the termination agreement, the two parties entered into a purchase and sale agreement for the property on Sept. 19, 2023. The city sold Diversified Partners the land in The BLVD, a high-profile area in Avondale, in exchange for developing a free-standing Class A type restaurant. As part of the purchase and sale agreement, the Scottsdale-based developer must comply with certain development milestones and timing requirements.
Diversified Partners has developed several projects throughout the Phoenix Metro, particularly in Glendale, such as the En Fuego, a shopping pavilion, which includes hotels, restaurants and retail stores.
