(Editor’s note: News releases are published unedited, unless they contain factual errors.)
The “Washington Street Corridor” continues to experience revitalization and significant new development. This new infill development corridor uniquely combines the joint resources of the cities of Phoenix and Tempe. Major developments include The Grand at Papago Park Center, a new 56 acre mixed-use development located at the SWC of Washington and Priest which includes 2.5 million square feet of retail and office buildings with 550 new luxury apartment units. Another project is the Iron Mountain Data Center expansion on 48th Street just south of Washington. This expansion will bring the total Iron Mountain Data Center size to approximately 800,000 S.F. with additional investment of
$400,000,000. Additionally, Phoenix has approved the only new light rail station at 52nd Street and Washington at a cost of $12 million. The station will open in early 2019.
Cabana Washington LLC, Rob Lyles and Patricia Watts of Deco Communities, has purchased 6.18 acres located at the NEC of the 202 and Washington in Phoenix, Arizona, for a price of $5,056,000. The Seller in the transaction was 202 & Washington LLC, Geoff Jacobs and Richard Felker, Principals, the Empire Group of Companies. Ray Cashen of Cashen Realty Advisors was the Broker on the transaction.
Deco Communities will be developing a 220-unit surface parked multi-family complex on the site with construction to commence by years end. The 6.18 acre parcel is part of an 8.3 acre parcel purchased by Empire in January, 2017. Empire paid $4,525,000 for the property and Cashen Realty Advisors was the Broker in that transaction as well. Empire is building 976-unit mini storage development on the 2.12 acre parcel just north of the multi-family project.
The Washington Street Corridor continues to develop as a vibrant infill urban core and more exciting development is in the works. This is an area to be watched in the future as the Washington Street Corridor is the main connector between Tempe, ASU and Downtown Phoenix.
Contact Cashen at 602-393-4447
