VIZZDA--November 15th, 2013 -- The light-rail
corridor in central Phoenix may soon see new construction as the Phoenix
Planning Commission recently approved a Planned Unit Development (PUD) rezoning
case for a proposed transit-oriented, multi-family development. The unique
infill project known as Broadstone
Central will replace an under-utilized parking lot at the northwest corner
of Osborn Road and Central Avenue with a four-story luxury apartment complex
and an adjacent parking structure; totaling some 4.09 acres of the entire 9.66
acre PUD site.
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| Aerial image of PUD site (dark green) and proposed location of Broadstone Central (light green) |
The site is being developed by Alliance
Residential Company, a successful valley-based multi-family developer--whose notable projects include Level at Sixteenth,
Broadstone Camelback, and the Palladium at Scottsdale Civic Center. The
rezoning request put forth by Alliance Residential is to be heard before
Phoenix City Council for final approval on December 4th. If adopted, Broadstone Central would be the second
transit-oriented multi-family development approved by Phoenix in 2013.
Broadstone
Central is to be constructed in the southeast portion of the PUD area, while
the new three-story parking structure will be built parallel to 2nd Avenue in
order to replace the lost surface parking. The 180,000 ft² apartment building
will consist of 100 one-bedroom units, 84 two-bedroom units, 8 carriage units,
and amenities such as an appointed fitness center, a resort-style pool and
subterranean parking a half level below the building’s grade.
The site is presently owned by an entity tracing back
to Boston-based AEW Capital Management, who purchased the subject assemblage along with
the 20-story 280K+ SF “Meridian Bank” tower in May 2012 for $6.4M. AEW’s
ownership spans over 15 acres- a portion of which is ground-leased through
2062. There are also existing parking leases where the development is slated to
occur- notably Alexi’s Restaurant.
By:
Cody Wiesel
Planning and Zoning Analyst
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