Friday, October 3, 2014

Lennar Multifamily Buys Crux 5.46 Acres of Land at Central & McDowell

By: Sarah Gortarez | Vizzda

Lennar Multifamily has purchased 5.46 acres of vacant land (zoned Downtown Core) at the northwest corner of Central and McDowell avenues. The land parcel was sold for $12.75 million ($53.55 per square foot). There was no debt with the sale. An active entitlement case with the City of Phoenix calls for a 368 unit 4-story multifamily project. Preliminary site plans have been approved as of October 16th. Lennar is awaiting final site plan approval from the City of Phoenix.

Central & McDowell vicinity map

BSR Projects, headquartered in Ramat Gan, Israel and a division of The BSR Group, previously acquired this land in October of 2006 for a price of $25,600,900 ($107.52 per square foot). BSR had planned to build approximately 1,200 luxury apartments and 50,000 square feet of office/retail in three high-rise towers of up to 375 ft. This project was to be built in four stages, with income from each completed stage of the development helping to fund the next stage of development. Nothing materialized from these previous plans.

The BSR Group accepted a joint venture for this project, transferring ownership of the property to the entity “A-I BSR”. BSR claims 50% of the ownership interest of this entity, sharing the other half with New York-based Africa Israel Investments Limited. The related sale to this entity was disclosed at $29.07 million ($122.10 per square foot). 

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