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Phoenix, Developer Mulling Over $32M Loft Project

PHOENIX-The Atlanta-based Wood Partners is seeking a $1.4-million abatement to build a 300-unit project on a three-acre CBD tract. The hope is to break ground in early 2005 so the "for rent" units would be ready to occupy in second quarter 2006.

By Lee Simmons | Updated on June 25, 2004

PHOENIX-The city’s ongoing campaign to infuse residential life back into downtown has enticed an Atlanta developer to initiate talks to build a $32-million, 300-loft rental project. So far, the signs are good for the project to come on line by summer 2006.

“The mayor and city council and the businesses and some of the neighborhood associations have decided that an urban core is essential to making Phoenix a player,” Bill Bollwerk, a director at Wood Partners LLC, tells GlobeSt.com. “We give them the property, we build the project and lease it back from them. And, they try to get revenue in the future to spark revitalization downtown.”

Wood Partners first needs some special tax incentives to align. Under a tentative plan, the company would purchase a three-acre site at the northeast corner of Fillmore and Third streets and turn over the title to the city for eight years in return for an abatement of all property taxes, which totals about $1.4 million. Presently, Rouse Co. of Columbia, MD, owns about two-thirds of the site and the city owns the balance. Wood Partners’ intent is to buy both parcels.

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