"Trillium held the land in escrow while it was being rezoned," says Patrick Dempsey with Phoenix-based Lee & Associates Arizona. He and partners Jan Fincham and Kevin Kopp brokered the sale for Alice McDurmon-Roles, a local investor who had owned the northeast corner of 7th Street and Loop 101 since the mid-1980s.
"There were dozens of people competing for the land," Fincham says. "It sold for the list price."
Dempsey tells GlobeSt.com that the land was zoned for retail and multi-tenant office use when it was placed on the market. "We determined that multifamily was the highest and best use for the land," he says. Retail was out of the question because the land is sandwiched between two large retail power centers. "All the big boxes had already committed to space," Fincham says.
Trillium Development received construction financing from Cleveland-based KeyBank for the project, which will be built in phases. The first phase has an estimated completion date of early 2006.
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