PHOENIX—PCCP, LLC announces it has provided a senior loan to Alberta Development Partners to acquire and entitle a 1.86-acre mixed-use development land site in Tempe. The site is located on the northwest corner of University Drive and Ash Avenue within the Mill Avenue District of Downtown Tempe.
Alberta Development Partners has plans to entitle the site for 40,000-square-feet of ground floor retail and 187 high-rise apartments units. With a shortage of grocery retailers in downtown Tempe, Alberta is seeking a grocery tenant for the retail portion of the space. Currently, the nearest grocer is a Safeway two miles away.
"Both Alberta and PCCP look forward to further contributing to the vibrant Mill Avenue District and delivering the proposed mixed-use project to the market," said Philip Russick, principal with PCCP. "There is a pent up demand in the area for the product they are seeking to entitle and we feel this will be an ideal fit for the area."
The $5.7 million senior loan will help develop the well-located parcel which is within walking distance to all of the Mill Avenue District amenities including 75 restaurants, shops, nightlife spots, bar and grill establishments, and Arizona State University.
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