PHOENIX—The city's skyline will have a very different look come 2017 as Chicago-based Smith Partners LLC is expected to break ground in August on a massive development.
Phoenix Central Station will include about 475 apartments, 30,000 square feet of commercial space and a dog park. The 34-story glass tower will be Phoenix's tallest residential high-rise building. The $82 million development will sit at 300 N. Central Ave., where there is a transit station. The city owns the property.
Phoenix leaders voted 6-2 to approve the terms of a development agreement earlier this month. The deal includes an incentive package that city officials say is necessary to attract development to downtown on a large scale.
As part of the agreement, Phoenix will give Smith Partners a tax-abatement incentive, or government property lease excise tax. This agreement allows the developer to avoid paying certain taxes because the city will keep title over the building and grant the developer an exclusive right to lease the property back from the city.
Representatives from Smith Partners were not available for comment.
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