Full-Block Development To Combine ASU, Residential, Office Uses

The Phoenix Business Journal reports that a $275 million project with a six-story building for ASU classrooms and offices, a 31-story residential condo tower, and a 12-floor office building is planned on one block in downtown Phoenix, between Central Ave. and Van Buren, Polk and First Street.

The players in this major development are Houston-based Hines, A&L Investments, ASU and the city of Phoenix. Construction is projected to start in late 2006, with completion 24 to 30 months later.

The property, currently used as a parking lot, is owned by A&L Investments. Mayor Phil Gordon said the combination of the project's residential condos, the office building and its ASU classrooms next to light rail will create " a true neighborhood in downtown." The 1.4 million-square foot development will be called Central Park East. More...