• Mar 17, 2017 New apartments, creative offices planned for Central Avenue
    Alan Bermudez
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    A partnership of Tilton Development Co, Ryan Cos. and Hunt Investment Co. has paid $4.5 million for just under 1.6 acres of land on the north end of downtown Phoenix.

    The trio plans to build 227 apartments and creative office space on the land along the Metro light rail.

    A Metro light rail train

    A Metro light rail train

    MIKE SUNNUCKS

    The parcel is at Central Avenue and Willetta Street just north of Burton Barr Library and south of McDowell Road.

    “This site is extremely well located for a residential development,” said Chaz Smith, senior vice president with Colliers International, one of the brokers of the deal. “The dynamic transformation of downtown and midtown has created a new focus on life in the central city. This property’s proximity to light rail and walking distance to restaurants and cultural venues creates great appeal for future residents and office tenants.”

    Smith, John Finnegan and Ramey Peru of Colliers represented the buyers. CBRE’s Dave Headstream represented the seller, Soave Management of Detroit.

    Scottsdale developer Dan Tilton’s Tilton Development Co. also built the Proxy 333 apartments in downtown Phoenix.

    There also are apartments going up by Lennar Corp. (NYSE: LEN) at McDowell and Central as well as others in the midtown area and Roosevelt Row and along Seventh Avenue.

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      Alan Bermudez

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