A project that could see the construction of a 26-story building in the historic Roosevelt Row neighborhood of Phoenix has won the approval of the Phoenix City Council.
Members of a city workforce and economic development subcommittee in late September gave their approval to granting a tax abatement to build the mixed-use project, which will belong to the Chicago-based Hubbard Street Group.
What is officially called a Government Property Lease Excise Tax transaction will allow for the 375-unit multi-family project to move forward, after Hubbard officials said they would contribute $100,000 to a city fund to build new affordable housing.
In addition, the company has agreed to set aside roughly 10% of its planned units for workforce housing in what is expected to be an $87 million project.
As planned, the project will go up on an 18,000 square foot site on the southeast corner of Sixth and Garfield streets, and will see the construction of units ranging in size from studios to one-bedroom units.
Also included: some 7,000 square feet of retail space, an amenities deck at the top of the building, and just over 200 hundred parking spaces.
According to city documents, the project will also “bring a new co-working space option into downtown near the Phoenix Biomedical Campus that will double as community space.”
By agreement with the city, the Hubbard Street Group will hand over to Phoenix the title for the property, which will in turn lease the property back to the company for a period of 8 years, with no extension of the lease.
The Hubbard Street Group specializes in mixed-use projects, primarily in the Midwest.
By Garry Boulard
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