New owners Trillium and JMS Capital LLC are in the planningphases for the land, with ground breaking on North Tatum Boulevardand East Greenway Road site anticipated for summer 2008. The retailportion is scheduled for a 2009 completion while the residentialcomponent is slated to come on line in 2010. In the next sixmonths, the joint venture will have more specifics on the project,including a name, amount of retail space and number of units.

The Florence/Stewart Trust of Phoenix required the deal to beclosed within 30 days and no due diligence. James Shough, principalwith JMS Capital LLC, says he had no trouble with the strictrequirements--partly because of a longstanding relationship withthe seller and partly because the undeveloped land attracted manyoffers.

"This land is an infill area. To find close to 20 acres in themiddle of such a highly developed area is hard," says Shough, whois part of the investment group that owns the 315,000-sf Town andCountry Shopping Center at 2021 E. Camelback Rd. "You just don'tfind infill, non-developed land in the middle of the city."