FLAGSTAFF, AZ-With plans to develop a mixed-use project, a Phoenix developer has acquired 39 acres at the southeast corner of Butler Avenue and Lonetree Road for $4.5 million in cash. The as-yet unnamed project will consist of 300 residential condos and 80,000 sf of retail space.
Aspen Enterprises LLC purchased the land from Chicago-based Smurfit-Stone Container Corp. The Fortune 500 company obtained the acreage through several company acquisitions. The land previously housed a lumber mill, but it's been vacant for several years, according to David Fogler, a senior vice president with Grubb & Ellis/BRE Commercial LLC. He and Steve Nicoluzakis brokered the land sale.
Fogler tells GlobeSt.com that the acreage was very desirable because of its infill location in central Flagstaff. "Land like this is just so hard to come by," he says.
Fogler says the city's leaders wanted to see a mixed-use project developed on the land. So, Fogler and Nicoluzakis approached Aspen Enterprises about buying the land because it had done similar mixed-use projects in other markets. "We knew they would be interested in this type of project," Fogler says.
During escrow, Aspen Enterprises worked with city officials to create a land plan and get entitlements approved. Fogler says the land requires some environmental remediation due to its former use.
According to Fogler, Aspen Enterprises' plan is still preliminary, but it presently calls for several two-story condo buildings and a neighborhood shopping center along with retail pad sites. The developer, who has yet to lock in the project cost, has not set a groundbreaking date or selected the architect and general contractor.
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