Redevelopment projects are a great way to improve and enhance an area. While there is many benefits for these, these projects need to be approved, especially if rezoning is required.
A struggling section of Central Avenue in Phoenix will be gaining some traction in coming months if development projects proceed as planned. A developer from Beverly Hills and an architect from Las Vegas are anticipating commercial development projects in currently underused spaces in the Arizona city.
The Omninet Group, based in Beverly Hills, Los Angeles, is seeking to redevelop existing structures into apartment buildings on both the east and west sides of Central and Pierson Street, just south of Camelback Road. The proposed locations are currently home to an empty strip center, an empty office building and a vacant backlot. The properties are conveniently located south of the Central and Camelback Metro light rail station.
The project is considered an infill development project, which means that it is the development of property that is either vacant or underused in an urban area that is already mostly developed. Encompass Studios out of Las Vegas is leading the redevelopment project’s architecture and design work.
Under the project known as Omninet East, if approved there will be 181 apartments, as well as almost 5,000 square feet of retail space. In the Omninet West project, the developer wishes to have space for 283 apartments and 15,000 square feet of commercial space. Currently, zoning and city council hearings are on the horizon, which is an essential part of the process to determine if these projects will move forward as planned.
Omninet has experience owning and developing other commercial property in the region, including in downtown Phoenix. Phoenix residents will likely be interested to see how this redevelopment project proceeds and what effect it may have on the area’s current landscape.
Those working on a commercial development project or are working to seek approval on a project might want to consider their options in the situation. This could help individuals take proper steps, and obtaining legal guidance could ensure informed and timely decisions are made.
Source: Phoenix Business Journal, “New infill development straddles both sides of Central Avenue in Phoenix“, Mike Sunnucks, Oct. 14, 2015