Tall & Urban News

A major bus hub and light rail stop in downtown Phoenix could be getting a major makeover. The 2.6-acre (1.05-hectare) city-owned site at Central Avenue and Van Buren Street is home to Central Station. It was appraised at $12,286,000 in October 2017.

Now, a developer, Medistar, wants to build two high-rise towers on the parcel. A 30-story tower would feature apartments, a hotel and office space while an 18-story tower would offer student housing and ground floor amenities for the public.

“We’ve already received pretty strong interest on this site from another grocery that is interested in being downtown even before the first one opens, as well as a number of restaurants,” Christine Mackay, economic development director, told a council subcommittee.

Currently, only one full-service grocery store is expected to open downtown, as part of a project dubbed “Block 23” which will also include an office building, apartments and restaurants.

Under the proposal for the Central Station site Electric Red Ventures, a subsidiary of Medistar Corporation, would enter a 99-year lease with the city of Phoenix. The first year’s payment would be $614,300 and increase to $3,650, 867 by the end of the lease. Payments would total $171.5 million and go to the city’s transit fund.

Current bus and light rail routes would remain and because federal dollars built the Central Station, the Federal Transit Administration must agree to the development.

For more on this story visit KJZZ.