August 26, 2016
Phoenix-based LGE Corp. filed for Development Review Board approval to develop Chauncey Lane Marketplace, approximately 50,000 square feet of retail, restaurant and entertainment space at the corner of Scottsdale Road and Chauncey Lane in Scottsdale. The complex will be situated on 4.5 acres, part of a 12.3-acre site owned by JLB Partners LP of Irving, TX.
JLB acquired the land for $16.6 million, through auction, from the Arizona State Land Department. The developer plans to use the remaining acreage for a 301-unit multifamily community.
The $7 million land deal with LGE is expected to close by Dec. 1. Bob Kling of Lee & Associates Arizona Inc. in Phoenix is handling the transaction.
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