September 27, 2016
Transwestern, headquartered in Houston, has unveiled plans for its City Center on the Park, a mixed-use, two-phase project in Phoenix, AZ that will go north at an estimated $100 million cost. The “park” in question is a portion of downtown Phoenix’s Margaret Hance Park, which is situated atop Interstate 10’s deck park tunnel.
Sources suggest Transwestern will acquire land for the project through two acquisitions, totaling $16 million. Transwestern is under contract with land owner Cable One Inc. to buy five acres on Willetta Street, between 2nd and 3rd Streets. If the transaction closes in November, construction could start by year-end.
The first planned phase will be a 319-unit apartment building, while the second phase calls for a 138,000-square-foot office building. The development would also include a pedestrian bridge.
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