Concord Eastridge Purchases Vacant Lots Along Roosevelt Street for High-End Apartments
The future home of Roosevelt Gateway.
Several lots in the downtown Phoenix arts district may not be vacant for much longer.
The properties, located south of Roosevelt Street across from Bliss and ReBar, were purchased for approximately $3.1 million earlier this month.
According to a spokesperson from Concord Eastridge, which is based in Virginia but also has offices in Scottsdale, the developer is planning on constructing two mid-rise buildings which will feature 270 apartments, a four-level parking garage, and a few ground-level mixed-use spaces.
The first building, located along Roosevelt Street, will have seven stories, a courtyard garden, and a rooftop pool. The second building on Fourth Street will be six stories.
Currently, plans for Roosevelt Gateway don't feature any space for retail establishments or restaurants; Concord Eastridge obtained zoning variances from the city of Phoenix for the buildings to be residential only.
The project isn't set in stone, however: The land deal is expected to close on April 22 and Concord Eastridge still has to obtain final approval from the Phoenix City Council.
Construction is expected to take place over the next two years with the grand opening of the buildings scheduled for 2013.
It will be the first time in more than a decade that the properties have been occupied by a permanent structure. Back in the day, the lot along Third Street was the home of the renowned Planet Earth Theatre, which was demolished in 2001.
Over the past 10 years, the lots have also served as temporary gallery space for a number of threadbare artists looking to sell and show off their works during First and Third Friday.
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