Downtown Phoenix parcel set for housing

A Scottsdale-based developer has bought a downtown Phoenix parcel that has stood vacant for years and hopes to build a residential-retail project designed for the growing student and employee population at the Phoenix Biomedical and Arizona State University downtown campuses. Concord Eastridge recently paid $3.1 million for the 2.89 acres of land on the southeastern corner of Third and Roosevelt streets. Amy Heisle, spokeswoman for Concord Eastridge, said the project, which will include two multilevel buildings, "is not official student housing, but it is targeted to that student and young professional group." Steven Schnoor, Concord Eastridge's senior vice president, said Concord Eastridge is focused on development that is linked to colleges and universities. The property was purchased from ML Manager LLC, successor company to the bankrupt Mortgages Ltd. For this project, Schnoor anticipates 325 to 350 units will be available, plus 5,000 square feet for retail or commercial businesses. Apartments will vary in size, he said. Details are still being worked out. "We'd also look to have any kind of commercial business but ideally one that serves our resident community," he said. The company has built housing near the University of Mary Washington in Fredericksburg, Va.

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