Florida-based Concord Willshire Capital LLC and TLG Investment Partners and Texas-based Hines received the final approvals needed from the city of Phoenix for a tax incentive agreement, or Government Property Lease Excise Tax treatment, last week.
This means the developers will lease the property from the city for 25 years once it's built and pay an excise tax that's lower than what the property tax would be for the apartment complexes. Right now, the site produces $500,000 in property taxes, while the new development will produce $2.5 million to $3 million annually in excise taxes through the GPLET, said Steve Betts, a consultant for the project who is also a managing director at Holualoa Cos.
"The reason that's important is that trying to redevelop an old mall like this is not for the faint of heart, it is very expensive to be able to demolish and do all of the abatement work and untangle the spaghetti of infrastructure under that existing mall and then be able to put in new infrastructure," Betts told the Business Journal.
best wishes, I won't hold my hand on my ass waiting
I worked at Babbages here in high-school, gamestop when I was an adult. I felt like I lived here.
This is going to be an amazing place for the crackheads to hangout, smoke dope, sleep, vomit, shit and panhandle
My 1st retail store was in Metrocenter 1998 on the 2nd level heading down to Sears