Chicago-based LG Group has purchased a 2-acre block in downtown Phoenix for $22 million and begun construction on a 29-story residential tower. The tower will total 1.4 million square feet with 747 units and nearly 30,000 square feet of retail space. Amenities will include an outdoor lounge, kitchen, cabanas, spa, fitness turf area, half-court basketball, water features, the largest multifamily swimming pool in Phoenix, a dog park, and rooftop greenery. The project is expected to be completed by 2024 and cost just under $300 million. The development is part of a larger trend of increasing multifamily development in the Phoenix metro area.
Menu
More Information
Frequently asked questions
A full-service lease is a lease that has one, all-inclusive rental rate which includes both the base lease rate and the operating expenses combined into one figure.
A modified gross lease is a lease where the tenant pays base rent at the lease’s inception, but it takes on a proportional share of some of the other costs associated with the property as well, such as property taxes, utilities, insurance, and maintenance.
A triple net lease is a lease agreement on a property whereby the tenant or lessee promises to pay all the expenses of the property, including real estate taxes, building insurance, and maintenance. These expenses are in addition to the cost of rent and utilities.
Helpful blog posts
480.947.0600
4414 N. Civic Center Plaza #100 Scottsdale AZ. 85251
info@levrose.com
Menu
480.947.0600
4414 N. Civic Center Plaza #100 Scottsdale AZ. 85251