A Scottsdale commercial real estate developer bought a 1.9-acre infill site in north Scottsdale for $6.65 million and plans to redevelop it into a mixed-use project.
A joint venture led by Jim Riggs along with Keith Mishkin and Angelo Giudice bought the property from Scottsdale-based Amiel Properties. Brokers from JLL Capital Markets, led by Brian Ackerman, represented the seller in the transaction.
“This location is one of a handful of true trophy locations in metropolitan Phoenix, and the opportunities are plentiful for redevelopment,” Ackerman said in a statement.
The site, at Scottsdale Road and Frank Lloyd Wright Boulevard, currently houses a 15,000-square-foot retail center, which Riggs plans to raze. Riggs has completed several other redevelopment projects in the area and specializes in infill mixed-use development.
“We are close to announcing our plan for a truly iconic project complimenting the adjacent Frank Lloyd Wright Spire,” Riggs said in a statement. “Expect a mixed-use plan with a large residential component.”
Source: Phoenix Business Journal