The Phoenix City Council has granted approval for The Central Park project in Midtown, featuring 1,450 residential units, retail and restaurant spaces, and office space. The development, located at Central Avenue and Indian School Road, emphasizes a central open space plaza designed to serve as a gathering point for the community. Initial plans for the site in 2019 included office towers, residential units, a hotel, and retail space. Despite facing challenges during the COVID-19 pandemic, the revised vision for the 18-acre site was positively recommended by planning authorities in December 2023. Construction timelines and development costs are yet to be determined.
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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.
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