PHOENIX — The city of Phoenix recently purchased a nearly $30 million piece of land as part of the Rio Salado revitalization project.
The 29.4-acre plot is located at 3030 S. Seventh Street, which is less than two miles from the Sky Harbor International Airport.
Details on city of Phoenix’s Rio Salado project
The purchase coincides with the RIO PHX plan to build up 20 miles along the Rio Salado/Salt River corridor for housing, jobs, recreation and restorative habitats.
The RIO PHX plan is one phase of a larger Rio Reimagined effort to restore the Salt and Gila river areas.
Currently, a 42,500-square-foot industrial building is sitting on the land, which is leased out until 2028.
It’s a prime location for industrial uses such as the state’s growing semiconductor, manufacturing and energy sectors.
In 2012, the infill land parcel was bought by ATLAS as an investment.
“This transaction is a great example of our strategy at work – identifying assets with intrinsic, long-term value and aligning them with the right partners for greatest impact,” ATLAS COO Dan Gauthier said in an announcement Tuesday. “We’re proud to have played a role in advancing the city of Phoenix’s vision for the Rio Reimagined corridor and look forward to seeing this site become a catalyst for growth and revitalization.”
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