(PRWEB) April 03, 2013
Los Angeles based real estate developer Hewson Investment Group, LLC (HIG) (http://www.hewsoninvest.com) has just received a 5-2 vote of approval from the Scottsdale City Council on a $25 million dollar residential tower located in the heart of the Old Town Entertainment District.
The approved plan is for a 90-foot high, 8-story 112-unit modern residential building; making the project the second densest building ever approved in the City of Scottsdale.
The $25 million Hewson project is the first in Scottsdale history to stipulate and receive a “sliding scale” public benefit payment that gives HIG or any future owner the flexibility to create a less-dense project and pay a commensurately smaller public benefit fee.
HIG CE0 Gary Hewson Jr. commented after the approval, “This approval represents a year of hard work for my team and I to get this project through the City of Scottsdale. I’m excited by the promise this project holds, and I believe this is the single best location in the State of Arizona. Old Town Scottsdale, and especially this block in the entertainment district, is the past and the future center for growth in the Phoenix area.”
Hewson Investment Group and CEO Gary Hewson Jr. also developed and currently co-own the $20 million, 126-room Indigo Scottsdale Hotel next door to the new residential tower. (http://www.hewsoninvest.com/#!indigo/c1anq)
Gary Hewson has been active in Scottsdale development for nearly a decade, and is constantly looking for new opportunities in the area. “Old Town real estate is the gold standard for Scottsdale developers: I would not want to own land anywhere else in the city. No matter what happens in the Scottsdale economy, Old Town will always be the heart of the area.”
Hewson is starting to market the fully-entitled site to apartment and condo developers who will have the flexibility to construct a 6, 7, or 8 story building; depending on their product type and preferred method of construction.
Hewson Investment Group is a global real estate development company specializing in hotels, condos, and resorts and is wholly owned by Gary Hewson Jr. Other current projects include a 10-acre private island development near Puerto Vallarta, Mexico and an 8-acre eco-resort on the idyllic Brazilian island of Florianopolis,
For more information on Gary Hewson or Hewson Investment group, please visit the site at http://www.hewsoninvest.com or contact Gary Hewson at ghewson(at)hewsoninvest(dot)com