Hewson Investment Group site wins 257-unit apartment approval at 5727 N. 7th Street in Phoenix
Hewson Investment Group has won approval for a 5-story, 257-unit Class A apartment community on 7th Street's "Restaurant Row" in central Phoenix. The 2.6 acre site is currently occupied by a 4-story office building which will be demolished and redeveloped by Alliance Residential who spearheaded the entitlement process.
PHOENIX, Sept. 14, 2021 /PRNewswire-PRWeb/ -- A 2.6 acre office building site owned by Hewson Investment Group has been entitled for a 5-story, 257-unit apartment project that will be built and owned by Alliance Residential. After a multi-year entitlement effort, the project will become the centerpiece of the revitalized 7th Street "Restaurant Row" and one of the largest new apartment developments in the City of Phoenix.
The 257-unit complex will replace the current 60,000 SF 4-story office building purchased by Hewson Investment Group at the end of 2016 in conjunction with a smaller site next door also owned by Hewson.
CEO Gary Hewson, who partnered with Alliance in the entitlement process, was ecstatic after the Phoenix City Council vote to approve the project. "After multiple years and constant work with the neighborhood, this approval has added yet another validation of our site selection and understanding of the best areas for growth in both Phoenix and Scottsdale. As this city grows and matures, we have been focused on purchasing sites that can be re-entitled and become a value-add; not only to my company but to the neighborhoods where they are located. Taking a Class C office building and replacing it with a Class A apartment community will uplift this entire area and help revitalize the already-amazing Restaurant Row with new customers. It's a win-win."
Hewson Investment Groups' previous projects include the 8-story entitlement of what is now Envy Residences condo tower in Old Town Scottsdale which contained 89 units with a development cost of $47 million. Prior to that, Hewson Investment Group purchased and developed the 126-room Indigo Hotel in Old Town Scottsdale with partner Everest Holdings. That project was later sold to the Aloft group.
For more information, please contact CEO Gary Hewson at [email protected]
Media Contact
Gary Hewson, [email protected], +1 (310) 505-1656, [email protected]
SOURCE Hewson Investment Group
Share this article