Will Generate Revenue for City, Increase Property Values
SkySong, The ASU Scottsdale Innovation Center, continues to grow — but this time, in a different way.
The City of Scottsdale has approved a modification to the project’s ground lease to allow a City-owned, contiguous 1.5-acre parcel along McDowell Road that was previously not included in the development to become part of the project.
The parcel, which is currently being used for parking, may now become part of the master plan for the site and could be developed with as much as 120,000 square feet of new construction. Potential uses include office, retail and hospitality — residential uses are prohibited.
The transaction will also generate approximately $3.6 million in lease payments in the coming years for the City of Scottsdale, with the timing dependent upon when the parcel is developed and what kind of uses are created. It will help fulfill the positive economic impact of the project on the community. SkySong has already increased property values in the area dramatically over the years, and this increased project size and flexibility should further that impact.
Read the entire article at this link.