Lincoln Ventures bought a 0.63 acre lot in Downtown Phoenix for $ 5,380,000, according to commercial real estate tracking website Vizzda. The sellers were Wayne Rainey and Jason Merck. The land is on the southeast corner of Third Street and Garfield Street in Phoenix. ALSO READ: Here are the 10 largest land contracts in May The land purchased by Lincoln Ventures is to be used to build the Moontower PHX, a proposed 24-story, 460,036-square-foot apartment building. Office and retail space will be built on the first floor, a parking garage on floors 2 to 8 and apartments on floors 9 to 24. There will be a total of 326 units. The project will offer market-leading amenities, including a coffee-to-cocktails concept on the ground floor, co-working and conference rooms with a business lounge, secure bicycle parking and a dog park. The rooftop pool deck has incredible views of downtown Phoenix, plus a water lounge, grills, and spa. The building will also have a state-of-the-art gym with yoga and meditation room, spin studio and saunas. “We are a firm believer in the Roosevelt Row Arts District and are excited to bring a quality living environment to this exciting area,” said Brendan Morrow, chief development officer of Lincoln Ventures. “We are committed to working with local artists on artwork and murals for the building to further embed our building into the structure of the district.” 811 N. 3rd St. is Lincoln Ventures’ first development in Phoenix, Arizona. Austin-based Lincoln Ventures is rapidly expanding its presence outside of its home state and recently announced an apartment building project in Atlanta, Georgia. The company is best known for its successful multi-family projects in Austin, Texas, including The Ruckus, Ruckus 2.0, Moontower and Waterloo. 811 N. 3rd Street is a partnership between Lincoln Ventures and Cross Harbor Capital Partners. JE Dunn is the general contractor and Arvest Bank will assume the debt for the project. “We are excited to take this opportunity to partner with Lincoln Ventures and JE Dunn to further expand our portfolio in the Phoenix market,” said Brian Davis, vice president, Cross Harbor Capital Partners. Shepley Bullfinch is acting as the architect for the project and the Austin, Texas-based Michael Hsu Office of Architecture is providing interior design services.
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