After a long year, the Phoenix City Council has made a decision about the fate of a Downtown Phoenix parking garage, the controversial Jefferson Street parking garage. Both the Phoenix Suns/Arizona Diamondbacks and the Jackson Street Entertainment District groups want it but the City Council has decided that the sports group will purchase it for $20 million dollars. However, the city council has stipulated that they must negotiate with the principals of Jackson Street Entertainment District about wrapping the south side of the garage with shops and multifamily housing.

The final agreement also asks the principals of the Sun/Diamondbacks to develop the historic Sun Mercantile Building and a hotel in the area so that it is consistent with the Jackson Street developers’ plans. Last year, they had to scuttle plans to build a $200 million W Hotel on land between US Airways Center and the garage.

The proceeds of the $20 million sale will go to CityScape to help fund the $900 million complex of offices, hotels, shops and restaurants.

This entry was posted on Saturday, April 12th, 2008 at 4:36 am and is filed under Downtown Phoenix. You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback from your own site.