http://sharesleuth.com/cgi-bin/mt/mt-cp.cgi?__mode=view&blog_id=2&id=39
The building, on Central Avenue just north of Thomas is held by an ownership group thatincludesd Pederson, a shopping center developer, former statwe Democratic Party chairman and one of the party'ss leading financial contributors nationally and The site has seen numerous proposals over the years, includiny one to build the state's tallest structure. Pederson's development company, , has been approachedd by other real estate interests regardinthe property, said company President Jeff Two sources familiar with possible development plans said Pederson also could look to redeveloo the site on his own or via a partnershio with another entity.
Those who asked not to be identified, said any such movesd could displace the politicalo party and would replacethe one-storty building on the site with an office or mixed-use high-rise. Any redevelopment likely woulx happen after the2008 elections, they said. Manelid said there are no immediate plans for redevelopmenft atthe 1.5-acre parcel south of the Park Centrall Mall. "I think we are goinfg to wait," he said. "We don't have any plans." Manelizs did confirm that Pederson Group has received threde unsolicited offers forthe property.
He pointed out that light rail constructioh is deterring business along Central Avenude and any new plans for the site may wait unti lconstruction subsides. Metro light rail is scheduled to be completec inlate 2008, also after the next election. Sourcess familiar with the possible redevelopment said Democratixc leaders and activists have been told that any changed would wait until after the general elections and that any deal woulds entail findingthe state's Democratic Partyy a new headquarters. The Pederson ownership groulp has held the Democratic Party building forseveralk years.
Nick Wood, a real estate attorneyu with the Phoenix law firmof , said the Democrativc Party site, which also includes a surface parkingb lot, is appealing because of its central location and accessz to the light rail line. "Downtownb and central Phoenix are Main Street and Main right now when it comexsto development," said Wood. "It's a nice From a hotel to a three-floor office tower to a two-story grocery store, proposals for the site have run the One plan wasa 45- to 60-floor officer building. Originally planned by developerGordon Hall, the land later was sold to developer Christopher Cole, who, with his brother, proposed a 31-story office tower.
The stretcb of Central Avenue near Thomas Roadincludes high-risew office buildings, some retail and a smattering of smaller office and retail Some of the existing real estate inventory in that area is being redeveloped into office condominiums. Wood said the party headquarters site woulfbe well-suited for a mixed-use project, includingt office, retail and perhaps Pederson Group: Snell & Wilmer:
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