Just weeks after a downtown Phoenix building finally sold after years of fighting over its historic preservation status, crews are already at the site and ready to start demolition, paving the way for a possible mixed-use redevelopment.
Chicago-based investor JRG Capital Partners bought the property, which sits on 1.76 acres and includes multiple buildings, for $8.5 million on Sept. 17 from longtime owner Craig Milum.
The city issued demolition permits for the property on Oct. 14 and JRG has started the demo and cleanup process. It has already removed asbestos out of the building and removed several barrels of used oil above ground, according to Cheri Grossman, JRG’s chief investment officer. It also plans to remove as many as nine underground storage tanks.
The former property owner applied for demolition permits that were approved this month; they expire before the end of the year, prompting the swift work on the site, Grossman said.
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