Tuesday, July 24, 2007

Investor wants to turn Phoenix Warehouse into urban market

[Source: Andrew Johnson, Arizona Republic] -- A historic warehouse south of the US Airways Center would be turned into boutique shops, restaurants and a farmers market if a local real estate investor's plans come to fruition. Dayton Investments LLC, an Illinois-based company that was started by Valley resident Steve Rosenstein in 1995, has purchased the 14,000-square-foot building at 525 S. Central Ave. for $2.6 million. The sale closed Friday. Although his plans are preliminary, Rosenstein said he wants to convert the space into an "urban lifestyle market" that combines high-end restaurants and retail space. The project's centerpiece would be a farmers market that would be open daily. The Scottsdale resident said he was attracted to the property because of its history and its proximity to other developments being proposed for downtown Phoenix. "I started looking around a few years ago, (and) I just didn't see anything happening around there," he said. "All of the sudden it looks like a renaissance city." [Note: To read the full article, click here.]