[Source: Business Real Estate Weekly of Arizona] — A venture formed by Mentor Properties Inc. in Toronto, Ontario, Canada (Cal DeSouza, Frank DeSouza, principals) and Pointe of View Developments in Calgary, Alberta, Canada (Randy Klapstein, principal) plans to develop a 129-room Aloft hotel in downtown Phoenix. The one-half-acre site, located at the southeast corner of Central Avenue and Adams Street, is owned by the City of Phoenix. The venture has entered into an agreement with Phoenix to lease the property for 20 years. Cal DeSouza says the company will use the land to build an Aloft select service hotel from Starwood Hotels & Resorts Worldwide Inc.
The boutique hotel will be constructed on top of roughly 5,000 sq. ft. of ground floor retail. Construction set to start in October, with opening slated for December 2009. Pointe of View Construction to serve as construction manager. Development cost estimated at $20 million. Construction financing now being arranged. The five-story project is being designed by Whitneybell Perry Architecture in Phoenix. [Note: For background on Mentor Properties previously announced downtown Phoenix real estate venture, Copper Pointe condominium, click here and here.]
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