Suns, Diamondbacks acquire downtown Phoenix garage
[Source: Jan Buchholz, Phoenix Business Journal] — The Phoenix Suns and Arizona Diamondbacks ball clubs jointly have acquired the Jefferson Street Parking Garage from the city of Phoenix. A legal entity representing both major league teams is now operating the 1,456-space parking garage at 333 E. Jefferson St. The Phoenix Business Journal reported in April 2008 that the city council had approved a $20 million lease-purchase agreement with the teams after a year of negotiations.
It took another 15 months to close the deal, but according to the city’s interim Finance Director Jeff DeWitt, the added hold time benefited the city. “We wanted to hold it as long as possible to receive revenue,” DeWitt said.
The change of ownership officially took place July 31. DeWitt confirmed that the ball clubs paid $20 million for the garage. The city will need the $20 million to reimburse RED Development Co. for renovating and adding public parking at the site of the CityScape development at Jefferson Street and Central Avenue. But there are conditions to that payment, according to DeWitt.
RED must meet the terms of its agreement with the city, including receiving a certificate of occupancy from the city certifying that its underground parking area is fully completed. DeWitt said officials at RED have projected a completion in early 2010. In the meantime, the city will earn interest on the $20 million, he said. [Note: Read the full article at Suns, Diamondbacks acquire downtown Phoenix garage.]
Posted on August 4, 2009, in Downtown Vitality, Finances, Governance and tagged Arizona Diamondbacks, City of Phoenix, CityScape, Jeff DeWitt, Phoenix Suns, Red Development. Bookmark the permalink. Leave a comment.