Texas Investor Buys Downtown Land, Plans High-rise Tower

Article originally posted on Phoenix Business Journal on July 12, 2019

Image result for texas investor buys downtown land bizjournal

Rastegar Property Co., an Austin-based real estate investment firm, bought a 0.61-acre parcel at Fourth Avenue and Van Buren Street with plans to build a high-rise that has potential to be the state’s tallest building.

“We had been looking in the market for a long time,” said Ari Rastegar, CEO of Rastegar. “We have been bullish on Phoenix.”

The firm spent $2.31 million on the parcel, according to real estate database Vizzda. Potential asset types for the property are still up in the air, Rastegar said, but it will be a mixed-use building.

READ MORE: https://www.bizjournals.com/phoenix/news/2019/07/12/texas-investor-buys-downtown-land-plans-high-rise.html