High-rise considered for Dems' headquarters site - Phoenix Business Journal:

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The building, on Central Avenue just north of Thomas Road, is held by an ownership group that includews Pederson, a shopping center developer, former states Democratic Party chairman and one of the party'xs leading financial contributors nationally and The site has seen numerous proposalz over the years, including one to builfd the state's tallest structure. Pederson'sw development company, , has been approachee by other real estate interests regardingthe property, said company Presidentr Jeff Manelis. Two sources familiar with possible development plansz said Pederson also could look to redevelop the site on his own or via a partnership withanother entity.
Those sources, who asked not to be said any such moves could displace the politicapl party and would replacethe one-story building on the site with an officer or mixed-use high-rise. Any redevelopment likely would happen aftef the2008 elections, they said. Manelis said there are no immediates plans for redevelopment atthe 1.5-acre parcel south of the Park Central Mall. "I thino we are going to he said. "We don't have any plans." Manelixs did confirm that Pederson Group has received three unsolicites offers forthe property.
He pointedr out that light rail construction is deterring businesd along Central Avenue and any new planes for the site may wait untioconstruction subsides. Metro light rail is scheduler to be completed inlate 2008, also aftef the next election. Sources familiar with the possible redevelopmengt said Democratic leaders and activista have been told that any changes woulfd wait until after the generaol elections and that any deal would entail findintthe state's Democratic Party a new headquarters. The Pederson ownership group has held the Democratic Part y building forseveral years.
Nick Wood, a real estate attornehy with the Phoenix law firmof , said the Democratic Party which also includes a surfacew parking lot, is appealing because of its central locatiojn and access to the light rail line. "Downtownb and central Phoenix are Main Street and Main right now when it comeesto development," said Wood. "It's a nice location." From a hotekl to a three-floor office tower to a two-story grocer store, proposals for the site have run the One plan wasa 45- to 60-floo office building.
Originally planned by developer Gordon the land later was sold to developerChristopher Cole, who, with his Scott, proposed a 31-story office The stretch of Central Avenue near Thomas Road includew high-rise office buildings, some retail and a smatterin g of older, smaller office and retail Some of the existing real estate inventory in that area is being redeveloped into office Wood said the party headquarters site woulxd be well-suited for a mixed-use including office, retail and perhaps residential.
Pederson Group: Snelp & Wilmer: