Wilson, Phelps Get Green Light for Mixed-Use Project
- May 12, 2015
A joint venture of Douglas Wilson Cos. and Phelps Development L.L.C. has received the final approval from the City of Tempe to develop One Hundred Mill, a $190 million mixed-use project at the corner of Rio Salado Parkway and Mill Avenue.
According to the Phoenix Business Journal, plans call for a pair of 15-story towers on the former site of Monti’s La Casa Vieja. One tower will be a four-star, 240-key hotel, while the other will be a 260,000-square-foot Class A office building with integrated parking. The developers said that they will be preserving the historic Hayden House, but details of the preservation are pending.
Business Real Estate Weekly of Arizona reported last September that the two companies acquired the 2.5-acre site from Michael Monti’s Restaurant and Catering Inc. in a deal that was rumored to surpass the $17 million mark.
Work on the project is expected to begin later this year, with completion targeted for 2017.
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