Phoenix has expanded its Central Business District boundaries, approved on June 26. The new boundaries stretch from McDowell Road to Broadway Road, and from 23rd Avenue to 20th Street, potentially growing the district from 2 to 12 square miles. This move aims to spur development with incentives like the Government Property Lease Excise Tax program, offering eight-year property tax abatements. Downtown Phoenix is already transforming with new multifamily units and expanded educational campuses, adapting to changes in foot traffic due to the rise of hybrid work.
Source: https://www.bizjournals.com/phoenix/news/2024/06/28/phoenix-expands-central-business-district.html
