Phoenix City Council was expected to vote in June on a new mixed-use 541-foot high-rise downtown at Second Avenue and Van Buren Street that would be the state’s tallest building and add 697 apartments—including co-living units—along with 229 hotel rooms, 185,000 square feet of offices and 36,000 square feet of commercial space for stores or restaurants. Scottsdale-based developer Aspirant Development is seeking a government property lease excise tax, or GPLET, which deeds the property to the city for a period of usually eight years and pauses property tax. The city retooled its rules on GPLETS in 2022 and is asking the developer for roughly $5.5 million for an affordable housing trust fund and a payment for school districts.
