Courtesy: Samuel Leal | News Source: azcentral.com
The historic Luhrs Building in downtown Phoenix will soon be home to an upscale hotel.
Phoenix developer Lincoln Property Company announced it sold the property to PEG Companies and A.G. Hill Partners for $14 million.
The L-shape brick structure, built in 1924 at the southwest corner of Central Avenue and Jefferson Street, was the first major commercial office building in Phoenix and, at 10 stories, was the tallest building in Arizona at that time. It was followed by construction of the 14-story Luhrs Tower in 1929.
The sale follows a multimillion-dollar series of renovations carried out by LPC since acquiring the property in 2015.
LPC is retaining ownership of approximately 16,000 square feet of the Luhrs City Center, which currently houses businesses such as La Madeline, Serafina Coffee Bar and Monroe’s Chicken.
“Since hospitality is not one of our primary business lines, we chose to market the building to hoteliers who could complete that circle,” LPC Executive Vice President David Krumwiede said in a statement.
PEG plans to turn floors one through nine into hotel rooms as part of its development, with the top floor remaining home to the Hagens Berman Law Firm, according to the LPC statement.
Construction is expected to begin this summer.
