- Chicago-based JRG Capital Partners has purchased the long-abandoned Milum Textile Services building in downtown Phoenix for $8.5 million.
- The property, spanning 1.76 acres, was previously tied up in years of debate over historic preservation.
- The City Council overturned the historic overlay, meaning the new owners can now legally demolish the site.
- Originally built in the early 1900s and rebuilt in 1935, the facility served textile cleaning needs until closing in 2020.
- Many prior buyers passed due to cost-prohibitive renovations needed to bring the building up to code.
- Community leaders hope redevelopment could include a grocery store, entertainment uses, or new housing as downtown Phoenix continues to grow.
- Developers may qualify for tax abatements if they include mixed-use or workforce housing.
