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Phoenix City Council has approved the sale of the historic Barrister Building, known for its appearance in the Alfred Hitchcock thriller Psycho. The buyer, Crescent Bay Development Services, has plans to renovate the 1915 building to include condos, shops and restaurants, the Arizona Republic reports.
Crescent Bay is purchasing the building and adjoining land for $2.3M, but the city could reimburse the buyer up to $1.9M depending on historic preservation efforts and infrastructure improvements. Two new buildings and the existing structure, together comprising the project dubbed Jefferson Place, will hold 88 condos in total, a shrewd investment given Phoenix's increasing rents. [AR]
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