Phoenix Sells Capitol Mall Building
By Raven Payne, ASU Walter Cronkite School of Journalism and Mass Communication
In a subcommittee meeting, Phoenix government council members approved the sale of the Capitol Mall Association located at 747 W. Van Buren St.
Capitol Mall Association is a non-profit community organization providing quality single-family homes in neighborhoods near downtown Phoenix, as well as throughout the City.
The Capitol Mall Association is dedicated to providing affordable single-family housing and assist the community in re-establishing area homeownership.
CMA is committed to reducing blighted, deteriorated slum properties that serve as a haven for crime, and affect overall community safety. Additionally, CMA works to ensure quality multifamily living within the content of our sustainable neighborhood strategy. Since CMA is interested in a diverse neighborhood CMA also encourages live/work and art space/small business development within the neighborhood.
CMA sells homes to market rate and low to moderate-income home-buyers. Loan payments may vary depending on required minimum down payments, at a minimum 3.5% is required. CMA has assisted over 40 families and individuals with homeownership.
The City of Phoenix and those involved in the sale have since declined to give statements. All we know at this time is that a restrictive covenant was approved on behalf of the city meaning that the use of the land is restricted for preservation reasons.