Virtu Investments buys 226 unit apartments, released from obligations for Phase 2
The Prescott Valley Town Council is relieving the new owners of the Terraces Apartments of certain obligations. In a deal finalized July 30th, the 226 unit apartment complex on Glassford Hill was sold to the California based Virtu Investments for more than $47 million. The original agreement called for construction of Phase 2 and the new purchasers had concerns over that requirement. They are now proposing to pay the Town $50,000 dollars in return for the Town signing a written release removing any responsibility for construction of Phase 2. The new purchasers will also acknowledge the water replacement cost and other charges have been paid.Town Council approved the release of certain obligations Thursday night.
Merritt Street roadwork
Watch for delays on Merritt Street in Prescott this week due to road improvement work. Street maintenance crews will be making repairs to the pavement on East Merritt near 5th Street Tuesday through Thursday from 6 am to 4 pm. Flaggers will be in place tomorrow and Wednesday. On Thursday, East Merritt will be closed to through traffic from 5th Street to Arizona Walnut Loop. A detour will be in place during this time.
Airport Master Plan on the study agenda
The Prescott City Council meets at 1 tomorrow afternoon to discuss the Airport Master Plan. According to City Manager Michael Lamar, the process to prepare an Airport Master Plan started in 2016. This process included 5 meetings with the Master Plan Advisory Committee and the Airport Manager’s Airport Working Group. The City also hosted Open Houses to gather public input. Items that were reviewed included the existing airport conditions, forecasts of aircraft operations, determination of facility requirements and creation and analysis of development alternatives. The process has been used to create the revised Airport Layout Plan and a Public Airport Disclosure Map. The City Council meeting will be held at City Hall on South Cortez Street.