15 E. Monroe Street, Phoenix, AZ 85004
In spring of 2013, JCG Development and Iwashita Development through their acquisition entity, Grasshopper Development, LLC, bought the historic Valley Bank and Trust Building in downtown Phoenix out of bankruptcy. JCG and Iwashita along with their local partner, Modus Development, successfully finished the entitlements necessary for the conversion of the historic office property to a Hotel, set the stage for positive political support, completed the effort to secure historic tax credit equity, took the steps necessary to secure an allocation of a $30 million allocation of New Market Tax Credits, completed all environmental studies and provided detailed architectural drawings for the conversion before selling the asset to CSM Corporation of Minneapolis in December of 2013. Hotel Monroe is set to open in fall of 2015 as a Hilton Garden Inn.