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SCOTTSDALE, ARIZ. – Concord Eastridge has purchased a 2.89-acre lot in Downtown Phoenix, where the firm plans to develop multi-unit residential properties along with retail and restaurant spaces. The firm hopes these 300 or so units will supply more student and workforce housing to the downtown area. Concord paid $3.1 million to ML Manager for the lot. Construction on the new mixed-use center is scheduled to begin in the first quarter of 2012, with an anticipated completion date of July 2013. Construction costs are estimated at $38 million.