A
rte Moreno, owner of the Los Angeles Angels, has purchased a 12-acre office campus in Phoenix for $60 million to prevent a parking garage from being redeveloped into luxury apartments behind his mansion. The 200,000-square-foot Camelback Lakes complex was sold by Florida-based Mainstreet Capital Partners at a cost of $300 per square foot. Moreno had previously opposed the redevelopment project with zoning attorneys, citing concerns about the impact on his property.

    The city had rezoned an acre for the garage to accommodate 60 high-end apartments, but Moreno's purchase has effectively blocked the project. The developer had initially planned to build 75 units, but agreed to trim it down due to opposition from Moreno and his neighbors. This move is seen as a classic "Not in My Backyard" (NIMBY) tactic.

    Moreno's net worth is estimated at $4.8 billion, making him one of the richest individuals in Arizona. He made his fortune on roadway billboards and purchased the Angels in 2003 for $184 million. Moreno is currently embroiled in a legal battle over backing out of buying a New York penthouse for $34 million.

    The purchase also comes after a public corruption scandal involving the former mayor of Anaheim, who pleaded guilty to pay-to-play corruption tied to a stadium deal with Moreno's firm, SRB Management. The deal had planned to develop the site around Angel Stadium into offices, shops, hotels, and over 5,000 homes.