Colliers International Retained to Market Premier Redevelopment Site in Downtown Phoenix

Colliers International in Greater Phoenix has been retained to market a core Downtown Phoenix site for sale.  “First McKinley”, is comprised of parcels located at 800 N. 1st Ave., 801 N. 2nd Ave., and 814 N. 1st Ave. The property is slated for development of an exciting urban mixed-use project that capitalizes on the rapid renaissance of Downtown Phoenix.  This premier site is strategically located and offers key elements that developers of urban core real estate projects seek.

 

“The rebirth of Downtown Phoenix has brought thousands of employees and university students to the area,” says Larry Ortega, executive vice president of Colliers International in Greater Phoenix.  “The resurgence of Downtown as a ‘live-work-play’ destination has created a dynamic enthusiasm for new projects that meet the desires of a pedestrian-focused, urban community.  This property is ideal for that type of redevelopment with the premier downtown location on the Light Rail, just south of Roosevelt Row.”

 

First McKinley offers a 1.68-acre site at the northwest corner of First Avenue and McKinley Street. The parcel stands out in Downtown Phoenix as particularly appealing because it has multiple street frontages and is sizable for the area.  The corner experiences significant traffic as a gateway into the core of Downtown.  The property is generously zoned and can be redeveloped into uses ranging from residential and retail to hotel and office.  Architectural drawings imagine a vertical mixed-use concept that can bring convenience and flexibility to the heart of the city.

 

Downtown Phoenix experienced a significant transformation when Arizona State University expanded its programs to the area. Approximately 11,500 students are enrolled in Downtown courses, adding to the area’s daytime population to nearly 64,000 people. Completion of the Light Rail system has connected Downtown to Northwest Phoenix and Tempe, which has attracted business to Downtown. Sporting events, live music venues, and a resurgence of art and local chef restaurant concepts attract residential tourists to participate in the area’s entertainment venues.

 

Phoenix is slated to become the nation’s fourth largest city by 2020.  According to Mayor Greg Stanton, “We understand how important it is to have a strong center city. The fact that we’re urbanizing, we’re developing this awesome center city, is one of the reasons that I have so much optimism about our future.”

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