Roosevelt, Washington, Jefferson, and Jackson: Historic Downtown Streets setting New Urban Trends

You read the title and think what amazing history took place under the influences of these politicians.  Not so fast because these historic names are simply the street names in downtown Phoenix that are becoming the latest commercial real estate hot spots.  The population downtown continues to grow and the path is currently being paved for neighborhood retailers to provide day to day amenities and local business owners that can benefit from ASU’s great strides.

Roosevelt Row Arts District is a creative district in the urban core of downtown Phoenix known for its cultural arts, infill projects, and home to many award-winning galleries with exhibitions from well-known artists, trendy restaurants and retailers galore.  Washington Street is a diversified one from a District Court to museum, to CityScape, a RED Development that makes up an office tower, residential multifamily living, urban shopping, entertainment and a hotel…Yes, a hotel.  Hotel Palomar sits right behind CityScape on Jefferson St. and is diagonally across the street from The Talking Stick Arena; home of  NBA’s Phoenix Suns, WNBA’s Phoenix Mercury and many other concert events.  Senior advisor, Justin Horwitz specializes in the downtown markets with Paul Borgesen III with SVN’s Desert Commercial Advisors, a nationally recognized commercial real estate brokerage in Phoenix.  “The Warehouse District is cementing itself a prime location for tech companies,” said Horwitz.  He continued to point out that downtown has evolved very quickly.

If that is not enough, Jefferson St. meets Jackson St. and none other than Chase Field where the national baseball team, Arizona Diamondbacks play ball.  If you are a sports fan, than you can certainly enjoy the choices of several restaurants within minutes of either stadium to dine in, drink to drop, or participate in the famous annual bar crawl in downtown Phoenix. Over the last year, the new multifamily development, The Summit opened up its luxury high-rise. Horwitz stated, “There is no doubt that Downtown is capturing a lot of attention from prospective developers.  The first wave of growth of multifamily projects is clearly evident and the demand from the retail and office users will soon follow once those projects stabilize.” If you do not have tickets to the game and live in The Summit, you can just go up to the infinity pool on the 5th floor and overlook Chase Field.  It is where convenience meets luxury.

SVN Desert Commercial advisors, Justin Horwitz and Paul Borgesen III are expert advisors in the downtown corridor real estate market. (Inset photo of their SVN downtown properties)  “ASU and the City of Phoenix have done a fantastic job creating the start of what will eventually be an exciting environment,” said Horwitz.  Business partner Paul Borgesen III added, “This area is evolving into a hip urban environment where you can work, live and be entertained all within a few miles of each other.”  It is evident that there is a major influx of retail, restaurants and bars in that area and although downtown has a large workforce already, the demographics are shifting and the demand for office space is changing.  Office users are also seeking open creative and collaborative space in interesting buildings. Horwitz stated, “Downtown is one of the few areas with the existing infrastructure and history to meet these demands.”

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