Opportunity Zone Development/Adaptive Reuse Site in Downtown Phoenix

Highlights

Description

SVN is pleased to announce the exclusive offering of 333 N. 7th Ave. in Downtown Phoenix. The subject site consists of 2.39 AC along with multiple structures totaling ±45,250 SF of office/warehouse space previously occupied by Milum Textile Services. Located just north of the northeast corner of 7th Ave. and Van Buren St., the property offers a prime development or adaptive reuse opportunity. The property is situated within the Downtown Phoenix Opportunity Zone and its location within the Downtown Code allows for upwards of 600’ of height and a maximum density of 218 dwelling units per acre. The flexible zoning allows for a wide range of uses including multifamily, retail, office, and hospitality. The site can be partitioned and sold separately as best to accommodate a buyer's needs. Furthermore, the existing structures can be made available for sale or lease. Retail amenities in the immediate area include The Van Buren, Crescent Ballroom, State 48 Brewery, and countless other award-winning restaurants. In close proximity is Downtown Phoenix’s central business district, the Phoenix Convention Center, and the sports venues of the Phoenix Suns and Arizona Diamondbacks.

The subject property is located at the NEC of 7th Ave. and VanBuren St. in the heart of Downtown Phoenix. The site is within an Opportunity Zone creating a tremendous opportunity for funds to take advantage of significant capital gains tax incentives. Situated less than a block from Roosevelt Row, multiple Light Rail Stations, and endless other amenities, the property is ideal for an upscale urban development. Its accessibility to Light Rail and the I-10 Freeway seamlessly connects the property with the outlying areas of the Phoenix metro including easy access to Sky Harbor International Airport, Tempe, Midtown, and other surrounding suburbs.

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