Historic Phoenix building previously owned by county slated for mixed-use project


A historic building in the heart of downtown Phoenix will be converted into new retail space as part of a larger mixed-use development.Denver real estate services firm Aardex Corp. plans to renovate the single-story structure — known as the Pratt-Gilbert Building — and turn it into nearly 30,000 square feet of new retail and restaurant space at the southwest corner of Madison Street and Central Avenue.The project’s second phase could yield a new 14-story residential tower with 245 units on the southern portion of the lot and an additional 7,200 square feet of retail along Central Avenue.The residential tower will replace a 20,844-square-foot office building on the site. Plans for the second phase are still being finalized and could change based on stakeholder and community feedback, according to the developer.Aardex executives told the Business Journal they expect to deliver the renovated historic building by Q4 2024 and have a goal to complete the rest of the project by the end of 2026.The project will mark the company’s first in metro Phoenix. It originally acquired the office building on the southern portion of the site in 2021 and purchased the 1 W. Madison St. building after it was listed for sale in 2022.”We’re trying to do our best to activate that area in what we see as the next stage of downtown,” said Caleb Hebel, a principal at Aardex Corp.Hebel said they are …

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