Redevelopment site, consisting of ±1.70 acres (±74,182 SF), is offered for sale at the northeast corner of 7th Avenue and Thomas Road in Phoenix. Visit our property website to view the offering memorandum.
Critical to the completion of a successful transaction is the ability for seller to have an option to occupy a portion of the new development for a Chase bank branch.
Located at the corner of the campus of Arizona’s first hospital, St. Joseph Hospital and Medical Center and Barrow Neurological Institute, this is one of only two parcels not owned by Dignity Health within its approximately 50-acre campus. Being the first medical center serving Phoenix, it is surrounded by facilities that were developed 30 to 60 years ago, whether medical offices, apartments or homes.
This site offers a unique opportunity to bring new development to the area. The C-1 zoning allows offices and apartments as well as retail uses; and also mandates a building height limit of 56 feet. Known as the “Commercial Neighborhood Retail District,” this district of light neighborhood type retail and customer service uses designed to be compatible with each other and nearby residential districts. C-1 zoning permits multifamily and offices uses, but limits the yard, height and density. Hospitality is not allowed in C-1.
To optimize the site per its current zoning, we assumed a development above multi-level parking. This creates an appealing complement to the historic neighborhoods and brings new medical office or low-rise apartment development to the area.
In the sample renderings shown in the gallery above, we illustrate a two-story medical office built above three levels of parking, with a possible bank branch and retail on the ground level surrounded by dedicated parking.
The historic neighborhoods are coveted as infill gems and the nearby Encanto Park offers a unique amenity to this Midtown neighborhood. Park Central Mall is redeveloping into the dynamic hub of Midtown, and Creighton University is creating the country’s newest medical school in affiliation with St. Joseph. Sites in this area rarely come available.
