**Phoenix Seeks Developer to Transform Downtown Parking Garage into Mixed-Use Hotel Project**
The City of Phoenix is officially moving forward with plans to redevelop the Regency Parking Garage into a large-scale mixed-use destination. The announcement marks a significant step in a project that has seen slow progress since it was first reported six months ago.
Located at the southwest corner of 2nd and Adams Streets in downtown Phoenix, the six-story, 202,000-square-foot Regency Parking Garage is set to be transformed into a vibrant development expected to include a 400-room hotel. The city has issued a request for proposals (RFP), inviting developers to submit their plans for the site.
The RFP stipulates that any selected proposal must include an annual ground lease payment to the City of Phoenix starting at a minimum of $750,000 for the first year. That figure is subject to a minimum annual increase of 3% over the life of the lease, which may last up to 99 years.
This redevelopment effort is part of a broader initiative to enhance downtown Phoenix and capitalize on the growing demand for hospitality and mixed-use spaces in the area.
In related news, stakeholders in the multifamily sector can gain more insight into the evolving landscape at the upcoming Connect Texas Multifamily conference. The event takes place on Thursday, August 28th, at The Joule in Dallas and will gather top names in development, investment, dealmaking, and operations to explore strategies shaping the Texas multifamily market.
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Image: Regency Parking Garage (Courtesy: Connect CRE)
