A rare opportunity has emerged in Downtown Phoenix with the listing of an infill property. Located at 565 N. 3rd St., this expansive 2.7-acre site is situated in the heart of Downtown, right next to Arizona State University’s downtown campus and Phoenix Biomedical Campus, and just one block away from the bustling Phoenix Convention Center.
This prime location comes with a high-rise zoning overlay that allows for increased density, heights, lot coverage, parking options, and other development standards. The versatile site is ideal for a large-scale mixed-use project featuring various components such as multifamily residences, student housing units,
office spaces,
classrooms,
retail outlets,
hospitality establishments
and ample parking facilities.
Moreover,the land falls within an Opportunity Zone designation,making it even more attractive to potential investors.
The owners are seeking $52 million for this valuable property which equates to approximately $450 per square foot.Nick Lynum from Glasir Capital Partners serves as the listing agent.
Currently occupying the site is a single-story movie theater spanning over 95 ,000 square feet with twenty-four screens.The tenant currently leasing this space is AMC Entertainment,and their lease agreement allows for quick termination within ninety days if needed.
In summary,this sought-after infill property presents endless possibilities and its strategic location makes it a highly desirable investment opportunity in Downtown Phoenix market .
