A rare opportunity has arisen in Downtown Phoenix with the listing of a prime infill property. Located at 565 N. 3rd St., this expansive 2.7-acre site is situated in the heart of Downtown, just steps away from Arizona State University’s downtown campus and Phoenix Biomedical Campus, as well as one block from the bustling Phoenix Convention Center.
This highly sought-after site boasts a high-rise zoning overlay that allows for increased density, heights, lot coverage, parking options and other development standards. It presents an ideal location for a large-scale mixed-use project featuring multiple components such as residential units (both single- and multi-tower), student housing options, office spaces, classrooms for educational purposes , retail outlets , hospitality establishments and ample parking facilities . Additionally , it falls within an Opportunity Zone designated by authorities to promote economic growth through tax incentives.
The current owners are seeking $52 million for this valuable property which equates to approximately $450 per square foot . The listing agent representing them is Nick Lynum from Glasir Capital Partners .
Presently occupied by AMC Entertainment on lease basis ,the site houses a single-story movie theater spanning over 95 thousand square feet with twenty-four screens . However,the tenant has agreed to allow quick termination within ninety days if required .
This exciting opportunity presents endless possibilities for potential developers looking to capitalize on its strategic location in thriving Downtown Phoenix.
