Tag Archives: Roosevelt Row Arts District

Power Apartments - View 1

ABI sells downtown Phoenix historic adaptive reuse project

ABI Multifamily has announced the $1.165M sale of the Historic Power Apartments located in Phoenix. Originally built in 1914 as apartments, the property was converted and has been run as an office building for many years. The new owner intends to revert the property back into a 12-unit apartment community.

“Although there are many new apartment developments occurring in and around the downtown Phoenix area, none are gathering as much interest as adaptive reuse projects,” states Alon Shnitzer, Senior Managing Partner at ABI. “True historic, multifamily adaptive reuse projects are in extremely limited supply in the Phoenix Metro and resident interest in these particular projects is exponential. The new owners intend to capitalize on this latent demand and convert this historic gem back to its original intended use.”

The property is located in the highly desirable Roosevelt Row Arts District. The District is truly a one-of-a-kind in metro Phoenix with historic and modern buildings on tree lined streets with businesses, neighborhood services and residential. Power Apartments is within walking distance to the Roosevelt and Central Phoenix Light Rail Stop, allowing residents easy access to the rest of the valley. In addition, Arizona State University’s Downtown Campus and the University of Arizona’s College of Medicine are within walking distance from the property. Entertainment attractions nearby include the Orpheum Theatre, Phoenix Art Museum, Heard Museum, Herberger Theater Center, Phoenix Convention Center, Arizona Science Center, Chase Field and US Airways Center.

“Over the last 10-15 years, the new ASU Downtown Campus, BioMedical Campus, Convention Center, Light Rail and CityScape have all contributed a great deal towards the vibrancy and momentum of Downtown Phoenix. Sensing the area was ready to take-off, the Seller acquired multiple downtown assets over the last few years and recently began capitalizing on those investments. The Seller’s timing was very good,” quotes Eddie Chang, partner with ABI.

The Buyer in this transaction, SBD Ventures, LLC, based in Phoenix, AZ, is an experienced Phoenix Metro multifamily investor and adaptive reuse specialist.

The Seller in this transaction, Historic Power Apartments, LLC, based in Phoenix, AZ, is an experienced real estate investor who during the downturn acquired many historic properties in downtown Phoenix, AZ.

The Phoenix based ABI Multifamily brokerage team of Alon Shnitzer, Eddie Chang, John Kobierowski, Rue Bax and Doug Lazovick represented both buyer and seller in this transaction.

roosevelt row arts district

ArtPlace Grant Will Give Roosevelt Row Arts District A New Look

Roosevelt Row Arts District (RoRo), in the urban core of downtown Phoenix, is a neighborhood on the rise, with unique galleries, restaurants, and shops. A $150,000 grant announced today from ArtPlace will bring an infusion of art and design to the area, defining the neighborhood as a destination for locals and visitors alike.

An “A.R.T.S. Village” – consisting of shipping container studios, performance space, and a new urban market garden – is central to the plan, which also includes hiring a design team to create a vision for the future development of the district and new streetscape design guidelines to visually define the area.

ArtPlace is a new national collaboration of 11 major national and regional foundations, six of the nation’s largest banks, and eight federal agencies, including the National Endowment for the Arts, to accelerate creative placemaking across the U.S. To date, ArtPlace has raised almost $50 million to work alongside federal and local governments to transform communities with strategic investments in the arts.

“Across the country, cities and towns are using the arts to help shape their social, physical, and economic characters,” said NEA Chairman Rocco Landesman. “The arts are a part of everyday life, and I am thrilled to see yet another example of an arts organization working with city, state, and federal offices to help strengthen and revitalize their communities through the arts. It is wonderful that ArtPlace and its funders have recognized this work and invested in it so generously.”

“With this ArtPlace grant, Roosevelt Row is able carry forth projects that help define our community as a vibrant arts district,” said Cindy Dach, Acting Director of the Roosevelt Row Community Development Corporation. “Since 2001, RoRo has grown to more than 3 dozen shops, galleries and restaurants and has become a real destination. Our work has always been implemented by a small group of dedicated people and volunteers with a vision for a more liveable community. This grant brings us one step closer to turning visions into realities.”

In the early 1940s, numerous businesses were established along Roosevelt Street, the heart of the Roosevelt Row Arts District. In the 1970s, parts of the area were re-zoned, eventually resulting in a downturn in the neighborhood that lasted until the late 1990s. The blighted area was attractive to artists because the boarded-up buildings and former crack houses were affordable for studio and gallery space. The arts were a major factor in the revitalization of the area and crime rates plummeted as more people began to venture into the area to experience the cultural vibrancy.

ArtPlace received almost 2,200 letters of inquiry from organizations seeking a portion of the $15.4 million available for grants in this cycle. Inquiries came from all 50 states, the District of Columbia, Puerto Rico, American Samoa, and the U.S. Virgin Islands. The 47 projects selected each take a unique and locally-focused approach to creative placemaking, from the creation of a Jazz and Heritage Center in New Orleans’ historic Tremé neighborhood to generate vibrancy and economic growth for the local community to ARTSIPELAGO, a comprehensive revitalization strategy that combines a number of unconnected arts and cultural initiatives in Eastport, Maine for greater effect.

“These projects all exemplify the best in creative placemaking,” explained ArtPlace’s Carol Coletta. “They demonstrate a deep understanding of how smart investments in art, design, and culture as part of a larger portfolio of revitalization strategies can change the trajectory of communities and increase economic opportunities for people.”

In September, ArtPlace will release a new set of metrics to measure changes over time in the people, activity, and real estate value in the communities where ArtPlace has invested with its grants.

Participating foundations include Bloomberg Philanthropies, The Ford Foundation, The James Irvine Foundation, The John S. and James L. Knight Foundation, The Kresge Foundation, The McKnight Foundation, The Andrew W. Mellon Foundation, The Rockefeller Foundation, Rasmuson Foundation, The Robina Foundation, and an anonymous donor. In addition to the NEA, federal partners are the departments of Housing and Urban Development, Health and Human Services, Agriculture, Education and Transportation, along with leadership from the White House Office of Management and Budget and the Domestic Policy Council. ArtPlace is also supported by a $12 million loan fund capitalized by six major financial institutions and managed by the Nonprofit Finance Fund. Participating institutions are Bank of America, Citi, Deutsche Bank, Chase, MetLife, and Morgan Stanley

For more information on Roosevelt Row Arts District and ArtPlace, visit Roosevelt Row’s website at rooseveltrow.org and ArtPlace’s website at artplaceamerica.org.