SVN Desert Commercial Advisors has been an instrumental part of the economic development in downtown/midtown Phoenix. Advisors, Justin Horwitz and Paul Borgesen III, often relied on as experts of the Downtown Phoenix submarket, have facilitated yet another transaction representing Fore Properties in the acquisition of the former O’Neil Printing building for $9,325,000.
The property is located at 366 N 2nd Ave. (the SEC of 2nd Ave & Fillmore St.), a significant site in the heart of Downtown Phoenix’s Opportunity Zone. This property consists of approximately 2.56 acres of land with three sides of street frontage. Development plans for the call for a high-end mixed-use development consisting of seven stories, 323 apartment units, and ground floor retail and restaurant space in a project totaling approximately 285,000 SF. The community will feature a combination of studios, 1 bedroom and 2-bedroom units as well as a rooftop deck with views of downtown Phoenix, a pool, and fitness center.
Fore Property plans to start construction in the first quarter of 2020 with a target completion of mid-2022. This transaction marks the 11th Downtown Phoenix sale in 2019 by Justin Horwitz and Paul Borgesen. “We are extremely excited about the plans for this site. Roosevelt Row has been capturing a lot of attention in the Downtown submarket, but this particular pocket west of Central Ave. is really starting to gain momentum,” states Horwitiz. Borgesen adds, “This planned development by Fore along with other in the immediate area will offer yet another unique experience in the submarket.”
The property is proximate to Downtown’s central business district and several large educational and research institutions, including Arizona State University’s Downtown campus, Phoenix Biomedical Campus, and the University of Arizona School of Medicine. The project also benefits from access to retail and entertainment amenities, including Downtown’s restaurants and multiple sporting and theater venues, as well as and convenient transit accessibility with a Metro Light Rail station located one block from the site.