AVAILABLE FOR PURCHASE · this location create major demand for non-medical office space. Banner Health, who operates the second-ranked Banner University Medical Center in the Central

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NEC CENTRAL AVENUE & COLUMBUS AVENUE

AVAILABLE FOR PURCHASE±2.0 Acre High Density Multifamily Development Site NEC CENTRAL AVENUE & COLUMBUS AVENUE | PHOENIX, AZ

David Fogler602.224.4443 [email protected]

Steven Nicoluzakis602.224.4429 [email protected]

MULTIFAMILY capital markets groupDAVIDFOGLER | STEVENNICOLUZAKIS

SITE ±2.0 AC

Phoenix Biomedical Campus

Cushman & Wakefield is pleased to present a unique opportunity to purchase a ±2.0 acre, high density multifamily development site in Phoenix’s rapidly transforming Central Corridor. This rare site is located along the Valley Metro Light Rail, with a station within walking distance of the property at Central Avenue and Osborn Road. Phoenix’s urban revival has transformed the Central Corridor into a 24-hour live-work-play environment with new residential and trendy restaurants, coffee houses and bars. In addition to the Light Rail, the area has been influenced by anchor cultural, educational, research, sports and healthcare institutions, including Arizona State University’s 15,000-student downtown campus and the 1.5 billion dollar Phoenix Biomedical Campus. The result is an unprecedented demand for urban living solutions in the Central Corridor.

The opportunity consists of eight (8) parcels with a combined total of ±89,065 square feet of developable land on the northeast corner of Central Avenue and Columbus Avenue. This transit oriented development site is bound by three streets and provides for intense densities and height.

There is also a potential opportunity to work collaboratively on a project with the City of Phoenix Housing Department that owns the adjacent 3.52 acres, which would allow for a larger, combined ±5.5 acre residential development.

THE OFFERING

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Site DetailsZoning: C-2 HR, TOD-1 with Height Waiver, City of Phoenix

Gross Site Area: 1.98 Acres / ±89,065 Square Feet

Address: 3617 North Central Avenue, Phoenix, Arizona 85012

SITE FEATURES

Demographics*1 Mile 3 Miles 5 Miles

Population (2015): 16,810 160,877 406,434

Population (2020 Projection): 18,162 171,748 428,343

Households (2015): 8,421 67,101 151,414

Households (2020 Projection): 9,157 72,125 160,623

Average Household Income (2015): $47,778 $49,613 $51,364

Median Age (2015): 35.8 33.9 32.8

Traffic Counts**North on Central Avenue: 19,984 vehicles per day

South on Central Avenue: 36,708 vehicles per day

Midtown/Downtown PhoenixWeekday Light Rail Ridership: 26,930 riders per weekday

*Source: Esri 2015 | **Source: Google 2015, Valley Metro 2014 Fiscal Year Report


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Tax Parcels118-33-024B 118-33-026B 118-33-028A 118-33-069A

118-33-025B 118-33-027B 118-33-028C 118-33-069C

This site had previously been planned for two 36-story condominium towers containng a total of 484 units.

Previous Entitlements:Cielo Phoenix

CamelbackMountain

S C o t t S D A l ePiestewa Peak P A r A D i S e

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Xavier CollegePreparatory

Brophy CollegePreparatory

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Carl T.Hayden VA Medical Center

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AREA AMENITIESCentral Phoenix is rapidly transforming into the arts and cultural center of metropolitan Phoenix. The Central Arts District, located just south of Central and Columbus, is the cultural heart of Phoenix, and home to the nationally renowned Heard Museum, Phoenix Theater, Arizona Opera, Burton Barr Central Library, and the Phoenix Art Museum. New art galleries and music venues are adding to this existing base of major cultural institutions.

New amenities are constantly opening, including trendy restaurants, coffee houses, cocktail bars, micro breweries and retailers. The Central Corridor area boasts over forty restaurants such as Pane Bianco, Central Wine, The Clever Koi, Macayo’s, Duck and Decanter, The Wild Thaiger, Durant’s, Switch, Corduroy, and many more. Following national trends, this urban renewal movement is attracting developers, residents and cutting-edge employers to the area.

Redevelopment of iconic Park Central Mall will accelerate improvement. Park Central Mall, within walking distance of Central & Columbus, was the first shopping mall in Phoenix opened in 1957. The 40-acre site now houses large corporate office tenants in the converted former anchor stores, with retail and restaurants occupying smaller shop spaces facing Central Avenue. Market expectations are for a complete redevelopment of the buildings and site in the near future. With its location in the heart of the Central Corridor, and significant potential for the

highest quality development at the site, Park Central is widely expected to be a major accelerator for the urban renewal trends in the area.

Arizona State University opened its downtown campus in 2006 and will have invested $500 million in construction alone by 2016. The campus now includes ASU’s journalism, public service, nursing, and teacher education programs, and the Sandra Day O’Connor College of Law will open in 2016, bringing the number of students downtown to 15,000.

In 2002, the Translational Genomics Research Institute (TGen) moved to Phoenix’s central core, and the Phoenix Biomedical Campus was formed. The Biomedical Campus, a city-owned, 30-acre medical and bioscience campus, includes 1.5 million square feet and contains the highest concentration of research scientists in the region and includes TGen, the International Genomics Consortium, Barrow Neurological Institute, National Institutes of Health, and leading biomedical education programs for University of Arizona, Arizona State University, and Northern Arizona University.

Phoenix’s Central Corridor has long benefited from anchor institutions including hospitals, museums and libraries, and professional sports facilities. Phoenix is following national trends, where locations rich in these anchor institutions are experience strong demand from tenants, employees, and residents.


Education and Research Statistics10,000 students currently at ASU Downtown Phoenix Campus 15,000 students currently at ASU Downtown Phoenix Campus by 2020

1,284 ASU student housing beds 282 students currently at University of Arizona College of Medicine

440 students currently at University of Arizona College of Medicine by 2020

400 students at the Biocenter High School (on PBC)

30 acres in Phoenix Biomedical Campus

Company # of Employees

Banner Health 26,472

Walmart 15,437

Wells Fargo 13,287

Fry’s Food and Drug Stores 12,510

Intel Corporation 11,760

Bank of America 9,809

Honeywell 9,680

JP Morgan Chase & Company 8,335

McDonald’s 6,652

Bashas’ 6,153

AREA EMPLOYMENT

Phoenix has a highly diversified base of industries, led by aerospace, high-tech manufacturing, distribution /logistics, financial services and corporate/regional headquarters. Phoenix has recently seen many companies move or expand from California, including eBay/PayPal, Amazon, Dunn Edwards, and Power One. Phoenix also is ranked among the top in the country for its solar/renewable energy sector, and has a rapidly growing healthcare/biomedical industry.

Inc. Magazine named Phoenix one of the top 20 cities in the country for start-up companies; Phoenix ranks third in the country for entrepreneurs per capita. Phoenix is in the Top 10 for financial services employment. Phoenix is one of the top five regional fiber optic deployments in the U.S., with faster internet speeds than California, Colorado, Texas, New Mexico, Utah and Nevada.

The growing investment in bioscience, research and higher education institutions in Central Phoenix is a catalyst for major area improvement. These institutions are expected to experience the

strongest growth, attracting major employers and sophisticated investors.

Healthcare is one of the fastest growing employment sectors. Six of Phoenix’s most prominent hospitals are located in the Central Corridor, including two of the top three best-ranked hospitals in Phoenix by U.S. News & World Report. The hospitals in this location create major demand for non-medical office space. Banner Health, who operates the second-ranked Banner University Medical Center in the Central Corridor, just leased 220,000 square feet to relocate its corporate headquarters just south of Central & Columbus, with rights to expand to 300,000 total square feet. Dignity Healthcare, who operates the third-ranked St. Joseph’s Hospital, just leased 75,000 square feet for an expansion of its administrative offices.

Phoenix’s economy is leading the nation. Phoenix is one of the 10 best places for job growth in the United States, ranking eighth out of the 200 largest metro areas by population for projected job growth through 2017, with a projected annual increase of 3.7%.

Top Greater Phoenix Employers


Source; Greater Phoenix Economic Council

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Cushman & Wakefield Copyright © 2015. The information contained herein was lawfully obtained from sources we consider reliable. Cushman & Wakefield is not responsible and expressly disclaims all liability for errors, omissions, prior sales, withdrawal from the market or change in price. Seller (or Lessor, as the case may be) and broker make no representation as to the environmental condition of the property and recommend Purchaser’s (or Lessee’s) independent investigation.

For more information please contact:

David Fogler602.224.4443 [email protected]

Steven Nicoluzakis602.224.4429 [email protected]

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MULTIFAMILY capital markets groupDAVIDFOGLER | STEVENNICOLUZAKIS


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Documents

AVAILABLE FOR PURCHASE · this location create major demand for non-medical office space. Banner Health, who operates the second-ranked Banner University Medical Center in the Central