2501 Van Buren St, Phoenix, AZ 85008

Park 25 is a remarkable, approved and shovel ready multifamily redevelopment opportunity located just east of Downtown Phoenix and just north of Sky Harbor International Airport. The property is situated just over two miles from the heart of downtown Phoenix, less than a half mile from Phoenix Sky Harbor International Airport, and about 1,000 feet from the nearest light rail station, providing residents access to all parts of the valley including downtown Phoenix and Downtown Tempe.
Both Tempe and Downtown Phoenix have large higher education presences with Arizona State University (one of the largest universities in the country, with large campuses in both locations) as well as the Phoenix Bioscience Core (PBC), a 30-acre life sciences innovation district in the heart of Downtown Phoenix. Home to the highest concentration of research scientists in the state, the PBC’s anchor institutions include Arizona’s three public research universities — Arizona State University, Northern Arizona University, and the
University of Arizona — leading genomics pioneers including the Translational Genomics Research Institute (TGen), part of the City of Hope, the International Genomics Consortium, and Exact Sciences — several of Phoenix’s major health care systems, such as Banner Health, Phoenix Children’s Hospital, Dignity Health, Valleywise Health, in addition to a growing number of emerging life science companies. ASU also just announced its future medical school will be located in downtown Phoenix. This location is also minutes to the I-10 and Loop 202 freeways, allowing residents easy access to all areas of the city. Being in the nucleus of the city, residents can enjoy, with ease, so much of what Phoenix has to offer. With many dining, shopping, and entertainment options, as well as multiple freeway access points and light rail stations within minutes, this property will prove to be a phenomenal redevelopment opportunity in a great central location. Additionally, the new 235,000+/- square foot VA facility is located less than a mile away at 32nd Street and East Van Buren Street.
Park 25 in its current condition is two old motels buildings sitting on three parcels. It is a prime multifamily redevelopment candidate, sitting on a large piece of land bisected by 25th Street. The street has been abandoned in between the two buildings allowing for continuity of the project and potentially a large amount of amenity / open space in the future project. Plans are approved for 102 units on the site. The seller has done all of the major planning legwork to get this property ready to go. All due diligence items will be available to serious buyers and will include construction drawings, street abandonment documentation, environmental studies, etc. The seller has had extensive dialogue with a local contractor who has been intimately involved in the process and who would be very interested in continuing on as general contractor and seeing the project to completion. The planned units will have full kitchens, A/C, heating, patio / balcony space, and more. There will be a laundry facility, clubhouse, fitness area, and large courtyard. Upon completion, a buyer should be in a building that feels brand new, at a very affordable price point in a market where this is extremely hard to come by.