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$117M Downtown Phoenix Apartment Tower to Preserve Historic Landmark

A new $117 million apartment development is coming to the heart of downtown Phoenix, and it’s making headlines not just for its size—but for its respect for the past.

Project Overview:

  • Developer: Aardex (Colorado-based)
  • Location: First Avenue & Jackson Street, Downtown Phoenix
  • Scope: 14-story tower with 262 residential units on ~2 acres

Historic Preservation:

  • Pratt-Gilbert Building: Built in 1913, this 100+ year-old structure will be restored and repurposed as commercial space.
  • The restoration focuses on preserving the historic exterior while adapting the interior for modern retail or restaurant use.
  • The adjacent non-historic building will be demolished to make way for the new tower.

Public Incentives:

  • GPLET Agreement: A 25-year tax incentive that includes:
    • The developer deeding land back to the city for tax benefits.
    • Continued financial contributions to the city and school districts via minimum payments.
    • Rent payments to the city totaling $643,750.
    • Contributions to Phoenix’s affordable housing trust fund equal to city property taxes.

Investor Takeaway: This project signals strong continued demand for urban infill and adaptive reuse in downtown Phoenix. By preserving architectural history while adding dense housing, it’s a model for investors looking to balance heritage with growth potential.