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Jan 29, 2024 7:22 PM |
Intersection Development opens up about its vision for Roosevelt Row Arts District
It's nice to see another developer come in and have a grand vision for Roosevelt Row. True North Studios had been it for the last couple of years now but nice to see Intersection Development come into play.
The re-development of the recently acquired parcel (Central/1st Ave & Roosevelt) will probably take some time as Audicy has 2 years remaining on their lease.
https://www.bizjournals.com/phoenix/...ow-vision.html
Quote:
Phoenix-based Intersection Development LLC is ready to lead the next wave of growth in the Roosevelt Row Arts District.
Intersection on Jan. 23 broke ground on Rainbow Road, a 36-unit boutique apartment development inspired by the video game Mario Kart. The project, designed by architect Lev Libeskind of Libeskind Studio Design, will also feature ground-floor commercial space.
Site demolition is set to begin imminently, said Zac Cohen, a partner at Intersection Development. He added that he expects the arts-focused Rainbow Road to open before the second quarter of 2025.
Intersection is currently having conversations with potential restaurant tenants for Rainbow Road.
“It’s very community-centric, and so we would look for a tenant that reflects those same values,” Cohen said. “Somebody local, somebody who has food that inspires … and to bring something unique that the locals can enjoy that becomes a staple of the community.”
The firm has compiled an enviable portfolio along Roosevelt Row, where it also has an office.
“We think it’s the funkiest part of Phoenix, and we’re really excited to grow with it," Cohen said.
Intersection in December scooped up the building at 840 N. Central Ave. that houses Big 94.5 and other local radio stations in a $10.5 million deal. The transactions included roughly 46,000 square feet across multiple parcels between North First Avenue and North Central Avenue, along Roosevelt Row.
The site is zoned to be built up to 250 feet, and Intersection is "still looking into what fits best there," Cohen said.
Intersection partner Jordan Taylor told the Business Journal that Audacy, the owner of the radio stations at 840 N. Central Ave., has two years remaining on its lease. He noted that Intersection's adjacent real estate holdings to the south of the site were a "motivating factor" in acquiring the land.
That stretch of First Avenue “is really a great microcosm of our ethos," Taylor said.
"There’s these amazing older buildings that will be repurposed in a new, sort of modern way," he said. "But we’ll honor the character and the history of those buildings. And then, to the extent that there’s vacant land that is either a surface parking lot or nothing, then we’ll look to build on those.”
What exactly they'll build at 840 N. Central Ave. remains to be seen. Taylor said there are no significant zoning restrictions on the site, suggesting that residential, mixed-use, office or a hotel could be potential fits.
Intersection's website does have a landing page dubbed "Atari" — a possible reference to the Atari-themed hotels that were announced in Phoenix and elsewhere before the onset of the Covid-19 pandemic — but it offers no further details. A previous version of the landing page contained a note that said "Stay tuned for a breaking announcement."
Taylor, who is listed as a managing member of Atari Hotels on his LinkedIn page, discussed the possibility of bringing an Atari Hotel to the Audacy site during a Jan. 23 interview.
“I do have connections to the Atari group, but I’m not certain that site will make sense. We’ll see. I mean, it might," Taylor said. "That’s part of our evaluation."
Regarding the possibility of an Atari Hotel rising at the site, Cohen noted that "nothing is off the table."
“It’s going to be ambitious, but we really need to listen to the needs of the community and react to that," he said. "So that’s our plan.”
Wider vision for Roosevelt Row
Whatever is decided, Taylor stressed the importance of being thoughtful about maintaining the fabric of the Roosevelt Row neighborhood.
“The zoning for this neighborhood is high-rise development zoning pretty much across the board. However, you have so many important buildings — whether they are on the historic register or not — you have so many important buildings that are kind of mixed throughout this sort of blanket zoning," he said.
The firm's planned projects in the neighborhood include a 68-unit apartment building dubbed Manzana, which is set to include 10,000 square feet of ground floor retail and break ground in early 2025. Furthermore, Intersection's website describes a project called Arcada at Roosevelt as an "extraordinary speakeasy bar that pushes the boundaries of entertainment" that will open its doors in the spring of 2024. Both of those projects are located on the same block as the former Audacy site and the company's office.
Taylor said Intersection is already working with the city on the firm's plans for the speakeasy project, noting they will "have some more formal details coming out on that in the next handful of months."
“We’re in the permitting process right now, and just working through the final steps with the city and also with our partners on the construction side to work the budget to where it needs to be, as it always goes," Taylor said.
While many in the commercial real estate world are treading carefully at the moment, Intersection sees opportunity in downtown Phoenix. Taylor noted that Intersection is thinking long-term about Roosevelt Row, and that he's not letting short-term challenges dictate the firm's plans.
“I believe in what’s going on down here," he said. "Maybe the timing is not right for everybody else. The timing is still right for us, because we believe in where this neighborhood is going in the long-term.”
Cohen added that Intersection is actively trying to "be a part of creating something unique here."
“I’m excited about Phoenix, because Phoenix is a city that has grown up late. Unlike other cities of similar size in the Western United States that are already filled in, Phoenix has a lot of lots and surface parking," he said. "Phoenix’s future as a city has really yet to be decided, in some ways."
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