Phoenix is a bustling city with a huge demand for restaurants and shopping to satisfy the demands of its population. One developer has taken notice of this need and is bringing a new commercial development project to the ground floor of a downtown Phoenix high-rise building.
The project is called Union Market, and it will include restaurants and shops. It will occupy a now-vacant space in the US Bank Center building at 101 North 1st Avenue. The initial development project will occupy approximately 16,400 square feet on the ground floor, with the opportunity to expand into an additional 12,000 square feet of basement space. The developer has been successful with similar projects in California. He is aiming to complete the project in approximately 15 months, and is seeking to fulfill a need he sees in the Phoenix area for a unique area in downtown.
Additionally, the developer is creating what is known as a “co-working” space on the top floor of the same building, where designers can present showcases of their work. His goal is to have this 31st floor redevelopment project completed in approximately one year.
The developer considered the downtown Phoenix area for his project after noting a positive development trend in the area, and reports that his negotiations with the city have been favorable. It remains to be seen exactly how the Union Market facility will develop and when it will be complete, but it appears that it will add a dynamic element to an already popular downtown Phoenix area.
Source: Phoenix Business Journal, “California retail, restaurant market concept coming to downtown Phoenix,” Cassidy Trowbridge, Sept. 3, 2015
