Phoenix Infill Site Owners Asking $52M

A rare infill property has hit the market in Downtown Phoenix. The subject property, 565 N. 3rd St., is a 2.7-acre site located in the heart of Downtown Phoenix, immediately adjacent to Arizona State University Downtown Campus and Phoenix Biomedical Campus and one block away from the Phoenix Convention Center.

The site offers a high-rise zoning overlay for density, heights, lot coverage, parking, and other development standards. It is suitable for a very large, single- or multi-tower, mixed-use project, which may include numerous components such as multifamily, student housing, office, classrooms, retail, hospitality, and parking. The land is in a designated Opportunity Zone. The property owners are asking $52 million for the property, about $450 a square foot. Nick Lynum at Glasir Capital Partners is the listing agent.

The site currently houses a single-story, 95,000-square-foot, 24-screen movie theater. The existing tenant is AMC Entertainment, which has a lease that allows for a quick 90-day termination.