Phoenix Seeking Partner to Build Hotel at Parking Lot Site

The idea of a mixed-use project where a Phoenix city parking lot stands has been moving along very slowly. Six months ago, ConnectCRE ran a story on the notion, but it wasn’t until now that the town has gone out for bids on the project. The City of Phoenix has released a proposal request for a developer to convert the site of the six-story, 202,000 square foot Regency Parking Garage at the SWC of 2nd and Adams streets downtown into a mixed-use project that is expected to include a 400-room hotel.

The chosen proposal must include an offer to pay the City an annual ground lease payment of at least $750,000 for the first year of the lease, with a minimum 3% annual increase for the term of the lease, which may not exceed 99 years.

Want a front-row seat to the strategies shaping Texas multifamily today? Join top voices from development, investment, dealmaking, and operations on August 28^th at Connect Texas Multifamily—your gateway to what’s next in the market. Register now at www.ConnectTXMF2025.com | EVENT DATE: Thursday, August 28^th | VENUE: The Joule, Dallas