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For Sale: Former Bank Building In Phoenix, Must Preserve Parasols

Phoenix is accepting offers to redevelop a former bank building.

The 1.55-acre property on 24 th Street between Jefferson and Washington streets was designed by Kenneth Oberg and built in 1966 to house a First National Bank of Arizona branch. Phoenix bought it in 2000 and the Aviation Department used it for about eight years. Since then, it’s sat empty.

The property is listed for sale "as-is" with a minimum price of $480,000 based on a January 2021 appraisal. But any buyer will have to spend at least a million to  rehabilitate the building after a fire in 2018.

Phoenix will also require the owner preserve key architectural elements, like precast concrete hexagonal parasols.  Offers will be accepted through April 30.

Offer must detail:

  1. How new construction will provide an innovative and high-quality design that preserves and adaptively reuses the building.
  2. How the development will enhance pedestrian-oriented amenities and promote walkability for transit users and pedestrians, which may include shade, appropriate landscaping, and bicycle racks.
  3. Consistency with the Reinvent Phoenix — Gateway TOD Policy Plan and all other applicable regulations, guidelines and adopted plans, including the Historic Preservation Design Guidelines, Complete Streets Program, the Bicycle Master Plan, and the Tree and Shade Master Plan.

Property Highlights:

  • 1.55 acres
  • 5,460-square-foot main building
  • Current zoning is general commercial and light industrial
  • Eligible for historic preservation designation
As a senior field correspondent, Christina Estes focuses on stories that impact our economy, your wallet and public policy.