Phoenix is looking for a developer to turn a downtown parking garage into a hotel at the southwest corner of Adams and 2nd streets.
Built in 1972, the Regency Garage has a little more than 500 parking spaces and nearly 23,000 square feet of ground floor commercial space. Advocates for Latino Arts and Culture Consortium Inc currently leases about 8,000 square feet on a month-to-month basis.
A consultant’s market study found Phoenix needs 800 to 1,200 more hotel rooms to stay competitive with convention business. Phoenix wants the garage turned into a full-service hotel with at least 400 rooms. A previous deal fell apart in early 2020 due to the COVID-19 pandemic.
On Wednesday, the city’s economic development subcommittee will be asked to recommend the full council approve a request for proposals aimed at developers who can demonstrate “experience successfully completing at least one vertical, mixed-use development of at least seven stories within the last five years.”
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