PHOENIX — A historic building in the heart of downtown Phoenix will be converted into new retail space as part of a larger mixed-use development.
Denver real estate services firm Aardex Corp. plans to renovate the single-story structure — known as the Pratt-Gilbert Building — and turn it into nearly 30,000 square feet of new retail and restaurant space at the southwest corner of Madison Street and Central Avenue.
The project's second phase could yield a new 14-story residential tower with 245 units on the southern portion of the lot and an additional 7,200 square feet of retail along Central Avenue.
The residential tower will replace a 20,844-square-foot office building on the site. Plans for the second phase are still being finalized and could change based on stakeholder and community feedback, according to the developer.
