East Van Buren Multifamily Development Opportunity

06-13-2022
07-05-2022

2220 E Van Buren St, Phoenix, AZ 85006

Kidder Mathews is pleased to announce the exclusive offering and opportunity to acquire a 4.63-acre, mixed use vacant land site, fully entitled for 407 multifamily units and 15,000 square feet of retail space.

The proposed 407 apartment units and 15,000 SF of retail space is located at 2220 E Van Buren Street, Phoenix, AZ 85006 and is composed of three contiguous land parcels equaling 4.632 Acres or 201,769 square feet. The 2220 E. Van Buren site is situated within a Downtown Phoenix Opportunity Zone and presents advantageous tax incentives for the prospective developer. The entitled and approved building and development scheme proposes 87.9 DU per acre and/or a 1.99, excluding parking areas, FAR along with a permitted 56’ foot building height.

Property Description

The 4.63-acre site is zoned and entitled “WU T5:5” (Walkable Urban Transect Medium Intensity District) city of Phoenix zoning code allows for tremendous latitude of uses and is characterized by a broad mix of building types that integrate retail, office, and residential units adjacent to the Light Rail Corridor, allowing for a 56-foot building height.  The Walkable Urban Code is a part of the Reinvent PHX project, a new urban and transit-oriented zoning code that was adopted on July 1, 2015 (Ordinance G-6047), Chapter 13 of the City of Phoenix Zoning Ordinance.  The code regulates development in proximity to light rail stations and is envisioned to replace existing zoning for properties within the Interim Transit-Oriented Zoning Overlay Districts.

The proposed building and structure at 2220 East Van Buren Street consist of a 407-unit multifamily complex, including a single level below grade parking garage, grade level parking, elevated podium slab at level 2, and 4 stories of wood apartments (including the roof) above the podium slab.  At the ground level, 15,000 square feet of single-story ancillary buildings are proposed for leasing office, retail/restaurant, and maintenance.  The outlined building structure and design was unanimously approved by city of Phoenix Planning and Zoning.

Key Property Information

Listing Status
Available
Multifamily type
Mid-Rise
No. of Units
407
Lot Size
4.63 sq ft
No. of Stories
5
APN
116-01-085A, 086, 087
Zoning Code
WU T5:5
No. of Parking Spots
540
Opportunity Zone
Yes
Price per unit
$ 0
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33.452151, -112.034055

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