Aardex, a Denver-based development firm, announced the completion of major renovations at One West Madison, a historic adaptive reuse project in the heart of downtown Phoenix. The fully modernized, 27,000-square-foot building is now move-in ready, offering restaurant or commercial space in one of the city’s most active and visible locations.
Originally constructed more than a century ago and acquired by Aardex in 2022, One West Madison has been transformed into a flexible, ready-to-occupy space while preserving the character and scale of the original structure. The project includes approximately 13,500 square feet of ground-floor retail space, complemented by an activated basement level and opportunities for experiential uses.
Positioned steps from Footprint Center and Chase Field, the building overlooks downtown Phoenix’s Entertainment District and is adjacent to the light rail, creating a highly accessible destination. The site also provides significant dedicated parking — a rare feature in downtown Phoenix — further enhancing accessibility.
“Completing One West Madison represents an important milestone in our broader downtown Phoenix strategy,” said Caleb Hebel, Principal at Aardex. “We saw an opportunity to take a historic building in a location that continues to gain momentum and reposition it as a high-quality, adaptable space that’s ready to be used right away. Its size and layout open the door for a wide range of concepts, from flagship retail and food hall uses to experiential and entertainment-driven tenants.”
The renovation featured an uncommon level of investment in fully upgraded building systems, including new plumbing, electrical, fire, life safety, security and HVAC systems, along with a Cordia chilled water loop designed for efficient, cost-effective operations. supports a wide range of food and beverage, retail and entertainment concepts as well as the wide range of future activation opportunities as the site continues to evolve.
Architecturally, the project emphasizes openness and visibility, with storefront windows on three sides, ceiling heights up to 18 feet and exposed structural elements. Indoor-outdoor connectivity and planned patio seating support flexible use and an active streetscape.
The basement level will introduce The Vault on Madison, a climate-controlled self-storage concept, which is anticipated to open May 1. Additional basement space remains available to support expanded food and beverage or entertainment uses, including concepts such as speakeasies, cigar lounges, game-driven venues or other experiential offerings.
One West Madison is part of Aardex’s larger block-scale redevelopment strategy in downtown Phoenix, which includes the adjacent Jackson Place multifamily project. Together, these projects represent a broader effort to activate the full block with a mix of uses, increased density and a more connected, walkable environment.
Teale Bloom and Courtney Auther with Phoenix Commercial Advisors are representing Aardex as the leasing brokers on the project.
“This building has the kind of presence that’s hard to replicate, from its size and visibility to how it sits within the fabric of downtown,” Bloom said. “There are very few spaces in Phoenix that offer this level of access and flexibility. Tenants have a rare opportunity to step into the core of downtown without the typical lead time of new development and we’re excited to help bring in concepts that build on the energy already happening around this project.”
