Phoenix Puts Gateway Area Mid-Century Bank Building on the Market

Wrapped on by three arterial streets, a trio of bus routes and two light rail stations, the mid-century First National Bank building is being offered for sale by the city of Phoenix for adaptive reuse and redevelopment.

Located on the corner of 1 S. 24th Street, between Washington and Jefferson streets, the iconic mid-century bank building is a crossroad entrance to the Gateway neighborhood. This rapidly redeveloping corridor is fueled by Valley Metro Light Rail, the recent expansion of the Honeywell manufacturing facility, growth at GateWay Community College, a burgeoning industrial center and new multifamily residential development.

The former bank building is located minutes from Phoenix Sky Harbor International Airport and Biltmore-Arcadia, and about ten minutes from Downtown Phoenix. It’s at the north edge of the Sky Harbor commercial real estate submarket.

Light rail has spurred millions of dollars in capital investments into the Gateway area, which was once the shining road into urban Phoenix. The area is seeing a resurgence as available properties fill outward from Downtown and Sky Harbor International.

The city of Phoenix is putting this building on the market for adaptive reuse and redevelopment. The building was featured as one of the 25 most important examples of Phoenix mid-century architecture in the book, “Mid-Century Marvels: Commercial Architecture of Phoenix, 1945-1975.” Built in 1966 from a Kenneth Oberg design, the building is recognized for its interlocking precast concrete parasols along 24th Street and over the former drive-through banking lanes. Link: https://www.phoenix.gov/pdd/historic-preservation/historicinfo/historic-preservation-documents-publications

Being offered “as-is,” the opening proposal price is $480,000 for the 1.55 acres and historically eligible building with its access from all three arterial streets. The main building is 5,460 square feet plus its detached drive-through lanes. Zoning and development standards apply with a maximum building height of 75 feet. The area is within a Sky Harbor avigation easement restriction.

All the city’s reports, appraisal and analysis of the site are available at the First National Offering website. All offers must be received by 1:00 p.m. on Friday, April 30, 2021. Courtney Carter, 602-256-4370 is the program manager for the property sale. [Link: https://www.phoenix.gov/econdev/1-South-24thStreet]