1414 E. Jefferson St. Developmenthttps://www.investinphoenix.com/development-opportunities/jefferson1414 E. Jefferson St. DevelopmentThe City of Phoenix is accepting offers for the sale and redevelopment of 1.1 acres of vacant property in the Edison-Eastlake neighborhood, just minutes from downtown. The diverse community and accessible location make it an ideal site for mixed-use development featuring multi-family housing at both affordable and workforce rents.<div class="ExternalClass099D0C458191480A94E2F88636FC261D"><h2>Shape the Future of Phoenix's Edison-Eastlake Neighborhood</h2><p>​Situated in the heart of the vibrant Edison-Eastlake neighborhood, the City of Phoenix has 1.1 acres of vacant land available for the right developer. With its central location near downtown and the airport, commitment to community growth through public art and transportation improvements, and need for affordable housing, this property presents a unique opportunity to shape the future of an up-and-coming Phoenix neighborhood. We invite offers that will bring innovative mixed-use development at this exceptional site​.<br><br></p><p><strong style="text-decoration:underline;">First Review of Offers will occur on: February 29, 2024</strong><br></p></div>/images/JEFFERSON1_AdobeStock_568498600.png/images/JEFFERSON2_AdobeStock_404396414.jpegjefferson1414 E. Jefferson St. DevelopmentDevelopment Opportunitiesdevelopment-opportunities/jefferson

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Site Summaryhttps://www.investinphoenix.com/Lists/DynamicPageSections/DispForm.aspx?ID=495Site Summary<div class="ExternalClassDF8A8B7DFC2E44A2A976D6BAD7D845CC"><h2>Site Summary​<br></h2><p>​<img src="/images/1414-E-Jefferson-St.png" alt="" style="margin:5px;width:650px;" /><br></p><p><strong>Address:</strong> 1414 E. Jefferson Street</p><p><strong>Site Size:</strong>  Assemblage 1: 41,351 sf | 0.95 ac</p><p>                 Assemblage 2: 7,082 sf | 0.16 ac</p><p>                 Combined 48,433sf | 1.11 ac</p><p><strong>Parcel#:</strong> 116-48-016A, -017A, -018A, -019A, -020A, -021A, -023A</p><p><strong>Current Zoning:</strong> R-5</p><p><strong>Desired Zoning when Redeveloped:</strong> Walkable Urban Code T 5:5</p><table cellspacing="0" width="100%" class="ms-rteTable-default"><tbody><tr><td class="ms-rteTable-default" style="width:25%;"> <br></td><td class="ms-rteTable-default" style="width:25%;">1 mi</td><td class="ms-rteTable-default" style="width:25%;">3 mi</td><td class="ms-rteTable-default" style="width:25%;">5 mi</td></tr><tr><td class="ms-rteTable-default">2023 Population</td><td class="ms-rteTable-default">12,988</td><td class="ms-rteTable-default">110,633</td><td class="ms-rteTable-default">346,178</td></tr><tr><td class="ms-rteTable-default">2028 Population</td><td class="ms-rteTable-default">15,488</td><td class="ms-rteTable-default">123,247</td><td class="ms-rteTable-default">382,849<br></td></tr></tbody></table><p><em style="font-size:11px;">Source: U.S. Census Bureau, American Community Survey 5-yr Estimates​</em></p></div>5GP0|#7fac56ca-18cc-439e-b3d9-02dca4d85fa2;L0|#07fac56ca-18cc-439e-b3d9-02dca4d85fa2|Jefferson;GTSet|#a34b90d3-8600-496b-a17d-9e6a6a91b4a4;GPP|#9b756e7d-3a95-4121-819b-74d055e8995a;GPP|#41a9ade5-c6dd-4fde-b0e5-5e7e8ca254daTextBlock
Items B-Fhttps://www.investinphoenix.com/Lists/DynamicPageSections/DispForm.aspx?ID=496Items B-F<div class="ExternalClassF067BC794CAF46E2AB54417599587792"><h2>​Area Highlights​<br></h2><p></p><ul><li>One mile from Central Business District – 100,000  employees</li><li>ASU – Downtown Campus with 11,000 students</li><li>Phoenix Biomedical Core</li><ul><li>The highest concentration of research scientists in the region</li></ul><li>Phoenix Convention Center</li><ul><li>Nearly 1 million annual guests</li></ul><li>Chase Field and Footprint Arena<br></li><li>Site Immediately Adjacent to​:<br></li><ul><li>​Light Rail<br></li><li>Eastlake Park​</li></ul><li>Minutes from:​<br></li><ul><li>1-10, I-17, AZ-51 & AZ-202 Freeways</li><li>Sky Harbor International Airport</li></ul></ul><h2><br></h2><h2>Desired Project<br></h2><ul><li>A mixed-use project with predominantly residential use.</li><ul><li>Ground floor must contain a non-residential use with activation and amenities</li><li>Amenities and uses should enhance the neighborhood and honor its history.</li></ul><li>Affordable & Workforce Housing</li><ul><li>50% or more of all residential units must come from the following two categories:</li><ul><li>​<span style="text-decoration:underline;">Affordable</span> - ​​​​Units must be available at rents not exceeding 30% of income for households earning 60% or less of the Area Median Income (AMI)</li><li>​<span style="text-decoration:underline;">Workforce</span> - Units must be made available at rents not exceeding 30% of income for households earning between 80% to 120% of the AMI</li></ul></ul><li>Proposed project should include a variety of unit sizes across all proposed classifications of unit types (affordable, workforce and market-rate).</li><li>If the project includes multiple buildings, each building must include a mix of all proposed classifications of unit types.</li><li>Housing units across all included classifications of unit types must be available for occupancy within 36 months of escrow closing.</li><li>No demarcation between, or segregation of, proposed unit-type classifications.​<br></li></ul><div><br></div><div><br></div><h2>Offer Requirements​<br></h2><p></p><ul><li>A member of the offeror's team must demonstrate experience successfully completing at least one vertical mixed-use development of at least three stories in the last five years.</li><li>Project must be mixed-income and offer both affordable and workforce housing units, which in aggregate must represent at least 50 percent of all units.</li><li>Offer a value equal to or greater than the Site's appraised value. The Site was appraised in October 2023 at a value of $1,524,000.</li></ul><p><span style="text-decoration:underline;">Offers not meeting the three aforementioned requirements will not be considered.</span></p><p><strong>​</strong><strong>Submit Offers to </strong><a href="mailto:jeff.stapleton@phoenix.gov"><strong>jeff.stapleton@phoenix.gov</strong></a><strong> </strong><strong>by 11:59 p.m. on Thursday, February 29, 2024.</strong>​<br></p><h2><br></h2><h2>Appraisal​<br></h2><p></p><p>The Site appraised for $1,523,908 in October 2023. This is an aggregate total of two separate appraisals noted below:</p><ul><li>Assemblage 1: 41,351 sf | 0.95 ac</li><ul><li>Appraised Value = $1,343,908 ($32.50/sf)</li><li>Date of Appraisal – October 17, 2023</li></ul><li>Assemblage 2: 7,082 sf | 0.16 ac</li><ul><li>Appraised Value = $180,000 ($25.42/sf)</li><li>​Date of Appraisal – October 3, 2023​​<br><br></li></ul></ul><p>​<br></p><h2>Contact Info:</h2><p>Jeff Stapleton, Program Manager</p><p><a href="mailto:Jeff.stapleton@phoenix.gov" target="_blank">Jeff.stapleton@phoenix.gov</a></p><p>602-534-3162<br></p><p></p></div>10GP0|#7fac56ca-18cc-439e-b3d9-02dca4d85fa2;L0|#07fac56ca-18cc-439e-b3d9-02dca4d85fa2|Jefferson;GTSet|#a34b90d3-8600-496b-a17d-9e6a6a91b4a4;GPP|#9b756e7d-3a95-4121-819b-74d055e8995a;GPP|#41a9ade5-c6dd-4fde-b0e5-5e7e8ca254daTextBlock