The old Professional Building at Central Avenue and Monroe Street in downtown Phoenix stands tall and vacant late Tuesday afternoon. (Photo by Danielle Gregory)The owners of downtown Phoenix’s historic Professional Building are incorporating student housing needs as part of their strategy to help sell the building after plans to make it a boutique hotel fell through.
ML Manager LLC, the current owner of the 13-story, 157,000-square-foot property, is presenting the structure to potential buyers — including ASU — as a place for student apartments, classrooms or a hotel.
The building has had protected historic landmark status since its placement on the National Register of Historic Places in 1993.
Broken windows on the building’s top floors leave them open to the elements, and the lower floors are partitioned for hotel rooms.
Cardboard protects the lobby’s marble floors, and ornate brass fixtures remain in good condition despite the building’s years of neglect.
Cassidy/Turley Commercial Real Estate Services Executive Vice President Don Arones said he is optimistic that the building at Central Avenue and Monroe Street can find a good buyer, despite challenges with marketing it.
“It’s fun to market such a property in Phoenix,” Arones said. “It is such a special piece of history in Phoenix, and we are looking at all possible uses for the building, including student housing.”
He said he reached out to ASU when the Downtown campus first began development to see if the University would be interested in the space
However, the building was ultimately not included in the campus’s design plans.
Despite this, Arones said the growing Downtown campus should not rule out using the building.
“We have contacted ASU and certainly will continue to in the future, but it all depends on ASU’s needs,” he said. “It’s a great location, and ASU is growing, so you never know what will happen.”
University Planning Senior Vice President Richard Stanley said there was interest in the building in the past, but problems arose when trying to make use of the building for classrooms.
Stanley said the building is better suited for housing units because the floors are too small for classroom space.
“We never got to the point where costs were discussed,” he said. “It’s a neat old building, and we want to see it put to good use, but it is just not right for the University’s needs at the moment.”
Senior Vice President of Educational Outreach and Student Services Jim Rund said the Downtown campus has plenty of housing for its present enrollment.
“The University will do its part for student housing but let the market handle the rest of student housing needs,” Rund said.
Reach the reporter at rvalcho@asu.edu or follow him at @rvalcho
