I just read an interesting article with regard to the business boom happening right now in downtown Phoenix. The following stats are most interesting to me because I happen to have a great listing right now in the Roosevelt Row area. I find myself sitting on the wrap-around porch of this 1917 Craftsman bungalow, looking due south to a growing skyline of ASU, hotels, multi-level housing and dreaming about the person who will call and eventually purchase my listing. Will they be a young entrepreneur who goes out on a limb and gets a hard money loan to put in a trendy restaurant/bar? Will it be a local artist who collaborates with others to split the cost of the space and house several small niche shops? Will it be the middle aged investor who buys based on figures rather than emotion? I suppose it’s a toss but I vote for the young, gutsy and passionate. I have fielded calls from all sorts of people over the few days that this place at 902 N 5th Street has been listed and just yesterday I received “that” call from a local artist. I wish it was in her price range.
You see, the places aren’t cheap in the Roosevelt Row area anymore. What does this mean? Well, I believe it means growth of a different vein – a higher level of eating and playing. Sure there will still be the scrappy variety of artsy shops for the hipsters who founded this area and the old hippie wannabes like me who still like to frequent them, but let’s face it, the area is growing up.
By now you are probably wondering about this platform I have set up here to talk about my listing. Well, here is data comparing 2012 to 2013 specific to downtown Phoenix:
- Second quarter 2013 sales tax data shows continued, vibrant growth
- Revenues were up across the board
- 11% increase in the taxable revenue of the restaurant and bar industry
- Hotel and Motel revenue up 8.9%
- Retail Sales up 3.2%
Data for a rolling year (total of 4 consecutive quarters):
(data source: downtownphoenix.com “Come and watch the business boom in downtown Phoenix”)
These figures show that life has truly come to downtown Phoenix and it continues to grow. Give me a call if you are looking for a sweet spot for shop/restaurant/gallery! With all the foot traffic of First Fridays, ASU students, multi-level housing steps away, this is truly a sweet spot with loads of potential!
Drive by and check it out: 902 N 5th Street.