About the opportunity
Thunderbird Legacy Development is setting the benchmark for luxury hospitality and high-end residential in downtown Phoenix.
The Warehouse District in Downtown Phoenix is a compelling luxury hotel location given its close proximity to the Central Business District, Convention Center, and entertainment destinations. The surrounding area has seen significant development over the past few years and is poised to continue to attract additional commercial development moving forward.
Currently, the luxury hotel market in the Phoenix area is all clustered in resort-oriented location such as Scottsdale and Biltmore, with no true luxury hotels located in greater Downtown. As such, business travelers desiring to stay in luxury hotels are forced to stay further away from the Central Business District, though Downtown could capture some of these travelers if the product were available.
Over the past few years, both the Downtown and luxury hotel markets have performed strongly with steadily increasing occupancies and average daily rates. As such, there is a compelling opportunity for an additional luxury hotel in Downtown, which would be able to capitalize on the growth in both hotel markets.
Additionally, a luxury hotel at the site provides a compelling opportunity to oﬀer branded-residential condominiums, a product not currently available in the central Phoenix market. This product has demonstrated success in other similar markets such as South Florida.
- Total: 705,500 GSF
- Hotel: 211,000 GSF
- Residential: 320,000 GSF
- Hotel keys: 210
- Residential units: 200
- Total: 303 spaces
- Underground parking: 40,000 GSF
- Above ground parking: 110,000 GSF