True North Studio Purchases Downtown Property in Roosevelt Row Arts District
True North Studio, LLC, a commercial real estate development company located in the Roosevelt Row Arts District in Downtown Phoenix, is excited to announce its purchase of 1001 N. Central Ave.—newly coined the “Ten-O-One” building.
"This is a marquee building for the Central Avenue corridor and a true gateway into the Roosevelt Row Arts District, the Downtown Core, historic residential neighborhoods and cultural venues around Hance Park. This building has a commanding presence in the area right next to the Light Rail Station at Roosevelt and Central,” said Founder and Principal Developer of True North Studio, Jonathon Vento.
Steve Lindley, Bob Buckley and Tracy Cartledge, with Cushman & Wakefield, brokered the $15.25 million deal on behalf of the seller. The architect is DAVIS and the contractor is Venn Construction, Western Retail is handling tenant attraction.
“Ten-o-One is the only office building of this scale located in the vibrant Roosevelt Row Arts District, exactly where talent attracted to new-economy companies want to work, live and play,” said Lindley. “This location, right at a light rail stop, will be a significant advantage in attracting the best creative and technology tenants to the building.”
Former tenants include the Maricopa County Environmental Services and Air Quality Departments (which occupied a majority of the building until the term of its lease ended in December of 2018), Cavco Homes and other business tenants.
“By adaptively reusing this building to include mixed-use, tech and creative office, and incorporating art inside and out, we believe Ten-O-One will set a new bar for Downtown Phoenix,” said Vento. “We're planning to activate the underutilized outdoors spaces, and open the ground floor for new food and beverage concepts. The parking garage has long been available only for tenants, but we plan to make it available for paid public parking as well as for tenants."
Vento has more than 30 years of experience developing over 200 projects across the country, including 44 Monroe, the tallest high rise residential tower in Arizona. True North Studio has several projects underway in downtown Phoenix including the Cambria Hotel at 222 E. Portland. The recently announced entertainment and restaurant venue Punch Bowl Social, that’s based in Denver that will occupy a True North property at 903 N. Second St. Both are set to open later this year.
For more information about True North Studio visit truenorthstudio.com.