The historic Hotel Monroe may find a new buyer next month if all goes well. I had a great talk with Mark Snyder yesterday to catch up on the latest project news.
Mark Synder, a partner with Synder Worldwide Real Estate, is excited about this property he represents and describes as one of the most important historic buildings in Arizona. I thought this a great realization as many commercial real estate brokers care little about the historic value of a building… only its commercial or monetary worth.
Synder says the renovation project that began and failed a few years ago is about 1/3 complete. Some of the floors are completely framed out and much remains to be done. He estimates an additional 30 million will be needed to finish the build-out. On the good news side, much of the ground work has been done to qualify for historic federal tax credits and the property is already on the both state and federal historic registers.
A BIT OF HISTORY:
- Built in 1930-1932, this building was originally titled “The Professional Building”.
- Currently the largest/tallest historic building in Arizona with approximately 157,000 sq.ft. of space.
- Built from concrete with Indiana (AKA Bedford) limestone facings.
- The project architects were Morgan, Wall and Clements. Morgan, Wall and Clements were well known for their work in California. The link above has information about many of their lavish designs.
- H.H. Greene was also involved in the design and building of this project. He is well known for his work with Dwight Heard.
- The architectural style is Moderne and sometimes called Los Angeles Modern.
- The ornamental bronze work on the doorway facing Central Ave is made of bronze. I am told the elevator doors are of matching design and materials.
- The top story was added in 1958.
WOULD YOU LIKE TO OWN A PIECE OF HISTORY?
Bids to purchase the Hotel Monroe are currently being accepted. However, the time to act is ticking quickly. Mark Snyder tells me the bidding ends on November 10th. However, he’d be delighted to provide interested parties all applicable information. Naturally, a confidentiality agreement would have to be signed.
You can contact Mr. Snyder at Mark@brokerhotel.com or 480-344-7500. If you tell him the Urban Team excited you about this project he may buy us lunch at Bliss Rebar.
Best to you,
The Urban Connection Team