On April 9, 2025, Phoenix City Council adopted Ordinance S-51813 to enter into agreements with Aardex LLC for a two-phase redevelopment at the southwest corner of Central Avenue and Madison Street. The $117 million project will include the adaptive reuse of a 13,500 sq ft historic building (Madison Phase) and the construction of a 14-story, 262-unit multifamily residential tower (Jackson Phase) with 6,800 sq ft of ground-floor retail and 202 parking spaces. The City will lease the site back to the developer for up to 25 years under a GPLET structure with no tax abatement. Rent revenue will total $643,750 over the lease term, and construction will generate an estimated $1.1 million in sales tax. Aardex will contribute 100% of the City's share of property taxes during the lease term to the City's Affordable Housing Trust Fund, enhancing its commitment to affordable housing initiatives.
This project revitalizes a key downtown site through historic preservation and high-density residential development while supporting the City's affordable housing goals via a dedicated trust fund contribution.