​​​​​​​​​​​​​​​​​​​​​​​  ​​ ​ Now available, the opportunity to purchase and redevelop an iconic building and parcel with multi-modal access to the entire Valley of the Sun. With the success of Valley Metro light rail and proximity to Phoenix Sky Harbor International Airport, the Gateway District is reclaiming its potential as not only a portal to the City but a key economic and transit destination for the region. Phoenix Community and Economic Development, in partnership with the Phoenix Aviation Department, is accepting offers for the purchase of the City-owned parcel at 1 South 24th Street in Phoenix (Site) and the adaptive reuse of the former First National Bank of Arizona Building (Building), concrete parasols, and drive-through (inclusively, Improvements). The Site is at the heart of the Gateway District. Designed by Kenneth Oberg and built in 1966, the Building is known for its inter-locking precast concrete hexagonal parasols and is featured in the book, Mid-century Marvels: Commercial Architecture of Phoenix 1945-1975​. 

In December 2018, a human-caused fire damaged portions of the Building. A professional assessment and report of the current Building conditions were completed in May 2020 and estimate it will cost approximately $1.1 million to rehabilitate the Building. 

The assessment determined that the Building structure and architecturally significant elements are in good condition. The building is of significant historic relevance to both the City and the Historic Preservation Community and maintains its eligibility for historic designation. Steps will need to be taken to ensure the protection of the Building.​​​​

Quick Facts​

  • For Sale As-is
  • $480,000 - Minimum Purchase Price
  • 1.55 Acres
  • 5,460 square-foot main building
  • Current Zoning
    • C-3, General Commercial at the southern portion of the site
    • A-1, Light Industrial at the northern portion of the site
  • Subject to the Reinvent Phoenix – Gateway Transit-Oriented Development
  • Policy Plan
  • Opportunity Zone
  • Eligible for Phoenix Historic Preservation Designation
  • Utilities
    • Electric - Arizona Public Service
    • Natural gas - Southwest Gas
    • Water and sewer - City of Phoenix
  • Access
    • Phoenix Sky Harbor International Airport
    • Two Valley Metro Light Rail stations on-site
    • Adjoins three Valley Metro bus routes
    • Frontage and access on three arterial streets
    • Freeway access (I-10, I-17, SR-51, SR-143, and SR-202)


Photo, 1 S. 24th Sc., Phoenix
Photo, First National Aerial map

Development and Offer Considerations

  • The property shall be subject to a 30-year preservation conservation easement
  • The city will require an avigation easement due to its proximity to Phoenix Sky Harbor International Airport
  • Development must include an adaptive reuse of the improvements
  • Development cannot include residential uses​

​Offers and concepts must detail the following, at a minimum:

  1. How new construction will provide an innovative and high-quality design that preserves and adaptively reuses the Building. Any new construction must be aesthetically and functionally compatible with the existing Improvements and plans for neighborhood redevelopment and enhancement (see item 3, below).
  2. How the development will enhance pedestrian-oriented amenities and promote walkability for transit users and pedestrians, which may include shade, appropriate landscaping, and bicycle racks.
  3. Consistency with the Reinvent Phoenix - Gateway TOD Policy Plan and all other applicable regulations, guidelines and adopted plans, including the Historic Preservation Design Guidelines, Complete Streets Program, the Bicycle Master Plan, and the Tree and
    Shade Master Plan.​

​Deadline to submit offers:
1:00 PM MST on Friday, April 30, 2021

Offers, questions, and site visit requests may be submitted to:

Courtney Carter
Economic Development Program Manager
City of Phoenix Community and Economic Development


Nathan Wright
Deputy Economic Development Director
City of Phoenix Community and Economic Development

The City reserves the right to reject any and all offers and to accept the offer that, in its judgment, will provide the best quality development for the City.​​​​

Illustration, 1 S 24th St. floor plan