The Osborn Marketplace & The Astor at Osborn
Class A mixed-use transit-oriented development, located in the heart of Midtown Phoenix.
Location
Product Type
Timeline
Project Completion: February 2018/July 2019
Overview
The Osborn Marketplace and The Astor at Osborn is a 5.96-acre, transit-oriented development, located at the southwest corner of 7th Avenue and Osborn Road, located in the heart of Midtown Phoenix. The site is conveniently located a 1/2 mile from the Central and Osborn Valley Metro Light Rail stop that connects the west and east valley. The location also benefits from being across the street from Dignity Health St. Joseph’s Hospital & Medical Center along with Phoenix College, 1/4 mile west of the project.
The Osborn Marketplace is a 45,000-square-foot Sprouts grocery anchored shopping center utilizing an existing retail structure. Additionally, the center offers a Starbucks drive-thru and over 12,000 square feet of shop space including OrangeTheory Fitness, Jersey Mike’s Subs, and Jamba Juice.
High Street Residential, the wholly-owned residential subsidiary of TCC, developed The Astor at Osborn, a 5-story, Class A residential building featuring 190 Class A residences ranging in size from 583-to-1,358 square feet that wraps a 5-story parking garage.
The Astor at Osborn’s lobby features modern and eclectic furniture and décor with a concierge desk and leasing office with “genius bar” concept and interactive TV, including a coffee bar and interactive lounge space. Residents have access to a large club room with buffet kitchen, lounge spaces, gaming area, and Wi-Fi throughout the common areas. The project also features an indoor/outdoor connection to the outdoor amenities, which includes a resort style pool, courtyard, shaded lounge areas, fire pits, outdoor kitchen and grills, hammocks, yoga lawn, lush landscaping, and site lighting. Interior amenities include a fitness room, bike storage, dog spa, valet trash service, and a guest suite for visitors.
Opportunity, Solutions & Outcomes
The site was formerly a 73,000-square-foot shopping center built in 1956. A portion of the existing structure was redeveloped for Sprouts grocery store and shop space users. The site was rezoned from the existing C-2 commercial designation to a PUD (Planned Unit Development) designation, allowing for greater flexibility and density.
In a supply constrained central core, The Osborn Marketplace is a rare reposition opportunity of a well located, underutilized 1956 vintage shopping center. The Astor at Osborn will deliver a distinctive mix of newly constructed Class-A multifamily with the adaptive reuse of the existing retail center.
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