for sale
Ellis Building
135 N 2nd Ave | Phoenix, AZ 85003
Investment Highlights
- Adaptive-reuse hotel conversion of a former office/mixed-use asset in Downtown Phoenix
- Accelerated time-to-market and cash flow versus ground-up development
- Early interest from leading hospitality brands: Marriott, Hilton, IHG
- Building benefits from two powerful incentives: Historic Tax Credits and Opportunity Zone program
- Blocks away from the Convention Center, Mortgage Matchup Center, Chase Field, and ASU Downtown
Property Description
The Ellis Building, located at 2nd Avenue and Monroe in the heart of Downtown Phoenix, presents a compelling opportunity for an upscale hotel conversion. Situated within a Qualified Opportunity Zone, the asset offers meaningful tax advantages while benefiting from irreplaceable proximity to the Phoenix Convention Center—where the city has identified a need for 800–1,200 additional hotel rooms to support future convention demand.
Immediate access to the Mortgage Matchup Center (Phoenix Suns), Chase Field (Arizona Diamondbacks), and ASU’s Downtown Campus drives year-round demand from events, sports, and academic travel. The building’s historic architecture is well suited for adaptive-reuse lifestyle brands such as Tribute Portfolio by Marriott, Tempo, Tapestry, Curio by Hilton or voco by IHG, positioning the property for a high-value hospitality use aligned with Downtown Phoenix’s accelerating growth.
Location Description
Phoenix, the fifth-largest city in the United States, has a booming economy driven by a variety of industries, including healthcare, technology, finance, and manufacturing. Some significant businesses include Banner Health, Honeywell Aerospace, Intel Corporation, and Wells Fargo. Additionally, Phoenix, features vast parks, world-class golf, and diverse dining, offering a vibrant mix of modern amenities and desert beauty.
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Click the “Complete Confidentiality Agreement” button below to access the due diligence files. After you submit the CA form, you will receive an automated email with links to the due diligence files and offering memorandum.
Kishan Gohel
Senior Vice President
AZ #SA684403000
(480) 766-6014
kishan.gohel@newgenadv.com
BROKER OF RECORD
Dinesh “Dan” Rama
NewGen Advisory AZ, LLC
AZ #BR515223000