Multi-Use Project 'Ro2' on Roosevelt Row Moving Forward
Dubbed Ro2 because of its location on Second Street just north of Roosevelt Street, True North Holdings submitted the only proposal to develop seven lots of city-owned land. The developer purchased the lots from the city for the full appraised value of $3.5 million — more than $2.5 million of the profits Phoenix receives from the sale will be placed into the downtown community reinvestment fund, and $1 million will be added to the general fund.
Preliminary plans include a four-structure project with 32 residential units, 1,200 parking spaces, 305,000 square feet of commercial office space, and 77,000 square feet of retail space. Of the four structures, one will include 19 stories and two will include five stories.
The final plans will likely differ from the preliminary proposal, says Ryan Kerr, development manager for True North Holdings. The city and developer have six months to work on plan specifics that must include permits secured within 18 months and the project completed within 36 months thereafter.
The project will incorporate the surrounding art district, including an existing historic house called the Knipe House, which will be renovated into a space for retail, community events, and education. The Knipe Village, a section of Ro2, will feature office space for creatives, artist housing, galleries, and restaurants.
Dorina Bustamante, a consultant for the community redevelopment project, explained the goal was to bring back artists to the community after having housed various galleries that had closed or relocated due to the recent redevelopment in the area. “Spaces will be priced so they’re affordable for creative entrepreneurs,” says Bustamante, although specific price points have yet to be announced.