The 13-story Art Deco Professional Building at Central Avenue and Monroe Street in the heart of downtown Phoenix has been sold to CSM Corporation and will be converted into a premium select-service hotel.
The building originally opened in 1932, housing the offices for Valley Bank and Trust and the Maricopa County Medical Society above. It is traditional Art Deco style with strong vertical lines, a central tower with setback wings and windows, and decorative grills above the main entrance. at Monroe Street and Central Avenue. The building was immortalized in Alfred Hitchcock’s iconic 1960 film, Psycho. In 1993, the Professional Building was included on the National Register of Historic Places and was vacated in 2000.
An earlier planned restoration failed with the bankruptcy of the project's primary lender, Mortgages Ltd. It was due for completion in 2008.
The CSM restoration project is currently budgeted at $40 million, and is planned to include renovation of the exterior, installation of new insulated windows, new mechanical, electrical, and plumbing systems, and full renovation of the former bank lobby. It will include a lobby bar and coffee shop. The facility will comprise 165 guest rooms on 12 floors, 5,000 square feet of meeting space, a 1,300-square-foot fitness center, a business center, a rooftop terrace, and parking. The plan also includes about 8,000 square feet of retail space along Central.
Completion of the project is scheduled to be completed in time for the National Football League's 2015 Super Bowl.
The 13-story Art Deco structure opened in 1932, housing the offices for Valley Bank and Trust on the three lower levels, and the Maricopa County Medical Society above. Its classic Art Deco style is reminiscent of the period with its strong vertical lines, central tower with setback wings and windows, and decorative grills above the main entrance at Monroe Street and Central Avenue.
According to CSM, the company is currently in negotiations with potential tenants and is exploring partnership possibilities, including branding options such as Hilton and Marriott. CSM expects the opening of the hotel to add 105 jobs to the downtown Phoenix marketplace, and its construction is expected to create 106 jobs. In additional to the $40 million project price tag, the overall economic and fiscal impact to Phoenix is estimated at $18 million, according to a study by Elliott Pollack.
CSM's hospitality management, ownership, and development division owns and operates 39 hotels throughout the United States.
“Our company has a particular love for bringing landmark properties back to life, transforming them into hotel space the public can enjoy, and providing a future of commercial viability,” Bill Upshaw, president of CSM Lodging, said in a press statement. “CSM Lodging feels this property is ideally situated to be converted to a premium select service property, which is currently missing from the downtown market.”