New $117 million development in downtown Phoenix will preserve this historic building

Article originally posted on HERE on May 6, 2025

Phoenix has adopted an agreement for a new development at Central Avenue and Madison Street. The project involves preserving a historic building that dates back to the early 20th century.

Denver developer Aardex is planning the construction of a $117 million multifamily apartment-commercial space. The area includes the Pratt-Gilbert Building, which was previously an equipment machine store and attorneys’ offices.

Over time, the building was modified. Helana Ruter, a historic preservation officer with the city, says one of the building’s added features deterred its eligibility for a historic designation.

“It’s interesting because if you walk by the front of the building, or just say the front and the side, you’ll see there’s pretty big rock panels,” she said.

Officials eventually gave the structure the designation in 2001 after analysis of its neoclassical style in the architectural detail.