Phoenix buys industrial property for Rio Salado revitalization project Article originally posted on HERE on May 12, 2025 An industrial property in south Phoenix now belongs to the city, marking a significant step in a long-term project to revitalize the Rio Salado. The big picture: The newly acquired site will become part of Rio Reimagined, a regional project involving the cities of Avondale, Buckeye, Mesa, Phoenix and Tempe, as well as Maricopa County and the Salt River-Pima and Gila River Indian communities. That project, which originated with a group of ASU architecture students in 1967, seeks to transform about 55 miles of the Salt and Gila rivers with projects to beautify the area and turn it into a walkable destination. Driving the news: Phoenix last month purchased a nearly 30-acre industrial property at 7th Street and the Rio Salado, currently occupied by Ace Asphalt of Arizona Inc., from ATLAS Capital Partners for $29.5 million. The purchase ensures the site’s future integration into the city’s revitalization plans and Ace Asphalt will remain on the property until the end of its lease in 2028. Zoom in: Although no plans have been made, according to Christine Mackay, the city’s community and economic development director, the existing building will likely be demolished. The city envisions the land as an “outdoor draw-you-back-to-the-river” area that could be home to amenities like restaurants, open space, a hotel or an outdoor music venue. The city expects to begin soliciting proposals from developers in 2027, she said. State of play: Phoenix’s portion of Rio Reimagined, dubbed RIO PHX, spans 20 miles. The project has four phases, and the 7th Street property sits in the heart of the first phase, which runs from University Drive to 19th Avenue. Unlike the Ace Asphalt property, much of the land along the river in Phoenix will remain privately owned while being incorporated into the Rio Reimagined project. 1 big question: Mackay said people often ask her whether the river will be filled with water, like Tempe Town Lake, with the Rio Reimagined project. The answer is “no.” The riverbed will remain dry in Phoenix. What’s next: The first segment of phase one will be the section between Central Avenue and 14th Street. That includes the Arizona Fresh Agri-food Innovation Center, expected to include a permanent farmers market and park, and to create about 1,400 jobs. As part of those plans, the city in October will begin relocating a flare station to burn off methane from the former Del Rio Landfill. The city is also planning two projects along 3rd Street — a bicycle and pedestrian bridge, and a connection of the river’s north bank to the intersection of 3rd and Lincoln streets. What we’re watching: Mackay said Phoenix’s part of Rio Reimagined will be a 25- to 40-year project, with most of the work happening in the first 25.