Tempe considers buying historic buildings on Mill Avenue; popular music venue to close

Article originally posted on Phoenix Business Journal on January 9, 2026

Those buildings include the Tempe National Bank at 526 S. Mill Ave. — built in 1912 — and the Tempe Hardware Building at 520 S. Mill Ave., which was constructed in 1898. Both are listed in the Tempe Historic Property Register and are home to a live music venue, retail shops and offices.

Tempe City Council will consider a resolution during its Jan. 8 meeting that would authorize the purchase of the buildings, which sit side-by-side on historic Mill Avenue. A budget for purchase of the buildings hasn’t been made, Tempe Economic Development Director April Kroner told the Phoenix Business Journal. That’s because the city still needs appraisals.

Kroner said the city won’t pay more than fair market value, noting that the funding for the historic buildings is expected to come from a 2024 special bond election where voters approved historic property acquisitions. If the city can reach an agreement, it plans to “preserve the buildings for future generations and create more opportunities for small, local businesses,” according to a Jan. 6 announcement from the city.

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