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New 25-Story Fairmont Hotel Coming To Jackson And First Streets

by CRE Development Capital | Apr 1, 2023 | Hotel

Rendering courtesy of Fairmont Hotel & Resorts and Thunderbird Legacy Development.

Fairmont Hotels & Resorts and Thunderbird Legacy Development announced the construction of a new 25-story hotel on the southwest corner of Jackson and First streets today.

Scheduled to open in 2025, the Fairmont Phoenix will offer “a luxury hotel and residential experience,” according to the announcement, joining a portfolio of iconic hotels in North America including the Fairmont Grand del Mar in San Diego; The Plaza, a Fairmont Managed Hotel in New York City; and the Fairmont Century Plaza in Los Angeles, among others.

Thunderbird Legacy Development will co-own the project with the Arizona Opportunities Industrialization Center (Arizona OIC), a historic downtown nonprofit, which provides employment training and workforce development programs in Phoenix.

“The Downtown Phoenix community is a thriving hub filled with opportunities for new businesses,” said Phoenix Mayor Kate Gallego in the press release. “I’m particularly excited about the influx of new jobs that Fairmont Phoenix will bring to the area. It’s a great way to add beauty and economic prosperity to the city.”

The Arizona Hardware Supply Co. building where the Arizona OIC is located was built in 1920. Some of the original building will be preserved, according to design plans. (Photo: McCulloch Brothers Inc. / Arizona State University Libraries)

Arizona OIC has provided vocational training in Phoenix since 1967, and the Fairmont will be constructed atop a historic two-story brick building, known as the Arizona Hardware Supply Company. Parts of the original structure will be incorporated into the development, according to the initial design plans, and it will continue to serve as a center of operations for Arizona OIC.

Last year, City Council approved several zoning changes, including removing the building’s historic preservation overlay, allowing the project to move forward. The Arizona Hardware Supply Co. building where the OIC is located was built in 1920.

“We are thrilled to partner with Fairmont Hotels & Resorts to create a unique and iconic mixed-use development project that will set a new benchmark for luxury hospitality and residential living in Downtown Phoenix” said Dwight Alexander, managing partner of Thunderbird Legacy Development, in the press release.

Thunderbird selected global design firm Gensler as the appointed architect, which has a local office in Phoenix.

The 25-story property will feature 225 guestrooms, including 34 suites and 151 Fairmont-branded residences. Locals, owners and guests will have access to four restaurants and bars, including a full-service restaurant, a lobby bar, a rooftop pool bar and a gourmet café.

Additional property features include a spa and wellness center, health club, a rooftop pool and terrace, more than 23,000 square feet of meeting space, a business center and more.

“We are excited to announce the signing of Fairmont Phoenix, bringing the renowned Fairmont brand to the heart of Downtown Phoenix, an epicenter for innovation and growth” said Heather McCrory in the release. McCrory is the CEO of Accor North & Central America, the parent company of Fairmont.

The residential portion will have one-, two- and three-bedroom residences, plus a collection of penthouses. Homeowners will have exclusive access to their own amenities and a private entrance. Sales are expected to begin later this year.

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    We are a real estate investment firm focused on mixed use and multi-family, industrial, and storage development opportunities in the U.S., including opportunity zones.

     

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    Lawrence Jatsek

    Managing Partner

    Lawrence has been involved in real estate investment and development for over 30 years as the CEO of a general contracting and development company which included, general contracting of complex projects and ground up development predominantly in the San Francisco Bay Area. Lawrence has also had substantial involvement on hundreds of millions worth of real estate assets, involving high-rise, commercial and residential construction projects.

    Dwight Alexander

    Managing Partner

    Mr. Alexander served 22 years as a Senior Vice President of a wholesale banking institution with over $180 billion in assets. During his banking career Mr. Alexander was responsible for representing the Bank before Congress, The White House, Treasury and banking regulators. Prior to that, Mr. Alexander spent 12 years as an investment banker and financial advisor for professional sports teams, states and local governments. Mr. Alexander specialized in the financing of stadiums, sports facilities and large transportation infrastructure. In that capacity he structured and managed the issuance of over $10 billion in debt securities. He served as lead financial advisor or lead banker on 13 stadium and arena projects including the, Tennessee Titans stadium, Oakland Coliseum (arena and stadium), Camden Yards (baseball and football), the New Boston Garden, and the Phoenix Suns arena. He also served as lead financial advisor to the Bay Area Rapid Transit District (BART) on their SFO extension project as well as other general infrastructure and housing projects. Prior to his work in banking Mr. Alexander was a judicial clerk to the Honorable Linda Taliaferro, Chairman of the Pennsylvania Public Utilities Commission and served on the economic development policy staff of the Honorable Rudy Perpich, Governor of the State of Minnesota.

    Lawrence Jatsek

    Managing Partner

    Mr. Jatsek has been involved in real estate investment and development for over 30 years. Mr. Jatsek worked as a laborer and carpenter during his high school and college days gaining invaluable hands on field experience which laid the groundwork for the next 27 years in the real estate industry. After obtaining a degree in Business and Operations Management from The Ohio State University, he moved to California where he worked with large commercial contractors before starting his own general contracting and development company which included, general contracting of complex projects and ground up development in the San Francisco Bay Area. With substantial involvement on over 155 million worth of real estate assets, Mr. Jatsek brings extensive experience in real estate investment and development involving highrise, commercial and residential construction projects. He has developed and exited over $35 million worth of assets of his own real estate development projects. Mr. Jatsek holds a BS in Business Administration and Operations Management from The Ohio State University, is a licensed general contractor and a licensed real estate professional.

    Lawrence Jatsek

    Managing Partner

    Mr. Jatsek has been involved in real estate investment and development for over 30 years. Mr. Jatsek worked as a laborer and carpenter during his high school and college days gaining invaluable hands on field experience which laid the groundwork for the next 27 years in the real estate industry. After obtaining a degree in Business and Operations Management from The Ohio State University, he moved to California where he worked with large commercial contractors before starting his own general contracting and development company which included, general contracting of complex projects and ground up development in the San Francisco Bay Area. With substantial involvement on over 155 million worth of real estate assets, Mr. Jatsek brings extensive experience in real estate investment and development involving highrise, commercial and residential construction projects. He has developed and exited over $35 million worth of assets of his own real estate development projects. Mr. Jatsek holds a BS in Business Administration and Operations Management from The Ohio State University, is a licensed general contractor and a licensed real estate professional.

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