For Sale ±10.1 Acres
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The Premier Mixed Use Development FLAGSTAFF MALL Opportunity in Flagstaff FLAGSTAFF MEDICAL CENTER SUPERCENTER LOWELL OBSERVATORY 66 ±40,281 VPD WALKUP SKYDOME 40 UNIVERSITY AVENUE ±6,669 VPD SITE MILTON ROAD FOR SALE WOODLANS VILLAGE BLVD ±10.1 ACRES ±30,692 VPD 17 DON ARONES BRENT MALLONEE Managing Director Senior Director +1 602 224 4432 +1 602 224 4437 [email protected] [email protected] 2555 E. Camelback Rd, Suite 400 Milltown Phoenix, Arizona 85016 ph: +1 602 954 9000 SWC MILTON ROAD & UNIVERSITY AVENUE | FLAGSTAFF, AZ fx: +1 602 468 8588 cushmanwakefield.com PROPERTY OVERVIEW Site Summary SWC Milton Road & University Avenue UNIVERSITY AVENUE PROPERTY Flagstaff, Arizona SIZE ±10.01 AC SITE ±29,040 VPD ZONING Commercial UNIVERSITY DRIVE ±7,225 VPD Investment Highlights • Premier Development Opportunity MILTON ROAD • Key Intersection at Entrance to Flagstaff and NAU • Potential for multiple uses, i.e. Retail, Residential, WALKUP SKYDOME Hospitality, etc. • In place Zoning & Entitlement 2 | CUSHMAN & WAKEFIELD APPROVED PLANS BEULAH BOULEVARD FUTURE RESIDENTIAL AND/OR HOTEL OPPORTUNITY UNIVERSITY AVENUE PAD 1 PAD 2 PAD 3 MILTON ROAD CUSHMAN & WAKEFIELD | 3 PROPERTY OVERVIEW Mill Town (“The Property”) is a rare opportunity to own a ±10.01-acre, high profile development site in Flagstaff, Arizona. Located on the southwest corner of Milton Road and University Drive, The Property is currently entitled for a high density, mixed- use development that includes a 348-unit (1,186 beds), five-story residential project and three retail pads that front Milton Road. Current entitlements also include a parking garage with 900+ parking spaces and an additional 147 surface parking spaces to service the ±20,000 square feet of commercial space. With City approval, development options include but are not limited to, multi-family, hotel, student housing and commercial space uses including retail or office. There is a Development Agreement in place for The Property with the City of Flagstaff and Arizona Department of Transportation (ADOT) for transportation improvements to the intersection aligning University Drive on the east and west sides of Milton Road and the Milton Road Underpass, a planned underpass beneath Milton Road, for pedestrians and bicyclists. The Property sits at one of the most desirable and visible intersections in Flagstaff, directly across from Northern Arizona University (NAU) and fronting Milton Road, which is the primary artery for residents and visitors traveling into Flagstaff from I-17 and I-40. Combined, it’s north and southbound traffic is over 59,000 cars per day (ESRI, 2020). The Flagstaff market has high barriers to entry, with little to no opportunities for new commercial development. The Property, with in-place entitlements, allows a buyer to immediately move forward with a mixed-use development on one of the most recognized intersection in the city. With an elevation of nearly 7,000 feet, Flagstaff is a true four seasons destination in northern Arizona. Located at the base of the San Francisco Peaks, Flagstaff offers it’s 75,752 residents and over 5 million annual visitors year-round activities from hiking and biking to skiing and sledding. Arizona’s 15th largest city is one of the fastest growing areas with an annual population growth rate of 15% since the 2010 census. Nearly 60% of Flagstaff’s population falls in the GenZ or Millennial generation category and 39% have a bachelor’s degree or higher. Flagstaff has a median household income of $58,748 (2019). Nearly 53% of Flagstaff households are renters and effective monthly rental rate of $1,444. While 2020 impacted Flagstaff’s employment rates, it is expected to return to pre-COVID level of 68.1 thousand by 2023. Historically, tourism and hospitality are Flagstaff’s number one industry, employing over 8,000 people and contributing over $563 million each year to the local economy. Northern Arizona University (NAU) is Flagstaff’s second largest employer with 2,815 employees. One of Arizona’s three public universities, NAU has a 2020 total student enrollment of nearly 30,000 students, with 21,495 of them enrolled at the Flagstaff or Phoenix Biomedical campuses. NAU has 15 athletic teams that compete in the NCAA Division 1 Big Sky and WAC conferences bringing fans, alumni and supporters together on the Flagstaff campus to celebrate The Lumberjacks. 4 | CUSHMAN & WAKEFIELD PROPERTY OVERVIEW CUSHMAN & WAKEFIELD | 5 CHESHIRE TOWNSEND WINONA RD LINDSEY RD 180 FALLEN PNE PICTURE CANYON NATURAL PROPERTY OVERVIEW AND CULTURAL PRESERVE 89 DODGEAVE FOREST SERVICE 515 RD CHRISTENSEN BUFFALO PARK PENSTOCK AVE FS 9173B RD RAILHEAD AVE Demographics RAIN VALLEY RD COCONINO FLAGSTAFF MALL LINDA VISTA DR COUNTY SANTA FE AVE TOTAL TOTAL TOTAL CEDAR AVE LOCKETT RD AVERAGE OBSERVATORY MESA MEADE LN HOUSEHOLDS POPULATION POPULATION 1ST ST HOUSEHOLD INCOME PINE AVE COCONINO HIGH 4THST 2020 2020 2025 CEDAR AVE SCHOOL 66 CONTINENTAL 180 FLAGSTAFF FOREST AVE 6TH AVE SPORTS COMPLEX MEDICAL CENTER 4TH AVE $67,307 4,430 7,628 16,414 THORPE RD IZABEL ST 5 MINUTES THORPE CENTER ST 3RD AVE OBSERVATORY MESA OBSERVATORY MESA COUNTRY CLUBDR $78,270 13,302 42,062 44,323 LOWELL FLAGSTAFF 10 MINUTES OBSERVATORY HUMPHREYS ST TOLTEC ST BONITO ST SAN FRANCISCO ST CONTINENTAL DR ROUTE 66 ELDEN ST HUNTINGTON DR BENTON AVE MILTON RD 15 MINUTES $86,389 27,675 79,764 83,857 FOXGLENN OLD WALNUT CANYON RD BUTLER AVE LONE TREERD PARK COCA COLA PINE FOREST BUTLER AVE CONTINENTAL BOTTLING SCHOOL BEAVER ST BUTLER AVE GOLF CLUB 20 MINUTES $87,657 30,139 86,352 90,719 HEROLD RANCH RD 66 RANCH RD 25 MINUTES $89,138 33,209 94,681 99,473 NORTHERN ARIZONA UNIVERSITY SAN FRANCISCO ST PINE KNOLL DR BEECH DR 4THST 30 MINUTES $89,371 34,040 96,909 101,830 FLAGSTAFF RANCH ZUNI DR LONE TREE RD LAKE MARY RD Source: ESRI 2020 MANUEL DEMIGUEL COCONINO ELEMENTARY SCHOOL COUNTY MOUNTAIN SCHOOL 6 | CUSHMAN & WAKEFIELD ·r ·r CHESHIRE TOWNSEND WINONA RD LINDSEY RD 180 FALLEN PNE PICTURE CANYON NATURAL MARKET & AREA OVERVIEW AND CULTURAL PRESERVE 89 DODGEAVE FOREST SERVICE 515 RD CHRISTENSEN BUFFALO PARK PENSTOCK AVE FS 9173B RD RAILHEAD AVE RAIN VALLEY RD COCONINO FLAGSTAFF MALL COUNTY LINDA VISTA DR NEW HOUSING DATA SANTA FE AVE CEDAR AVE LOCKETT RD OBSERVATORY MESA MEADE LN 1ST ST PINE AVE COCONINO HIGH 4THST CEDAR AVE SCHOOL 66 CONTINENTAL 180 FLAGSTAFF FOREST AVE 6TH AVE SPORTS COMPLEX MEDICAL CENTER 4TH AVE THORPE RD IZABEL ST THORPE CENTER ST 3RD AVE LUXURY OBSERVATORY MESA APARTMENTS OBSERVATORYAPARTMENTS MESA LOWELL FLAGSTAFF COUNTRY CLUBDR OBSERVATORY HUMPHREYS ST TOLTEC ST BONITO ST SAN FRANCISCO ST CONTINENTAL DR 5,425 646 ROUTE 66 Units (3 properties) ELDEN ST HUNTINGTON DR Units (±40 properties) BENTON AVE MILTON RD FOXGLENN OLD WALNUT CANYON RD BUTLER AVE *Class A space 50 units LONE TREERD PARK *properties 50 PINE FOREST BUTLER AVE COCA COLA or more CONTINENTAL unitsBOTTLING or more SCHOOL BEAVER ST BUTLER AVE GOLF CLUB HEROLD RANCH RD 66 RANCH RD NORTHERN ARIZONA UNIVERSITY SAN FRANCISCO ST PINE KNOLL DR BEECH DR 4THST AVERAGE PRICE AVERAGE RENT PER SF FLAGSTAFF RANCH ZUNI DR $1,463 LONE TREE RD LAKE MARY RD $1.72/SFMANUEL DEMIGUEL Per Unit COCONINO ELEMENTARY SCHOOL COUNTY MOUNTAIN SCHOOL 7 | CUSHMAN & WAKEFIELD CUSHMAN & WAKEFIELD | 7 ·r ·r AERIAL FACING SOUTHEAST 40 WALKUP SKYDOME 17 ±30,692 VPD MILTON ROAD ±7,225 VPD SITE ±29,040 VPD UNIVERSITY AVENUE ±6,669 VPD WOODLANS VILLAGE BLVD 66 AERIAL FACING EAST WALKUP SKYDOME ±7,225 VPD MILTON ROAD ±29,040 VPD SITE UNIVERSITY AVENUE ±6,669 VPD WOODLANS VILLAGE BLVD 9 | CUSHMAN & WAKEFIELD 66 AERIAL FACING NORTHWEST WALKUP SKYDOME UNIVERSITY AVENUE SITE ±29,040 VPD ±7,225 VPD UNIVERSITY DRIVE MILTON ROAD ±7,225 VPD ±29,040 VPD MILTON ROAD SITE WALKUP SKYDOME UNIVERSITY AVENUE ±6,669 VPD WOODLANS VILLAGE BLVD CUSHMAN & WAKEFIELD | 10 ±66,402 VPD 89 Mt Elden Middle School AERIAL MAP LOCKETT ROAD CEDAR AVENUE Coconino High School INDUSTRIAL DRIVE 66 FOREST AVENUE Flagstaff Medical DRIVE CLUB COUNTRY Center 40 Flagstaff High School FOURTH STREET ±20,478 VPD Continental Country Lowell Club Observatory Flagstaff Historic City Hall Downtown Flagstaff SUPERCENTER Sinagua ±20,797 VPD Middle School PONDEROSA PARKWAY ±33,068 VPD ±26,043 VPD ±198 Units BUTLER AVENUE 66 HUNTINGTON DRIVE Thomas M Knoles Elementary School NAU Art Museum Aspen Place at The Sawmill BUTLER AVENUE The Grove at Flagstaff ±270 Units 66 ±29,040 VPD MILTON ROAD MILTON SITE ±31,000 Students Walkup Skydome ±40,281 VPD LONE TREE ROAD LONE MCCONNELL DRIVE 40 17 11 | CUSHMAN & WAKEFIELD ±30,692 VPD 40 PLANNED STREET IMPROVEMENTS AND PEDESTRIAN UNDERPASS BELOW MILTON Convenient pedestrian access for ±5,000 students and visitors crossing daily CUSHMAN & WAKEFIELD | 12 MARKET & AREA OVERVIEW Number of Employees for Top Flagstaff Employers Northern Arizona University (2,815 employees) Flagstaff Medical Center (2,350 employees) Number of EmployeesW. L. Gore for & Top Associates Flagstaff Inc. (2,200 employees) Employers Walmart Inc. (630 employees) Employment Northern Arizona University (2,815 employees) BNSF Railway (600 employees) Flagstaff Medical Center (2,350 employees) Metropolitan Flagstaff is a governmental, Navajo Nation Gaming (514 employees) W. L. Gore & Associates Inc. (2,200 employees) educational, transportation, cultural, and Grand Canyon Railway Inc. (421 employees) Walmart Inc. (630 employees) Nestle Purina Petcare (305 employees) commercial center. Government is one of the BNSF Railway (600 employees) Coconino Community College (300 employees) largest employment sectors. Navajo Nation Gaming (514 employees) North Country Healthcare (275 employees) Tourism is also a large employer as the City Grand Canyon Railway Inc. (421 employees) Little America Hotel (275 employees) sees over 5 million visitors a year. Nestle Purina Petcare (305 employees) Dell Systems (250 employees) Coconino Community College (300 employees) In addition, the City houses other scientific The Guidance Center (210 employees) North Country Healthcare (275 employees) and high tech research and development U.S.