A historic building in downtown Phoenix, the Pratt-Gilbert Building, is set to be transformed into about 30,000 SF of new retail and restaurant space. This is part of a larger development that could also include a 14-story residential tower with 245 units on the southern portion of the lot. The Pratt-Gilbert Building, completed in 1913, will undergo restoration, with plans to emphasize its original appearance. The development is slated for completion by the end of 2026. Community outreach is ongoing to gather feedback on the project.
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A full-service lease is a lease that has one, all-inclusive rental rate which includes both the base lease rate and the operating expenses combined into one figure.
A modified gross lease is a lease where the tenant pays base rent at the lease’s inception, but it takes on a proportional share of some of the other costs associated with the property as well, such as property taxes, utilities, insurance, and maintenance.
A triple net lease is a lease agreement on a property whereby the tenant or lessee promises to pay all the expenses of the property, including real estate taxes, building insurance, and maintenance. These expenses are in addition to the cost of rent and utilities.
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