Aardex Completes Adaptive Reuse Renovation of Historic Retail Property in Downtown Phoenix

Denver-based development firm Aardex recently announced the completion of renovation work at One West Madison in downtown Phoenix. The extensive adaptive reuse project delivered a fully modernized, flexible, and move-in ready property that incorporates 27,000 square feet of commercial space in the heart of Phoenix at one of the city’s most active and visible locations.

Acquired by Aardex in 2022, One West Madison has more than a century of history, which the developer tried to honor during the renovation by preserving the character and scale of the original structure. Historically known as the Pratt-Gilbert Building, the property now includes roughly 13,500 square feet of ground-floor, central Phoenix retail space, as well as an activated basement level — a rarity in the market — and opportunities for experiential uses.

“Completing One West Madison represents an important milestone in our broader downtown Phoenix strategy,” said Caleb Hebel, principal at Aardex. “We saw an opportunity to take a historic building in a location that continues to gain momentum and reposition it as a high-quality, adaptable space that’s ready to be used right away. Its size and layout open the door for a wide range of concepts from flagship retail and food hall uses to experiential and entertainment-driven tenants.”

The project design sought to emphasize openness and visibility with storefront windows on three sides, ceiling heights up to 18 feet and exposed structural elements. Indoor-outdoor connectivity and planned patio seating support flexible use and an active streetscape.

Additionally, the renovation featured fully upgraded building systems, including new plumbing, electrical, fire, life safety, and security and HVAC systems, as well as a Cordia chilled water loop that was designed for efficient, cost-effective operations.

At the basement level, Aardex will introduce The Vault on Madison — a climate-controlled self-storage concept that is anticipated to open next month. In addition to The Vault, basement space remains available to support expanded food and beverage or entertainment uses, including the possibility of speakeasies, cigar lounges, game-driven venues or other experiential offerings.

Teale Bloom and Courtney Auther of Phoenix Commercial Advisors are working on behalf of Aardex as leasing brokers on the project.

“This building has the kind of presence that’s hard to replicate, from its size and visibility to how it sits within the fabric of downtown,” Bloom said. “There are very few spaces in Phoenix that offer this level of access and flexibility. Tenants have a rare opportunity to step into the core of downtown without the typical lead time of new development, and we’re excited to help bring in concepts that build on the energy already happening around this project.”

Located just steps away from the Footprint Center and Chase Field, One West Madison overlooks the downtown Phoenix Entertainment District and is adjacent to the local light rail, which makes it a highly accessible destination. Additionally, the site provides ample dedicated parking, which is another rare feature in downtown Phoenix.