[Source: Mike Sunnucks, Phoenix Business Journal] — Four years ago, Phoenix Mayor Phil Gordon announced he wanted to rehabilitate run-down areas along the 12-mile stretch from the Arizona Capitol through downtown Phoenix to Arizona State University in Tempe. Dubbed the Opportunity Corridor, it was to be filled with new office, residential, biomedical, and industrial developments. Today, inopportune times have stalled those plans.
Van Buren and Washington streets east of downtown still are dilapidated and, in some cases, are worse off because of the recession and real estate crash. “It’s just in the tank,” said Mark Dioguardi, a real estate expert and attorney with the Scottsdale law office of Dioguardi Flynn LLP.
Like much of the Phoenix commercial real estate market, Dioguardi said the Opportunity Corridor is plagued by foreclosures, unsold vacant lots, shuttered businesses, and almost zero transactions, financing, and construction. [Note: Read the full article at Phoenix’s Opportunity Corridor knocked by recession.]