PROFESSIONAL BUILDING – HOTEL MONROE
15 East Monroe, Phoenix, AZ
CLIENT: CSM Lodging, Minneapolis, MN
New Markets Tax Credits,
Historic Tax Credits Application
KJZZ Radioclip about the Hotel Monroe
A noted Art Deco landmark at the center of the downtown Phoenix business district, the Professional Building was constructed in 1931, with the ornate lobby finally completed in 1932 for the Valley National Bank. The building was designed by the prominent Los Angeles firm, Morgan Walls and Clements, and is their only work in Phoenix. They returned to design the addition to the main roof in 1958, which gives the building a Moderne character that has become a signature detail.
The Professional Building sat vacant for many years after the offices of the Valley National Bank moved across the street. There were several attempts to renovate the building over the years. In 2013, Historic Consultants, working with the City of Phoenix, successful procured an allocation of New Markets Tax Credits for the rehabilitation of the Professional Building into Hotel Monroe. The New Markets credits are also “twinned” with the Historic Tax Credits.
Historic Consultants has worked with various developers on this project since 2006, and is still advising the owners on tax credit issues, working with EllnessSwensen Graham from Minneapolis, and the Phoenix Office of the Ryan Companies as the collaborating design-build team. Hotel Monroe is scheduled to open in the Fall of 2015.