The historic Tempe National Bank building and Tempe Hardware Building will soon welcome new tenants as part of the city’s initiative to revitalize Mill Avenue. Tempe acquired these buildings—dating back to 1912 and 1898 respectively—in early 2023. Both structures feature original flooring, exposed brick, and intact vaults in the bank building. City officials, including Special Projects & Economic Development Administrator Josh Rutherford, are aiming to attract retail and restaurant businesses, with one potential tenant already in discussions.
The city’s efforts come amid challenges such as rising rents and decreased foot traffic resulting in several business closures. However, the Downtown Tempe Authority reports promising developments, including 17 new businesses set to open soon, which could reduce the downtown vacancy rate from 12% to 10%.
Rutherford emphasizes a blend of local, regional, and national businesses is essential for a healthy downtown atmosphere. Despite the difficulties businesses have faced, he believes that evolving is crucial for maintaining a vibrant community. The timeline for tenant occupancy is uncertain, as negotiations can take time, but the city is eager to see these historic buildings come to life again.
