Where is the coolest street in Phoenix?
Roosevelt Row (RoRo as the locals call it) is the eighth coolest street in North America! As part of a new breed of urban and edgy retail districts catering to millennials, RoRo has made the top 15 “Cool Streets” across the U.S. and Canada, according to Cushman & Wakefield’s Cool Streets of North America report (click here to download).
The neighborhood’s streetcar history, cultural events, award-winning restaurants, galleries, boutiques, live music and increasing millennial population contribute to RoRo’s success, which has been fueled by retail growth, the report states. Nearly 26 percent of residents in the area are millennials and the average household income is only $47,541. Impacted by the rise of the millennial consumer, this “hipster” neighborhood is classified as an up-and-comer or the next big thing, according to the reports hip-o-meter.
Retail rents on RoRo, meanwhile, range from $18 to $28 per square foot. Tenants like Short Leash Hot Dogs, Paz Cantina, Mother Brunch Brewing Company, greenHAUS Boutique & Gallery, The Velo and MADE Art Boutique are either directly on or just off of East Roosevelt Street between North 7th Avenue and North 16th Street – RoRo’s prime east-west retail corridor.
Overall, retail vacancy in the neighborhood is close to 9% but nearly all of that is older space (the average age of retail inventory here is more than 55 years) that borders on being functionally obsolete. Demand is on the rise for RoRo, yet there is virtually no new inventory in this market and little available in terms of quality, refurbished shop space. In other words, conditions are ripe for major redevelopment plays.
Local retail expert Associate Vice President Brad Douglass in the Phoenix office says, “Roosevelt Row and the adjacent neighborhood has created an identity that is one of a kind in Phoenix. It is a perfect example of a densely populated area that promotes the growing demand for urban lifestyle.”
Rounding out the top 15 Cool Streets across North America were Sunset Park in Brooklyn; Logan Square in Chicago; Over-the-Rhine in Cincinnati; RiNo in Denver; Silver Lake in Los Angeles; Wynwood in Miami; North Loop in Minneapolis; Roosevelt Row in Phoenix; Carytown in Richmond, Va.; East Village in San Diego; Jackson Square in San Francisco; Delmar Loop in St. Louis; West Queen West in Toronto; Mount Pleasant/Main in Vancouver; and Shaw in Washington, D.C.
“In an age of increasing retail uncertainty, Cool Streets serve as an incubator of sorts for what will likely be the hottest new retail concepts of the future,” according to Garrick Brown, Vice President of Retail Research at Cushman & Wakefield.