A city-owned garage in downtown Phoenix appraised at $11,450,00 could soon go on the market.

The city of Phoenix said several companies have expressed interest in developing the Regency Parking Garage. Built in 1972, the garage has a central location at 2nd and Adams streets, across from the convention center and Hyatt Regency Hotel.

The city’s economic development director, Christine Mackay, told a council subcommittee last week the site is ideal for a mixed use project that would include public parking.

“We’ve had an engineering study done of the garage and it does suggest that you could even leave the garage in place, span over the garage and build a building above that, you could demolish the garage, start from the ground up,” Mackay said.

The Regency Garage has 506 parking spaces along with 22,753 square feet of leasable ground floor commercial space and 40,500 square feet of rooftop space.

The council is schedule to vote Wednesday on whether to issue a request for proposals. The appraised value would be used to set the minimum purchase price.

The Economic Development Department wants to see the following from the development:

• An urban, mixed-use, infill project
• Incorporated public parking.
• Employment-generating usage.
• Taking advantage of the site’s prominent downtown location and proximity to the Phoenix Convention Center.
• Implementation of recommendations outlined in the Adams Street Activation Study approved by the City Council.
• Consistency with the goals outlined in the Downtown Strategic Plan and Blueprint for the Future.