Old Fifth Ave. commercial center being renovated

A Canadian investor has purchased and is revamping a dilapidated commercial center on downtown Scottsdale's Fifth Avenue west of Goldwater Boulevard. The three-building, 6,000-square-foot complex at 6925 E. Fifth Ave. has been vacant for more than two years and was to be part of a new development planned before the economy tanked in 2008. Daniel Eaton recently bought the property from Stearns Bank. He would not disclose the purchase price. "This property is interesting because the zoning is such that someday this will be a large development," Eaton said. "This whole area has been rezoned. I'm a very long-term buyer, so my plan is sort of five or 10 years down the road." In the meantime, he is in the process of renovating the complex, which includes two commercial spaces in the two buildings along Fifth Avenue, and nine units across the rear building. Eaton is working with investment partners in Vancouver, British Columbia, and their long-term goal is to "deploy more investment money into this market." In addition to repainting and refurbishing the units, Eaton is creating a gated courtyard area that connects the three buildings. "We want it to be local-friendly with the people in the neighborhood," he said. "We're working with somebody who can put in a little coffee shop in one of the spots (along Fifth Avenue) as well as a hair salon and then a lot of stuff that's visual-related, like maybe fashions or cosmetics."

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