it is called mill avenue.... why not actually integrate the old mill into a fun restaurant or bar?
I worked for Redbull a few years back and when flugtag was in town they were trying to obtain city permission to have their afterparty at the mill and turn it into a big party spot for the night. Why not turn it into a restaurant and actually call attention to the history of the street? That would also help open up the north end of Mill Ave and expand the business opportunity a bit further than the 5th street area. Integrating the mill and tempe beach park more would help generate revenue and more attendance to N. mill!
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chriscardinal commented
A development plan has been pending at the Mill for some time:
http://www.tempe.gov/haydenflourmill/development.htm"The ultimate project on the Flour Mill site is intended to be a mixed use development including retail along Mill Avenue, office, residential [amount and unit type to be determined], and potential for a boutique hotel."
Most of that project has gone bankrupt or is on hold, financially. As these are property and business decisions, the City of Tempe is unable to do much for a suggestion like this, but we may see something in the next 5 or so years...