A novel two-fold interpenetrating network, namely, {[Zn(DPTMIA)]·(H₂O)₂(DMF)_0.5}_n (HPU-1), with rectangular channels was synthesized and structurally characterized. HPU-1 was shown to be potentially applicable as a multi-functional fluorescent probe. It was shown to specifically detect Fe³⁺, through a cation exchange mechanism, and hazardous phenol compounds, using a mechanism involving a decrease in the efficiency of the transfer of electrons and energy from the ligands to the metal ions. The detection limits of HPU-1 for Fe³⁺ and the phenol compounds were found to be lower than those of MOFs reported in the literature. This HPU-1 probe was shown to be functional in aqueous solution and to be affected neither by the type of solvent nor the pH.