| Obadno |
Oct 12, 2018 11:04 PM |
So what our Over/under of this actually happening??? Didnt realize this was the same company doing the Sprouts/apartments in Midtown, that gives me some hope.
https://www.bizjournals.com/phoenix/...-for-140m.html
Quote:
High Street Residential, a wholly owned subsidiary of Dallas-based Trammell Crow Co., is in escrow to buy a vacant parcel of land in downtown Phoenix with plans to build a $140 million mixed-use project.
To be built in two phases, the first phase will include a seven-story, 342-unit apartment complex and 7,000 square feet of ground-floor retail and restaurant space on about 3 acres at the southwest corner of Fourth Avenue and Fillmore Street, said Paul Tuchin, senior vice president for Trammell Crow.
Groundbreaking for the first phase is expected during early first quarter of 2019, with total development costs estimated at about $70 million. It would open during the fourth quarter of 2020.
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Quote:
General contractor is UEB, while project architect is ESG.
The Fillmore will include a pool, fitness center, club room, work-from-home spaces and a sky lounge on the seventh floor facing downtown, Tuchin said.
The second phase on the remainder of that 7.5-acre parcel would include upward of 350 apartment units and another 7,000-square-foot restaurant and retail space.
An urban paseo spanning from Fourth to Sixth avenues will be designed to accommodate walking, biking and vehicle traffic, Tuchin said. It will include shade structures and be heavily landscaped.
Total development cost for both phases is estimated between $140 million and $145 million, he said.
Tuchin said he's excited to play a part in the changing landscape of downtown Phoenix.
"With the addition of light rail, ASU’s downtown campus, the Phoenix Biomedical Campus, and the continued employment growth, downtown Phoenix has undergone a complete resurgence over the past decade," he said. "As one of the largest metros in the country, it’s exciting to see our downtown become a true urban core with the addition of great new restaurants, bars, public markets, music venues and a variety of new housing options."
This downtown project comes on the heels of another High Street Residential project on the southwest corner of Seventh Avenue and Osborn Road in midtown Phoenix.
Called the Osborn Marketplace, that $55 million redevelopment effort includes the transformation of an old Bashas' grocery store into a Sprouts Farmers Market, a Starbucks and a five-story, 190-unit apartment complex. Retail tenants there include Jamba Juice, Jersey Mike’s, Orange Theory Fitness, Keep It Cut and Midtown Nail Lounge.
While the project's retail portion is operational, the $40 million apartments are expected to open during early second quarter of 2019.
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