Phoenix Development News (3)

[muertecaza]

Interesting little interview with the guy that finished Phase 2 of Edison:

https://www.multihousingnews.com/a-s...f-uncertainty/

[CrestedSaguaro]

Found this on LoopNet.

LoopNet: https://www.loopnet.com/Listing/1121...x-AZ/31877258/
Marketing Brochure: https://www.loopnet.com/viewer/pdf?f...chureFlyer.pdf

The brochure indicates it's located at Pemberton House, but I believe it's actually the adjacent parking lot to the north. I haven't seen this on LoopNet before. The map in the brochure has recent developments and there is a new Kiva recently for the Pemberton Lofts Mixed Use project. So this appears to be something new proposed.

[Obadno]

So When I heard they were expanding the CBD I was excited and then I see this:



https://img-s-msn-com.akamaized.net/...=534&h=696&m=6

I really think our city leaders are mentally deficient. Why would you not expand it up central?

Why woudl you expand the CBD into a residential neighborhood, the Ghetto and an industrial dead zone?

Wtf?

[muertecaza]

Originally Posted by Obadno

I really think our city leaders are mentally deficient. Why would you not expand it up central?

Why woudl you expand the CBD into a residential neighborhood, the Ghetto and an industrial dead zone?

Wtf?

The state legislature passed a law limiting cities' ability to gerrymander their CBDs a few years back. Among the requirements are that the CBD must be "compact," can't be more than 2.5% of total city area, and can't be more than twice as long as it is wide. So they likely could not, for instance, have expanded it all the way north to Camelback.

With that said, the original proposal was to expand it to be a cohesive rectangle, from Thomas down to Broadway, and 23rd Ave over to 7th St. After that was proposed back in February-ish, it appears the interested parties got their hooks in a chopped it up. My assumption is Willo/Encanto/Coronado opposed, and the council didn't have the juice to fight them (but that is an assumption).

The CBD designation is mostly expanding the council's ability to give GPLETs and things to developments, and I imagine expanding development south will be easier than expanding north. I also like the idea of eventually expanding down to the river. But that has been an option for decades and hasn't happened, so you're probably right that the long-term problems with developing that direction aren't going to be fixed by this.

[exit2lef]

Originally Posted by muertecaza

I also like the idea of eventually expanding down to the river. But that has been an option for decades and hasn't happened, so you're probably right that the long-term problems with developing that direction aren't going to be fixed by this.

The new boundaries go down to Broadway, which is south of the Rio Salado.

[halicem]

Originally Posted by exit2lef

The new boundaries go down to Broadway, which is south of the Rio Salado.

I remember this council meeting. The rationale with going this setup is the north (midtown/uptown) does not need the help, they're developing in spite of the lack of special designation and it's already filling up. This area south of the current CBD has nothing and extending the CBD there would allow them to use incentives to promote development.

I remember they were trying to figure out a way to have it go up to Encanto Park/Fairgrounds but the gerrymandering wouldn't allow it without also including the Encanto neighborhood which would've been a non-starter.

The Rio Salado was another one they were really intent on including. The 3rd street pedestrian bridge is seen as one of the catalysts that will bring life into the area. One of the designs they proposed had an amphitheater area on the approach to the bridge.

[muertecaza]

Nice article on the Monroe Abbey.

https://www.dezeen.com/2024/07/17/jo...y-restoration/

[Obadno]

Originally Posted by muertecaza

Nice article on the Monroe Abbey.

https://www.dezeen.com/2024/07/17/jo...y-restoration/

The abbey has a lot of potential if it’s done well it could easily be a unique draw for the city

[TllrSkyline-01]

Originally Posted by Obadno

The abbey has a lot of potential if it’s done well it could easily be a unique draw for the city

Nice to see this taking place. I hope they hire a high-end lighting consultant to highlight the architectural features.

[CrestedSaguaro]

A little bit of news on what's going on with the Metrocenter development and why it hasn't started demolition yet. Looks like construction financing to close mid-August and demolition set to begin by end of August. Redevelopment may now include starter homes in addition to rentals.

https://www.kjzz.org/kjzz-news/2024-...ent-in-phoenix

[Forrester1998]

I really really hope that this Metrocenter news means condos and not single family homes within this project. That would be just an enormous waste and disappointment.

[CrestedSaguaro]

Yea, agreed. That was my thought as well.

[ASU Diablo]

Hopefully this sale speeds up the development of the new mixed-use tower proposal.

https://www.bizjournals.com/phoenix/...-park-new.html

As it reported its second quarter earnings, executives at Macerich Co. made a significant announcement: that it has sold its 50% stake of Biltmore Fashion Park to a regular project partner, Red Development, which now takes full ownership of the shopping center.

"Red Development is honored to acquire full ownership of Biltmore Fashion Park, now making one of the state’s most important and historical properties into a locally owned and operated landmark," said Mike Ebert, managing partner of Red Development in a statement to the Phoenix Business Journal. "We’re grateful to Macerich for this incredible opportunity and for the years of collaboration and partnership. We look forward to unveiling our plans for the next chapter of this iconic destination soon."

The deal, which Macerich (NYSE: MAC) President and CEO Jack Hsieh said closed in the hour before the earnings call on July 31, reduced $110 million in debt at the company. The sale is in line with a company goal to reduce debt by $2 billion; Santa Monica, California-based Macerich expects to end the year with between $1 billion and $1.4 billion of debt reduction.

"That project had entitlements to increase office density on the project. As you know, we added a new Life Time Fitness into that location. Over time that was going to have a more balanced retail mixed use component to that overall project," Hsieh said in response to a question from an investor. "In our judgment, we felt like, that was a good way to raise liquidity. It's good for our partner."

Phoenix-based Red Development recently moved its office into Biltmore Fashion Park, where it already had a 50% stake prior to the deal. Red Development has been working Macerich to develop a tower within Biltmore Fashion Park. The final details of the proposed tower are still to be determined, though the partnership has identified a 140-foot office tower or a 165-foot single or mixed-use tower that would be hotel, residential, office and/or retail. The project team previously told the Business Journal the building's ultimate mix of uses will be dictated by market demand.

Biltmore Fashion Park is home to tenants such as Macy's, Saks Fifth Avenue, Anthropologie and Life Time. The location of proposed office tower would located near Life Time toward the southeast corner of the 32-acre parcel.

Macerich initially submitted an application to the city of Phoenix Planning Hearing Officer to develop an office tower at Biltmore Fashion Park before withdrawing the application and modifying the proposal to allow for more flexibility in what it can develop on-site. Phoenix City Council voted in favor of the project in early July, according to the Arizona Republic.