General Phoenix Metro Discussion Thread

[Classical in Phoenix]

Good news on office vacancies.

https://kjzz.org/content/1403911/pop...tm_source=None

[biggus diggus]

I just walked across the street to look at the construction at 3rd and Fillmore. The hole for Aspire is getting rather large, I'd guess in a couple of weeks you'll see vertical construction and probably a crane.

While I was there I counted eight cranes. ASU dorms, ASU law school, ASU lab, AZ Center hotel, Akara, X Phoenix, Link. Just remembered Colliers that makes nine. Wow. At least three more coming, wonder if they'll be up before any of the others come down.

[CrestedSaguaro]

Originally Posted by biggus diggus

I just walked across the street to look at the construction at 3rd and Fillmore. The hole for Aspire is getting rather large, I'd guess in a couple of weeks you'll see vertical construction and probably a crane.

While I was there I counted eight cranes. ASU dorms, ASU law school, ASU lab, AZ Center hotel, Akara, X Phoenix, Link. Just remembered Colliers that makes nine. Wow. At least three more coming, wonder if they'll be up before any of the others come down.

I think it will be at least mid-April before Kenect comes down. They have about 75% of the facade to still build and the West portion of the roof satill needs poured. I think Aspire, Derby and Fillmore will be up before any cranes come down...maybe even Battery.

[combusean]

We track developments pretty well but these guys are paid to do it and we missed some stuff, especially in the less urban areas:

https://www.berkadia.com/wp-content/...oenix-3Q19.pdf

I really had no idea the West Valley was a hotbed of stuff.

[Obadno]

Originally Posted by combusean

We track developments pretty well but these guys are paid to do it and we missed some stuff, especially in the less urban areas:

https://www.berkadia.com/wp-content/...oenix-3Q19.pdf

I really had no idea the West Valley was a hotbed of stuff.

Its mostly garden style apartments and big industrial/warehouse space, SFH

There is tons of development on the west-side with the 303 and 202 finishing in the last couple years but its very suburban so we dont follow it here.

[combusean]

I posted the wrong link.

There's a couple thousand units planned out here. This lists everything with a map.

https://www.berkadia.com/wp-content/...3_Map_2019.pdf

[xymox]

Originally Posted by combusean

I posted the wrong link.

There's a couple thousand units planned out here. This lists everything with a map.

https://www.berkadia.com/wp-content/...3_Map_2019.pdf

City North - 2000 units planned.

That's a lot for the land they have - plus office space & hotel. Will we see more than 4 stories?

[azsunsurfer]

Deleted! I was wrong!

[Obadno]

Where are our office towers god dammit??!?!?!

https://azbigmedia.com/business/jobs...1-in-new-jobs/

Maricopa County added more jobs than any county in the nation from December 2018 to December 2019, according to new data from the Bureau of Labor Statistics Local Area Unemployment Statistics (LAUS) program — which tracks county labor force data. Maricopa County, the fourth-largest county in the nation, gained 89,328 jobs in that time period.

“Businesses and jobs continue to flock to Arizona for our light regulation, low tax environment and unbeatable quality of life,” said Governor Ducey. “This growth benefits communities across our state, and we will continue to focus on expanding opportunities for all of Arizona. My thanks to all the small business owners, entrepreneurs and innovators helping to make our state the best state for jobs in the nation.”

os Angeles County, California gained 56,720 jobs — more than 30,000 less than Maricopa County. Following Los Angeles County was King County, Washington with 50,188 jobs.

Maricopa County experienced strong employment gains in:

• Trade, Transportation and Utilities: 16,300 new jobs

• Education and Health Services: 14,700 new jobs

Since 2015, Arizona has added more than 350,000 private-sector jobs. Additionally, Arizona exports increased 9.7 percent and reached $24.7 billion last year, a record high for Arizona. The state’s exports to Mexico—Arizona’s number one international trade partner—grew by 7 percent. Manufacturing exports increased 7.5 percent, totaling $20.9 billion — the highest export amount in terms of dollars since the data have been tracked.

[CrestedSaguaro]

Originally Posted by Obadno

Where are our office towers god dammit??!?![/IMG]

They are in development limbo such as the Hines's Regency garage proposal which already has a primary office tenant lined up (this should be a no-brainer for Phoenix!).

[crwhiteinaz]

More on what will be one of the biggest wasted developments (IMO) in midtown.

https://www.bizjournals.com/phoenix/...h-profile.html





Toll Brothers to build apartments on high-profile corner in midtown Phoenix

Toll Brothers Apartment Living plans to build an apartment community at the northwest corner of Central Avenue and Indian School Road in midtown Phoenix.

On Dec. 17, Toll Brothers (NYSE: TOL) paid $17.9 million to Bayless Investment & Trading Co., an entity tracing to Linda Bayless, for the 8.19-acre parcel, according to Tempe-based Vizzda LLC real estate database.

That land has been sitting vacant since 2009 when aging buildings were razed.

The new apartment project, known as Callia, will add to the two other apartment communities totaling 499 units the Horsham, Pennsylvania-based homebuilder is building in midtown.

Plans call for investing $132 million to build those two communities, with $62 million going to the 243 units on Fifth Avenue and Van Buren downtown and another $72 million for a 256-luxury apartment complex on Central and Thomas.

Here's a closer look at Toll Brothers' newest project:

Callia
Units: 402

Development cost: $90M

Rental rates: $1,295-$2,655

Square footage: 562-1,418

Groundbreaking: Q3 2020

Architect: Biltform

General contractor: NA

Source: Toll Brothers Apartment Living

[Obadno]

Its not THAT bad but too bad they couldn't at least have something more like 10 stories at central and then have it stair step down towards 3rd ave.

Either way this will help improve that dreadful corner and Indian school which for some reason seems very hard to gentrify.

[biggus diggus]

This chat: "we need infill development to replace all these empty lots!"

Also this chat: "we hate this development because it isn't tall enough, would rather have the empty lot"

I'm personally okay with this development. I've done small scale development before and I've been in the real estate industry for a very long time. You build what you can make money on, not what looks cool. If you show up with grandiose high rise plans in a location or market that may not support it then your private investors or lenders aren't going to bite. If you have the land and can turn a profit with this project then that's what you do. Maybe a high rise can turn a profit as well, but the developer might be risk averse.

[Obadno]

Originally Posted by biggus diggus

This chat: "we need infill development to replace all these empty lots!"

Also this chat: "we hate this development because it isn't tall enough, would rather have the empty lot"

I'm personally okay with this development. I've done small scale development before and I've been in the real estate industry for a very long time. You build what you can make money on, not what looks cool. If you show up with grandiose high rise plans in a location or market that may not support it then your private investors or lenders aren't going to bite. If you have the land and can turn a profit with this project then that's what you do. Maybe a high rise can turn a profit as well, but the developer might be risk averse.

Its actually huge project because its such a giant lot, but I agree its better than nothing and its not exactly like Indian School and central is a super desirable area at the moment.

[CrestedSaguaro]

Originally Posted by biggus diggus

This chat: "we need infill development to replace all these empty lots!"

Also this chat: "we hate this development because it isn't tall enough, would rather have the empty lot"

I'm personally okay with this development. I've done small scale development before and I've been in the real estate industry for a very long time. You build what you can make money on, not what looks cool. If you show up with grandiose high rise plans in a location or market that may not support it then your private investors or lenders aren't going to bite. If you have the land and can turn a profit with this project then that's what you do. Maybe a high rise can turn a profit as well, but the developer might be risk averse.

Although it's only 3 floors, it's a large development. That lot is nearly 1 1/2 times the size of Muse. But I get what you're saying. But I'm betting Toll sits on this as they have both Thomas and Van Buren. I would've rather seen them develop those first and learned how to make adjustments for more urban development before working on something larger scale such as Indian School.

[azsunsurfer]

Originally Posted by RonnieFoos

They are in development limbo such as the Hines's Regency garage proposal which already has a primary office tenant lined up (this should be a no-brainer for Phoenix!).

Good. Bring it on down to Tempe Town Lake or Cavasson!

[Obadno]

Originally Posted by azsunsurfer

Good. Bring it on down to Tempe Town Lake or Cavasson!

SHEW SHEW YOU TEMPE WORM

OUT OUT OUT

[Obadno]

Originally Posted by RonnieFoos

Although it's only 3 floors, it's a large development. That lot is nearly 1 1/2 times the size of Muse. But I get what you're saying. But I'm betting Toll sits on this as they have both Thomas and Van Buren. I would've rather seen them develop those first and learned how to make adjustments for more urban development before working on something larger scale such as Indian School.

Idk billboards make a lot of money, I dont think they'd have taken them down and lose that income if they weren't expecting to build soon.

[Obadno]

Another Jobs article, this one a projection

160k over 2 years. No recession in site for AZ and Phoenix.

Although considering we did 89k in 2019 alone I think 66k over two years is a bit conservative of an estimate.

https://azbigmedia.com/business/jobs...-next-2-years/

Arizona’s booming economy will add more than 159,000 new jobs over the next two years, according to new projections by the Arizona Office of Economic Opportunity. Arizona will continue to be a national economic powerhouse; just last month, Arizona ranked second in the nation for job growth from December 2018 to December 2019.

“Arizona continues to add jobs at one of the fastest paces in the nation, with more on the way,” said Governor Doug Ducey. “Our friendly business environment, progress eliminating red tape and welcoming atmosphere continue to attract more opportunity and investment to our state. My thanks to all the business leaders, innovators and hardworking employees who continue to grow jobs in Arizona.”

The Office of Economic Opportunity projects that Arizona will add 159,473 new jobs between the third quarter of 2019 and the second quarter of 2021. The construction, finance and manufacturing sectors will experience the most significant annualized growth.

According to the Office of Economic Opportunity, annualized growth and job gains in the following sectors are projected to be:

• Construction: 6.7 percent, with 11,941 new jobs added

• Financial Activities: 3.3 percent, with 7,513 new jobs added

• Manufacturing: 3.1 percent, with 5,554 new jobs added

• Education And Health Services: 2.9 percent, with 18,956 new jobs added

• Professional And Business Services: 2.7 percent, with 12,139 new jobs added

• Trade, Transportation And Utilities: 2 percent, with 10,881 new jobs added

• Leisure And Hospitality: 1.5 percent, with 5,481 new jobs added

• Information: 1.4 percent, with 710 new jobs added

During that time period, Maricopa County is projected to experience 3 percent annualized growth with 66,324 new jobs and Yavapai County is projected to experience 2.1 percent annualized growth with 1,519 new jobs.

Arizona has added more than 350,000 new private sector jobs since 2015. At the same time, Arizona’s poverty rate declined at the fastest rate in the nation — representing approximately 175,000 Arizonans pulling themselves out of poverty between 2015 and 2018. Arizona’s job growth ranked second in the nation last year, according to the U.S. Bureau of Labor Statistics, with 84,400 jobs added between December 2018 and December 2019. Additionally, Arizona ranked third in percentage population growth rate in 2019, welcoming more than 120,00 residents from 2018 to 2019.

[TJPHXskyscraperfan]

Originally Posted by Obadno

Idk billboards make a lot of money, I dont think they'd have taken them down and lose that income if they weren't expecting to build soon.

3 stories? It looks 4 plus maybe 5 stories if you include what looks like 4th story lofts.