Tempe Development Thread - Page 98

AJphx · #**1941** Posted **Jul 18, 2008, 6:01 PM**

is anything going on with the condos on the gentle strength site or those fenced off sites north of asu? or are they all still just sitting empty?

PhxSprawler · #**1942** Posted **Jul 18, 2008, 8:08 PM**

The Gentle Strenght site is Mosaic. The sales office is still open, and they are likely trying to sell more before they can get financing to start the project. The same is likely true for University Square (the fenced in area north of ASU).

The same is also true for pretty much all the other condo projects in the Mill area of Tempe - Lumina (Stadium Tower - just south of Sun Devil Stadium), Onyx (on the north side of the town lake near Rural - this seems to be the likeliest project to start), 7th/Mill (Former original site of Long Wong's), the Monti's project, and the Centerpoint phases III and IV.

Sonoran_Dweller · #**1943** Posted **Jul 18, 2008, 9:49 PM**

Quote:

Originally Posted by PhxSprawler

The same is also true for pretty much all the other condo projects in the Mill area of Tempe...Onyx (on the north side of the town lake near Rural - this seems to be the likeliest project to start)...

Why did you say that? What gives you the impression of this? Did I miss some recent news?

nickkoto · #**1944** Posted **Jul 19, 2008, 12:33 AM**

I'm not plugged into the politics or who's applied for crane permits or anything, but I get that vibe about Onyx too. They've done some degree of excavation already. There's a little bit of equipment there. I can drive by there on any given weekday and usually see some evidence that there's a handful of people on the jobsite (maybe a pickup truck or two parked next to the trailer). And maybe they're still a long way from putting up a crane, but I don't get nearly the same optimistic feeling from say Mosaic, where it looks like they dropped off a fence & trailer and never returned.

ScottsdaleDevil · #**1945** Posted **Jul 19, 2008, 12:48 AM**

Don't know if you guys noticed this but they took out a big section of an old neighborhood along camelback to build this:

http://www.scottsdaleaz.gov/downtown/projects/stetsonplaza.asp

Makes you wonder how long it will be before some of the old neighborhoods South/East/West of ASU in Tempe start to get taken down due to high-end development.

nickkoto · #**1946** Posted **Jul 19, 2008, 8:36 AM**

Quote:

Originally Posted by ScottsdaleDevil

Don't know if you guys noticed this but they took out a big section of an old neighborhood along camelback to build this:

http://www.scottsdaleaz.gov/downtown/projects/stetsonplaza.asp

Makes you wonder how long it will be before some of the old neighborhoods South/East/West of ASU in Tempe start to get taken down due to high-end development.

I actually own a house in NE Tempe (somewhere between University & Apache) and I'd say it's already happening. Maybe the single-family houses haven't been demolished yet in any large number (and I don't really see that happening anytime soon), but I can think of a few. There have also been some rental units that have been replaced with newer/bigger/nicer ones.

But the real 'Out with the old, in with the new' is happening right on Apache. Maybe the Equinox development won't be "High-end" material, but the RV communities and the shabby motels have mostly been closed already and whatever replaces them will definitely be nicer. There seems to be a large apartment complex either new or under construction next to each light rail station, mostly geared towards students with generous parents. I looked at the website for the Campus Suites complex and I believe it even has a scheduling system built in for their tanning program.

Tempe_Duck · #**1947** Posted **Jul 20, 2008, 11:54 PM**

Thought this was worth posting. I was at the Walgreen ob Broadway and Mill today and was talking to the GM about the new building and things. He mentioned that as far as they know a Fresh and Easy is coming in to take their place in the old building. Something that was interesting that he said is that Walgreen doesn't like to be in the same building for over ten years if possible.

PhxSprawler · #**1948** Posted **Jul 21, 2008, 10:33 PM**

Quote:

Originally Posted by Sonoran_Dweller

Why did you say that? What gives you the impression of this? Did I miss some recent news?

I signed up to receive sales documents from all the condo projects I could find. Onyx seems to be the most active and the only mid-rise that hasn't passed its estimated start date (yet

) I thought Mosaic would have started by now based on their movement, but was way off on that.

Sonoran_Dweller · #**1949** Posted **Jul 21, 2008, 10:36 PM**

Quote:

Originally Posted by PhxSprawler

Onyx seems to be the most active and the only mid-rise that hasn't passed its estimated start date (yet

)

Which, may I ask, is when?

tempedude · #**1950** Posted **Jul 21, 2008, 10:50 PM**

There has been a huge boom crane (it must somewhere around 150ft tall or better, approaching 175ft might be more like it) working at the Campus Edge site, on Apache Blvd., for the past 2 or 3 days. I don't see any evidence of a tower crane under construction, but last I heard is that the building(s) is/are supposed to be 8-10 floors. Is it possible to build a 10 story building with that type of crane?

(just asking: they are moving along pretty fast...Campus Edge has changed quickly since loftlovr last posted pics of it just a few days ago. Its possible too, that the building height plans have been shortend.)

loftlovr · #**1951** Posted **Jul 21, 2008, 10:52 PM**

Heard through a rumor-mill that Centerpoint (Avenue Communities) may file BK. Gas was turned on recently for Phase 1 and was shut off today.
Bad sign...

PhxSprawler · #**1952** Posted **Jul 21, 2008, 11:09 PM**

The sales office estimated the starting date in September, 2008. We'll see. Here is an article stating the same info. I haven't seen anything new since May, however, and they originally planned to be open in mid-2009, so I have high hopes, but am not holding my breath.

If you prefer to hear it from another source, try here:
http://www.eastvalleytribune.com/story/117080

It's from May 24th, two days after the rainy sales opening.

Quote:

Onyx Tempe expects to start building a 26-story tower on Tempe Town Lake in four months. It opened a sales center Thursday and has pre-sales on 25 percent of units, said Patrick Tice, vice president of sales. The developer has been raising prices, he said, because it counts on a strong market when the tower is done in 30 months.

ScottsdaleDevil · #**1953** Posted **Jul 24, 2008, 10:24 PM**

I was told the Lumina project is on complete hold. The sales office has closed and the number they had for the project has been disconnected.

I think the skyline of Tempe will look beautiful with all of these projects but does ASU need half-million to million $$$ condos surrounding it? It seems like the only major successful project is the Grigio apartments. I also heard one of the projects on Apache converted from high-end condos to apartments. Would it not make more sense to put apartment complexes around the campus since that is what most kids want and can afford? I would imagine with 50k + students in a small area apartments would be the answer.

tempedude · #**1954** Posted **Jul 26, 2008, 7:25 PM**

There is a tower crane going up at the Campus Edge site on Apache Blvd. It wasn't there yesterday. I stepped out onto my balcony this morning and surprise, there it was sticking up over the rooftops of a neighboring apartment complex.

vertex · #**1955** Posted **Jul 26, 2008, 10:38 PM**

There appears to be a large off-site staging area being used for a construction site somewhere nearby. There are a variety of trucks and a whole lot of steel.

The site is under the 202, on the north side of the lake, between the Mill Ave. bridges. Anybody know where this might be going?

nickkoto · #**1956** Posted **Jul 27, 2008, 12:09 AM**

Quote:

Originally Posted by vertex

There appears to be a large off-site staging area being used for a construction site somewhere nearby. There are a variety of trucks and a whole lot of steel.

The site is under the 202, on the north side of the lake, between the Mill Ave. bridges. Anybody know where this might be going?

Odd. I drove North across the bridge a couple hours ago and they had a large hydraulic jaw on the 202 nibbling away at the concrete guard rail. With the concrete debris falling off the side of the 202, they were working so close to the bridge that I was kind of miffed that I was allowed to drive across.

ScottsdaleDevil · #**1957** Posted **Jul 27, 2008, 1:27 AM**

Quote:

Originally Posted by tempedude

There is a tower crane going up at the Campus Edge site on Apache Blvd. It wasn't there yesterday. I stepped out onto my balcony this morning and surprise, there it was sticking up over the rooftops of a neighboring apartment complex.

Looks to be a cool development and is now called The Vue. This is what ASU needs is apartments like this....not 20,000 high-end condos!

http://www.tempe.gov/maps/DevProjectDetails.aspx?LocationID=51fd1c2d-a2b5-4d7a-a90a-4a4e32512fcc

nickkoto · #**1958** Posted **Aug 1, 2008, 8:50 AM**

This thread could use a little bit of life. Let's play a game of One of these signs is not like the other.

Here's an old picture from the City of Tempe website:

Here's a more recent one I snapped:

Say what you want about a housing bust, I don't think an 1100sf condo would've sold there for $299k even two years ago.

vertex · #**1959** Posted **Aug 1, 2008, 8:38 PM**

Jeez, I've driven by Dorsey Place everyday going to/from work for the last 2 years. I watched it go up, and I swear I thought it was a housing project (judging by the cheap exterior materials and construction), not condo's.

A place this cheap shouldn't ask for more than the mid 100's.

loftlovr · #**1960** Posted **Aug 1, 2008, 10:55 PM**

Can anyone post the full article?

http://phoenix.bizjournals.com/phoenix/stories/2008/08/04/story1.html?ana=e_ph

Avenue Communities LLC gives Mortgages Ltd. ultimatum: Settle or face lawsuit

Phoenix Business Journal - by Jan Buchholz Phoenix Business Journal

The developers of the massive Centerpoint mixed-use project in downtown Tempe said this week they can't -- and won't -- wait any longer for additional financing while its primary lender on the $200 million project works its way through Chapter 11 bankruptcy.

Ken Losch, principal of Avenue Communities LLC, confirmed about $24 million in liens have been filed on the project by unpaid subcontractors. Losch said he has numerous lenders who want to help finish Centerpoint, contingent on Avenue Communities working out a settlement with Mortgages Ltd. That likely will require the beleaguered Phoenix commercial real estate lender to subordinate its two existing loans totaling nearly $132 million.

"Look, we've got an asset with a retail value of over $300 million," Losch said. "We don't have a lender problem. We have an authority problem. (Mortgages Ltd.) needs to make this happen now, or it's going to face large losses (because of) apathy and indecision."

Avenue Communities wants Mortgages Ltd. to file a motion with the U.S. Bankruptcy Court to allow the developer to secure outside financing immediately to finish its project.