Tempe Development Thread - Page 109

bwonger06 · #**2161** Posted **Apr 4, 2009, 7:08 AM**

I keep on forgetting to ask this, but does anyone know what is going on on the around the 202 and mclintock? Just north of the 202, there are three or four boom cranes that are doing some work.

Leo the Dog · #**2162** Posted **Apr 5, 2009, 3:15 AM**

^^^ 202 widening project. They have to expand the elevated bridges over the Salt River.

bwonger06 · #**2163** Posted **Apr 5, 2009, 8:06 AM**

Quote:

Originally Posted by Leo the Dog

^^^ 202 widening project. They have to expand the elevated bridges over the Salt River.

Ahh thanks for the info.

Tempe_Duck · #**2164** Posted **Apr 8, 2009, 8:50 PM**

The old Harking theater is coming back, but not as a harkins. It is going to be the Mill Avenue District Community Arts Project (MADCAP Theaters). Looks like it will be used for live music and other small performances. They are looking at a June time frame for opening.

http://www.evliving.com/2009/04/06/5155/madcap-theaters/

Image of the work going on:
http://twitpic.com/30jw8

ciweiss · #**2165** Posted **Apr 11, 2009, 9:48 PM**

This is very cool. I recommend checking it out. It shows you 3D models of what future developments may look like.

http://www.tempe.gov/business/Development_Report/Google/

Jsmscaleros · #**2166** Posted **Apr 12, 2009, 2:16 AM**

A few recent shots from around Tempe:

Progress on Tempe Gateway Buildings (3rd and Mill Ave):

Tempe Center for the Arts:

Tempe Town Lake Dam (West):

Palo Verde in full bloomage:

Leo the Dog · #**2167** Posted **Apr 12, 2009, 4:50 PM**

Quote:

Originally Posted by ciweiss

This is very cool. I recommend checking it out. It shows you 3D models of what future developments may look like.

http://www.tempe.gov/business/Development_Report/Google/

Nice find. Tempe will look great if all of these projects get built.

Jsmscaleros · #**2168** Posted **Apr 13, 2009, 10:43 PM**

Bout friggin' time they resolved this debacle, but it looks like tower 2 at Centerpoint is going to be 3 to 5 years away from opening its doors:

Centerpoint crafts plan to pay creditors

by Andrew Johnson - Apr. 9, 2009 12:00 AM
The Arizona Republic

Creditors of Tempe Land Co. LLC, developer of the bankrupt Centerpoint condo project in downtown Tempe, could be paid back in full in five to seven years under a reorganization plan the company filed in court this week.

The plan calls for Tempe Land, a subsidiary of Tempe-based Avenue Communities LLC, to borrow $43.3 million in "debtor-in-possession" financing from Florida-based lender EFO Financial Group LLC.

The developer would use the funds to finish the high-rise project's two towers in three to five years. Construction work halted last summer because of the bankruptcy of its lender, Phoenix-based Mortgages Ltd.

Mortgages Ltd.'s legal problems made it difficult for Tempe Land to secure a new lender to finance the condo project, prompting the developer to file for Chapter 11 bankruptcy protection in December amid mechanics' liens totaling more than $20 million.

City leaders and business owners view Centerpoint as a key piece to revitalization efforts in downtown Tempe. The project consists of two high-rise towers with 375 units total plus retail and restaurant space near Fifth Street and Ash Avenue.

Prospective buyers have paid non-refundable deposits on 40 units in Tower I, which is nearly complete, according to the plan Tempe Land entered Tuesday in U.S. Bankruptcy Court in Phoenix.

Bankruptcy plans must be voted on by a debtor's creditors and approved by a judge.

Tempe Land plans to reprice the units and renegotiate contracts with existing buyers under the new pricing, according to the plan.

Tempe Land aims to complete Tower I by mid-August and finish Tower II, which is half completed, in three to five years.

Tempe Land would pay for the work with EFO's financing and revenue from condo sales and rentals. Based on "conservative" cash-flow projections performed by accounting firm Ernst and Young, the developer estimates Centerpoint would generate $170 million from condo sales and rentals, the plan said.

The developer would use the proceeds to pay claims of lenders, construction contractors, business partners and other creditors approved by the court.

A hearing on Tempe Land's disclosure statement, a document debtors are required to file outlining a reorganization plan, is scheduled for May 13 at 10 a.m.

Link to article: http://www.azcentral.com/business/articles/2009/04/09/20090409biz-centerpoint0409.html

PHXguyinOKC · #**2169** Posted **Apr 14, 2009, 6:38 AM**

any word on Southbank?? they're supposed to start vertical construction later this year.
what about the hayden ferry building right on the corner of rio salado and mill?

Jsmscaleros · #**2170** Posted **Apr 14, 2009, 7:47 AM**

Quote:

Originally Posted by PHXguyinOKC

any word on Southbank?? they're supposed to start vertical construction later this year.
what about the hayden ferry building right on the corner of rio salado and mill?

As hard as it is to believe, I believe Southbank is still on target to begin vertical construction on 7/15/2009. They've been working like crazy on the infrastructure and the linear park elements.

The last I heard about the 3rd Hayden Ferry office tower it had been put on hold until later this year. The hotel is also slated to break ground in late 2009. I can hope for the best, but still expect the worst on those two...

Leo the Dog · #**2171** Posted **Apr 15, 2009, 6:54 PM**

Southbank looks great! I really hope that goes through. I noticed they're doing work on Rio Salado at McClintock Dr. Does this have anything to do with Southbank, such as, utility relocation or sewer work??

Any updates about the Apache Blvd corridor...nice progress on Grigio Metro, Campus Suites.

bwonger06 · #**2172** Posted **Apr 16, 2009, 1:52 AM**

I am still waiting on a word from Onyx. That place had realistic pricing when compared to Centerpointe and I was hoping that could actually get it up and going by now.

Urban Rising · #**2173** Posted **Apr 16, 2009, 3:14 PM**

Until the banks start lending don't expect any condo projects to get built. The developer is required to have more than 50% of the units (with hard money, after public report) presold before the lender will approve a loan on the property.

Expect it to be several more years before you see a shovel hit the dirt. Southbank will go vertical and Hayden Ferry Office building 3 will break ground long before Onyx. Expect office above a hotel at CityScape south tower.

HX_Guy · #**2174** Posted **Apr 16, 2009, 3:53 PM**

Quote:

Originally Posted by Urban Rising

Expect office above a hotel at CityScape south tower.

More office? I would think that would be just as hard to sell a bank on as condos right now given the extra inventory already out there and coming online shortly (CityScape 1 + Central Park East).

Luke Skyscraper · #**2175** Posted **Apr 16, 2009, 4:43 PM**

Urban Rising,
Do you have inside info on your office above hotel at Cityscape comment? Do you know what the final height will be on the second tower? Everything about Cityscape has changed so much, and if this is true it has changed yet again.
Given that they have leased 55% of the first tower, I would think it would make more sense to build more office space in the short term.
Perhaps at the expense of OCPE, which appears to still have zero tenants.......

Urban Rising · #**2176** Posted **Apr 16, 2009, 5:17 PM**

Tower 2 still does not have a final design/height. But I have heard rumors that RED is looking for financing right now on Tower 2, with potentially almost a full user for office taking anywhere from 10-12 floors of office above the hotel.

OCPE still has no announced signed tenants that I know of, which is unfortunate, because it is a far superior building. Strictly from a design / quality of materials standpoint.

HX_Guy · #**2177** Posted **Apr 16, 2009, 5:50 PM**

It's crazy how CityScape has been able to attract so many tenants and OCPE is dead from that standpoint. What gives? Their rent rates are the same from what I've seen. Is it just better marketing? Is it the retail and hotel part of the project?

Jsmscaleros · #**2178** Posted **Apr 22, 2009, 4:31 PM**

http://www.azcentral.com/thingstodo/movies/articles/2009/04/22/20090422wolverine.html

Quote:

Line up for 'Wolverine' premiere tickets begins Friday night

If you want tickets to the Tempe world premiere of "X-Men: Origins," you'll have to get them the old-fashioned way: get in line.

Beginning at 9 p.m. Friday, April 24, fans can begin lining up at Tempe Marketplace; 500 tickets will be distributed Saturday, April 25 at 9 a.m.

All tickets are free, and limited to two per person.

The premiere will be held Monday, April 27, also at Tempe Marketplace. Star Hugh Jackman is scheduled to attend, along with co-stars Ryan Reynolds, Liev Schreiber and others.

On Monday, fans can begin lining up for red-carpet access at 5 a.m. You'll have a bit of a wait; stars are expected to arrive about 5:30 p.m. Originally set for Harkins Cine Capri, the film will now be shown in all 16 Tempe Marketplace theaters. Showtimes will be 7 and 7:30 p.m.

Tempe won the contest by garnering the most votes in an online contest put on by Twentieth Century Fox.

Good news for X-Men fans.

ciweiss · #**2179** Posted **May 10, 2009, 10:40 PM**

Heres some news on a possible future development off of Forest and 7th. Building looks kinda cool.

http://www.urbanrealtyaz.com/Blog/Downto...Vue_on_Forest_Luxury_Student_Living.html

exit2lef · #**2180** Posted **May 11, 2009, 4:38 AM**

Quote:

Originally Posted by ciweiss

Heres some news on a possible future development off of Forest and 7th. Building looks kinda cool.

http://www.urbanrealtyaz.com/Blog/Downto...Vue_on_Forest_Luxury_Student_Living.html

I'd love to see that built. I'm also glad to see that more developers are seeing that urban rentals are a better prospect than urban condos.