Phoenix Development News (3) - Page 40

Don B. · #**781** Posted **Apr 12, 2010, 4:49 PM**

^ That is great news, thanks for posting the article. Now that the prices are better (not paying California prices for Arizona real estate, which to me was NEVER logical), more people of all kinds can consider a real alternative to a single family home.

I was looking at One Lexington over the weekend. Shame I wasn't smarter (more of a mercenary) at handling my financial affairs in 2008 and 2009; I could have easily purchased one of those units. They are still high, though, you can find nicely remodeled condos in central Phoenix for far less. Granted, you will be in a 2 or 4 story project...but there are bargains out there.

Oh well. It is what it is.

--don

gymratmanaz · #**782** Posted **Apr 12, 2010, 4:54 PM**

Any word on 44 Monroe?

glynnjamin · #**783** Posted **Apr 12, 2010, 7:30 PM**

Anyone know what's going on at the Renaissance Towers? The entire area is closed off with police.

Vicelord John · #**784** Posted **Apr 12, 2010, 7:44 PM**

word?

Tempe_Duck · #**785** Posted **Apr 12, 2010, 7:46 PM**

Quote:

Originally Posted by glynnjamin

Anyone know what's going on at the Renaissance Towers? The entire area is closed off with police.

It might be this.

http://www.azcentral.com/community/phoen...ite-powder-us-attorneys-office-abrk.html

Vicelord John · #**786** Posted **Apr 12, 2010, 7:49 PM**

Quote:

Originally Posted by Tempe_Duck

It might be this.

http://www.azcentral.com/community/phoen...ite-powder-us-attorneys-office-abrk.html

oh come on, someone woking in the government section probably needed a little pick me up and forgot to clean up after they were done.

I'd do that shit too if I worked someplace that boring.

kaneui · #**787** Posted **Apr 12, 2010, 9:04 PM**

Quote:

Originally Posted by gymratmanaz

Any word on 44 Monroe?

182 condos at 44 Monroe go on the auction block this Wednesday, April 14 (heard the minimum bid is $12M, or $66k/unit):

http://www.azcentral.com/news/articles/2010/01/19/20100119monroe0119-ON.html

http://www.weknowurban.com/Phoenix/44-Monroe/

The Professional Building (planned as the Hotel Monroe) is up for auction next week on April 20 (not sure of the minimum bid):

http://www.azcentral.com/community/phoen...20100223monroe-building-foreclosure.html

HX_Guy · #**788** Posted **Apr 13, 2010, 2:18 AM**

Quote:

Originally Posted by kaneui

182 condos at 44 Monroe go on the auction block this Wednesday, April 14 (heard the minimum bid is $12M, or $66k/unit):

Jesus Christ so you could sell all units, regardless of size, for $132,000 and double your money?

How do we go about raising $12,000,000?

gymratmanaz · #**789** Posted **Apr 13, 2010, 3:33 AM**

I'm in!

Vicelord John · #**790** Posted **Apr 13, 2010, 4:00 AM**

I have about 25k im in

westbev93 · #**791** Posted **Apr 13, 2010, 10:25 PM**

I don't know if this has been posted already, but apparently there will be a big announcement this week dealing with some lighting and signage installations going along Jefferson between Chase and US Airways. There is also supposed to be some sort of music pumped in as well.

HooverDam · #**792** Posted **Apr 13, 2010, 10:30 PM**

Quote:

Originally Posted by westbev93

I don't know if this has been posted already, but apparently there will be a big announcement this week dealing with some lighting and signage installations going along Jefferson between Chase and US Airways. There is also supposed to be some sort of music pumped in as well.

It has not been posted, do you have a link with more info or anything?

EDIT: VV Sounds good

westbev93 · #**793** Posted **Apr 13, 2010, 10:35 PM**

No link because it's not being officially released for a few days. I was at a breakfast presentation at US Airways this morning, and the guy (Rick something the CEO of the Suns?) said there will be a big announcement this week about it. He said the City approved or is about to approve a new signage corridor on Jefferson between Central and 7th St. He said that the only property owners on that stretch that would qualify for the new signage rules (you need to own a certain sized parcel to put up signs), would be the City, the Suns, and the Dbacks. He said there would be lights, signs, and music that was "appropriate" for whatever event you were going to (whatever that means). Anyway, he was talking a lot about how he is passionate about making downtown a more vibrant place like it was during the NBA All-Star Game.

PhxPavilion · #**794** Posted **Apr 15, 2010, 1:15 AM**

Quote:

Originally Posted by HX_Guy

Jesus Christ so you could sell all units, regardless of size, for $132,000 and double your money?

How do we go about raising $12,000,000?

Well it only starts at 12, could easily go much higher. Wish I had the money.

Don B. · #**795** Posted **Apr 15, 2010, 4:34 PM**

I've heard some rumors from a commercial realtor friend of mine that some big developers are scouting Phoenix along the light rail line for future projects. The land prices are about as low as they are going to get, and that means the price point of these projects can be as low as $50,000 for a studio apartment, $75,000 for a one bedroom and so on. Because the price points are so low, it is easier for buyers to get mortgages, especially with a developing looking to pay cash for the projects. They are looking for entitled land where they can build 5 to 20 stories without any zoning hassles from the city or neighbors.

I was sworn to secrecy, but there are two projects in particular on Central Avenue between Deck Park and Camelback that may be in the works. One rendering I saw vaguely reminded me of the old Copper Square Condos rendering from about 8-9 years ago:

Others looked sort of like these old proposals:

So, good news may be on the horizon. He indicated some of these may (obviously in my head) not happen and ground may not break on the others for another 12 to 18 months.

Still, it would be some nicely needed infill. Phoenix may not be getting any big expensive 40-story projects anytime soon but smaller stuff should be doable.

--don

gymratmanaz · #**796** Posted **Apr 15, 2010, 5:14 PM**

That Is Great News Don.

Vicelord John · #**797** Posted **Apr 15, 2010, 5:23 PM**

never

PHX31 · #**798** Posted **Apr 15, 2010, 6:05 PM**

Land may be cheaper but construction financing/credit available?

Don B. · #**799** Posted **Apr 15, 2010, 8:16 PM**

^ If they are paying cash, now would be the time to build. Contractors are so slow, they'd be falling all over themselves to bid for something, anything.

Besides, with 12 months to break ground and one to two years for construction, these projects would be opening just as Phoenix starts to rebound from this horrible recession.

--don

CANUC · #**800** Posted **Apr 15, 2010, 9:11 PM**

Not much credibility. This is the old Copper Square proposal, you can make out Chase Field outlined to the left. SCS now sits on that spot.

This one looks like the second or third phase of Portland Place.

This one was suppose to go on the NE corner of Central and Lincoln but was scrapped.

This was proposed along Roosevelt and 4th Street and was also nixed.

Doesn't even seem worth talking about.