Phoenix Development News (3)

[TakeFive]

^^
Nothing spectacular but the accumulation of additions and activity to the area is likely more important anyway.
I do think that a light rail line gives people a sense of place that appeals.

[combusean]

Union Square at 12th St, Michael Lafferty's project:



Situated on 2 acres on the southeast corner of 12th St and Washington, replacing a miserable large warehouse-type structure with an acre of surface parking behind it. I'm pretty sure it has zoning approval.

Best of luck to him, the area could use the investment.

http://www.laffertydevelopment.com/

[TakeFive]

^^
That would be a spectacular addition, Here's the somewhat dated headline from the Phoenix Business Journal.

11-story mixed-use project planned near transit line
by Jan Buchholz, Phoenix Business Journal
http://www.bizjournals.com/phoenix/stories/2007/12/17/story1.html?page=all

Presumably the previous plan for condos will be converted to apartments.
Since I don't really "know" the area, but have driven it... and looking at a map I'm curious as to whether a hotel would work here. Why not just make it an apartment project?

[Phxguy]

The date in the article says 2007, has this project been renewed or is it dead???

[Vicelord John]

I'd be surprised, but also very pleased to see ten stories there. It's a prime location.

[Leo the Dog]

^ I agree, great location. Short ride to just about anywhere along LR.

It'd be nice to see an urban center located near the 12th St. station (one of the must under-utilized stations on the line).

[PHX31]

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[PHX31]

Originally Posted by combusean

Union Square at 12th St, Michael Lafferty's project:

Situated on 2 acres on the southeast corner of 12th St and Washington, replacing a miserable large warehouse-type structure with an acre of surface parking behind it. I'm pretty sure it has zoning approval.

Best of luck to him, the area could use the investment.

I don't think it is a miserable large warehouse. At least a good portion of it has been there since the mid-40s, and it's got some very good street-fronting density. It does have a terrible block re-facade on it, but it looks like a nice brick warehouse from the side. I bet it has some cool trusses inside of it.

I'm not saying I'm against tearing it down for this new project, however, it's ridiculous and unfathomable to me how it seems like every single project is planned on a piece of land that has something (potentially/usually) historic on site that needs to be torn down. I mean we have immense quantities of open dusty lots... why won't these ever bear new development?

It would be nice to keep things like this warehouse, while also build sparkling new buildings... it would be an interesting mix, it would promote density, and I hate losing all of our history, as minimal as that history may be.

[phxSUNSfan]

Wasn't sure whether to put this under transit or development since it's a bit of both; since it deals with actual buildings it fits better under this category.

Phoenix was awarded $2.9 million to help attract more TOD (transit-oriented development). Hopefully the effort is concentrated in downtown and midtown along the light rail line. We need more apartments downtown for sure.

http://downtownphoenixjournal.com/2011/1...hud-promote-transitoriented-development/

[hrivas]

this photo of the native american affordable housing building (central/campbell) was posted to the phoenix community alliance's facebook page. the post says people will be moving in on december 1st.

[PHX31]

/\ Isn't that exactly like the one that was built at about 3rd St/Fillmore?

[phxSUNSfan]

Originally Posted by PHX31

/\ Isn't that exactly like the one that was built at about 3rd St/Fillmore?

Where??? The only thing I know near 3rd/Fillmore that is new, modern, dense and "urban" is Alta Lofts...

[PHX31]

/\ oops, I meant avenue not street.

[phxSUNSfan]

Originally Posted by PHX31

/\ oops, I meant avenue not street.

I think the project on Central and Campbell is taller and denser and looks a little different. Here are the lofts being built in S. Roosevelt:

5th and McKinley (urban housing for seniors):

http://www.rooseveltneighborhood.org/wp-...Lofts-at-McKinley-neighborhood-flier.pdf

[PHX31]

I was talking about the Catherine Arms Apartments:

http://www.nativeconnections.org/news-events/news/catherine-arms-grand-opening

But yeah, these new ones look taller.

[phxSUNSfan]

Originally Posted by PHX31

I was talking about the Catherine Arms Apartments:

http://www.nativeconnections.org/news-events/news/catherine-arms-grand-opening

But yeah, these new ones look taller.

LMAO, well we eventually got to the right development. Yeah, Catherine Arms Apartments look way more edgy with the metal facade.

[HooverDam]

Originally Posted by PHX31

I don't think it is a miserable large warehouse. At least a good portion of it has been there since the mid-40s, and it's got some very good street-fronting density. It does have a terrible block re-facade on it, but it looks like a nice brick warehouse from the side. I bet it has some cool trusses inside of it.

I'm not saying I'm against tearing it down for this new project, however, it's ridiculous and unfathomable to me how it seems like every single project is planned on a piece of land that has something (potentially/usually) historic on site that needs to be torn down. I mean we have immense quantities of open dusty lots... why won't these ever bear new development?

It would be nice to keep things like this warehouse, while also build sparkling new buildings... it would be an interesting mix, it would promote density, and I hate losing all of our history, as minimal as that history may be.

Agreed 100%. The problem is our tax code encourages people to tear down their buildings and have their lots then reassessed at a lower value, and then land bank them.

For a while when I was going to meetings in Mesa about their Downtown they all bragged about how wise the City had been for land banking the lots in the NW quadrant of their downtown and letting them sit dusty for 2 decades. Its insanity.

[TakeFive]

Happy Thanksgiving

In Phoenix Style: http://www.youtube.com/watch?v=peD5nwcgP9w

[nickw252]

There was an interesting article in the December issue of Arizona Attorney Magazine about commercial real estate in Phoenix and Tucson. Unfortunately it's not online yet but I'll try to link it in the future.

The author hypothesizes that the Phoenix commercial real estate market has bottomed out. Class A vacancy rates have leveled off. It currently sits at about 24% but peaked in the first quarter of 2010 at about 27%, and for the first time since 2006 there is net absorption across all building classes.

During the last decade the average new construction for office space was 4.3 million square feet per year but during the peak years of 2007 and 2008 the amount of new supply was 7.8 million and 7.5 million, respectively. Because of the recession construction has come to a virtual halt and there was only 700,000 square feet of new construction during the first 9 months of the year and only 388,000 square feet in any phase of construction going on right now.

Office employment growth is also recovering. In 2009 Phoenix lost 10% of it's office employees. Employment growth has since improved and Phoenix is no longer losing office jobs. This of course means that as Phoenix continues to grow it will only be a matter of time before more office space is constructed.

The author predicted slow growth in the near future but also highlighted some of the problems we are yet to overcome. There are many commercial buildings that have gone through foreclosure; Viad Tower & City North, but there are many that are "teetering on the edge."

The article was written by James robinson at Phoenix Realty Advisors.

[Vicelord John]

Btw I drove up 3rd today and that demoed building at earll is all graded and staked off for "3rd st medical office"