Phoenix Development News (3)

[N830MH]

Originally Posted by ASUSunDevil

I drove by 44th St. and Camelback today and the SW corner behind the gas station was being fenced off. I forgot the exact project that was planned there, if I recall it was going to be luxury apartments. Either way, looks like they'll be demo'ing those old office buildings and starting construction soon.

Wow...I didn't even know that. I just rode on route 44 last month. I just saw it. I am on the way to D-Backs game with my cousin. When it did happen?

[nickw252]

Nothing new but more local news organizations are picking up the Hotel Monroe news.

A San Diego hotel development group is lining up to buy the long-empty, historic Hotel Monroe building in downtown Phoenix for close to $8M.
The Art Deco-style building at Central Avenue and Monroe Street has been empty for years with a number of previous suitors unable to come to close a deal.

An investment consortium from San Diego and Modus Development in Phoenix want to buy the building and redevelop it into a 150-room boutique hotel, said Mark Winkleman, COO of receiver ML Manager LLC. ML Manager has owned and has been trying to sell the 82-year-old Monroe building since foreclosing on Grace Communities in 2010. Winkleman said the purchase is in escrow with the buyers conducting due diligence. He said the sale could close Sept. 23.

Winkleman said most of the buyers in the new deal are from San Diego and have experience in hotel development, including on historic sites. The 157KSF building was built in 1931 and was long called the Professional Building and home to Valley Bank & Trust Co. It is on the National Register of Historic Places but has sat empty and exposed to the elements after the Grace foreclosure and some unsuccessful attempts to sell it.

The hotel development group needs to figure out parking for guests and could also look to the city of Phoenix for property and historic building tax credits.

http://azbex.com/san-diego-group-to-buy-phoenixs-hotel-monroe-for-8m-revive-hotel-plans/#

[nickw252]

Encanto Park in central Phoenix is getting some improvements.

Workers recently replaced chain-link with a new ornamental black fence along Encanto Boulevard on the 222-acre park and golf course. The fence, which stretches 1.85 miles, cost $492,942.

The Phoenix Parks and Preserve Initiative funded the project, and it’s part of renovations that include new entryways, playgrounds and the sports complex.

Park manager Julie Ebersole is overseeing the renovations.

“We received $3.9 million for total park improvements,” Ebersole said. “These improvements have just begun at the sports complex but will continue with other projects at the park.”

Ebersole said the racquetball court got new paint and workers installed new shade structures. She said the sports complex will get a face-lift and concrete improvements, and the tennis courts will get lighting improvements.

In addition, Friends of Encanto Park has raised money for enhancements. Kelly Larabee, who helped start the group, said they plan to redevelop the playgrounds around the Encanto pool by adding outdoor exercise equipment.

According to Forbes magazine, Encanto Park is considered one of the 12 best city parks in the nation.

The park features more than 25 picnic stations with charcoal grills, as well as a 7.5-acre lagoon open to Arizona residents with a fishing license.

The new fence looks really nice. The chain link fence looked so trashy and just didn't fit in with how nice the park and golf course are. It's also nice to see Encanto Park getting national recognition.

http://www.azcentral.com/community/phoen...x-iconic-encanto-park-gets-upgrades.html

[DaCheez]

Hey all! I have been lurking in this forum since 2007 days. I used to live right across the street from centerpoint development on mill (now West 6th). I watched it all get built and read about the exciting development projects on this site. Interestingly it became the site to read all about the stalled projects and lost economy in Phoenix.

Anyways, I finally made an account so I can post some of the things I come across development wise in Phoenix.

I live in the Southern Arcadia area and saw that the car wash and teak furniture store have been torn down on the Northeast corner of 44th street and Indian School. Looks like they are finally starting development on the Chik Fil A! Does anyone have any sort of timeline on the In N out burger that is going in across the street?

[nickw252]

Sprouts Farmers Market has officially filed for a $247.6 million initial public offering of its stock.

The Phoenix-based grocery chain estimates an IPO price of between $14 and $16 a share, or roughly $246.5 million in proceeds. According to filings with the Securities and Exchange Commission, Sprouts plans to use proceeds from the IPO to pay off outstanding debt, as well as any remaining funds for general corporate purpose.

Sprouts’ IPO will be an aggregate of 18.5 million shares of common stock, with the company selling 17.7 million and certain stockholders selling the remaining 797,785.

The company will convert to a Delaware corporation as part of the initial offering. Sprouts has applied to be listed on the Nasdaq Global Select Market under the ticker symbol “SFM.”

No date has been set for the IPO.

The offering will be made through an underwriting group led by Goldman, Sachs & Co., Credit Suisse, BofA Merrill Lynch, Apollo Global Securities, Barclays, Deutsche Bank Securities, UBS Investment Bank, Guggenheim Securities and Wolfe Research Securities.

Sprouts IPO will be made only by means of a prospectus. Click here for more on Sprouts' financial performance in recent years.

According to SEC filings, the company has no plans to pay cash dividends on its stock.

When the company first went public with its intentions of becoming publicly traded, Sprouts had said it planned to raise $300 million.
Sprouts has more than 150 stores across eight western states with more openings planned. It recently opened stores in Houston and Glendale.

This has to be good news - a local company planning to go public. I just wish more of the local corporate headquarters had had a presence downtown though. The Sprouts headquarters is up in North Phoenix.

[nickw252]

The owner of a 15-acre parcel at one of Phoenix’s most-trafficked intersections has stopped making payments on the property, leaving its fate up in the air.

The federal government could regain ownership of the parcel — on the northeastern corner of Central Avenue and Indian School Road — and that concerns some city officials.

“It’s an incredibly important parcel,” Phoenix Mayor Greg Stanton said. “We probably have more traffic north, south, east and west going at Central and Indian School than any other intersection in the entire city.”

Barron Collier Cos., a Florida-based developer, began paying the federal government for the land after a complicated land swap involving the company, Phoenix and the federal government. The swap took several years during the 1990s to finalize and helped establish Steele Indian School Park, adjacent to the Barron Collier property.

The company has since paid the government about $55 million. It still owes more than $60 million over the next 15 years, Barron Collier President Blake Gable said.

“Ultimately, as property values in Phoenix have declined, it was determined by our company last year ... the deal was no longer economically sustainable,” he said.

Company leaders initiated conversations with the Department of the Interior last year to find a solution, but they have yet to reach one, he said.

Barron Collier has been sitting on the land for about 20 years, hoping the market would eventually allow the company to build a mixed-use development on it.

In response to the lack of development, Phoenix launched PHX Renews, an initiative to fill vacant lots, in November 2012 in conjunction with the Barron Collier property.

“It’s a very complicated land-ownership situation,” Stanton said. “They had secured it for a long, long period of time, and so I felt confident that they were the right partner (for PHX Renews) and still feel confident that they are the right partner to be working with regardless of land-ownership issues.”

Federal officials have not told Phoenix leaders what they plan to do next, Stanton said. An official with the Phoenix office of the Bureau of Land Management said she was unaware of the state of the property.

“We expect PHX Renews to be there for the foreseeable future regardless of the land ownership,” Stanton said. “There’s not going to be a high-rise there for many years — if ever.”

Two Phoenix City Council candidates have spoken out on the situation. Planning Commission member Justin Johnson, whose father was mayor during the earliest years of the land swap, said he hopes Phoenix expands Steele Indian School Park if Barron Collier loses the land.

“My concern is that if the federal government takes over, that they can develop something without public input and it won’t go through local control, and it wont fit inside the city’s general plan,” he said.

The Johnson family has partnered with Barron Collier on several investments in Phoenix, Justin Johnson said.

In an e-mail, Johnson described a worst-case scenario.

“We don’t have to look any further than what is going on in Glendale to see the nightmare scenario which could transpire,” Johnson wrote. “A potential casino in downtown Phoenix is not a compatible use in this urban area near neighborhoods and schools.”

Dan Carroll, vice chairman of the Encanto Village Planning Committee who also is running in District 4, responded to Johnson’s comments on his website.

“It is fear mongering to alarm our neighbors into believing that a casino will be built anywhere in District 4, particularly near one of the most prominent parks in Phoenix,” he said.

Stanton said U.S. Rep. Ed Pastor, D-Ariz., and Phoenix Councilman Tom Simplot both represent the area and have been involved in conversations with federal officials about the space.

WTF is this "nightmare scenario" Justin Johnson talking about? 1. That's an extremely unlikely scenario that has never even been considered by anyone in control of the land - he's just using fear mongering to rile up voters before the election. I know who I won't be voting for. 2. It's a perfect place for a casino. It's along the light-rail line and near other entertainment venues. I hate that all the casinos in the Phoenix area are far outside of the city and not along any transit lines. Many cities are now realizing the economic benefits of having casinos in their downtown areas and are creating entertainment districts. A new casino just opened right in downtown Cleveland, one right outside of downtown Toledo, and downtown Detroit has had a very prosperous and successful casino district for a long time.

All of that nonsense aside, I see this news as a mixed bag. It's probably for the best to get it out of Barron Colliers' hands. They seem to be content landbanking prime properties in Phoenix. On the other hand, this whole situation is probably going to take years to resolve and guarantees it will sit empty for the near future. It also seems like the Feds may not be the best people to develop the land.

[HooverDam]

Id prefer just about anyone but Barron Collier to own that land, they're one of the biggest land bankers out there.

Im not sure I like Johnsons idea of just expanding the park. The park is already under utilized as is. As weird as it may sound, Central Phoenix might have too much park space, at least relative to the low population density we currently have. A lot of people just play catch or whatever in their yard instead of going to a park.

As for what Id like to happen to the land, I posted this idea on MyPlanPhx a while back. We lack higher education options here and it makes a certain amount of sense to bring back an 'Indian School' of sorts. There's Haskell in Kansas, but its tiny and Lawrence, KS appeals to much different people than Phoenix, AZ would.

E: Also regarding a casino there: I don't see that happening. I like Justin Johnson from my interactions with him, but dont know where he's coming from on this one. The thing in Glendale was a very unusual circumstance and thats actual Reservation land. The land at Central/ISR wouldn't suddenly become a Reservation because the Feds own it. The Indian Gaming Pact is pretty strict, I dont think a Casino is something to worry about/hope for (depending on your perspective).

Considering the amount of money Barron Colliers has put into that parcel, you know they won't build anything there unless its a huge project so they can recoup their costs. Unfortunately, I dont see any huge office tower projects or anything happening there any time soon, so its probably best to get it out of their hands.

[PHX31]

Saw this on the Vanishing Phoenix facebook page. It is a killer old hotel blade sign that was "discovered" in the Professional Building. They are saying it's going to be incorporated into the new project - ie. the hopeful revitalization of the Hotel Monroe. It looks awesome, and nice that there is some recent grumblings on the project, hopefully the recent sale goes through.

https://www.facebook.com/photo.php?fbid=532322576823159&set=p.532322576823159&type=1&theater

[pbenjamin]

Originally Posted by HooverDam

Id prefer just about anyone but Barron Collier to own that land, they're one of the biggest land bankers out there.

Im not sure I like Johnsons idea of just expanding the park. The park is already under utilized as is. As weird as it may sound, Central Phoenix might have too much park space, at least relative to the low population density we currently have. A lot of people just play catch or whatever in their yard instead of going to a park.

As for what Id like to happen to the land, I posted this idea on MyPlanPhx a while back. We lack higher education options here and it makes a certain amount of sense to bring back an 'Indian School' of sorts. There's Haskell in Kansas, but its tiny and Lawrence, KS appeals to much different people than Phoenix, AZ would.

E: Also regarding a casino there: I don't see that happening. I like Justin Johnson from my interactions with him, but dont know where he's coming from on this one. The thing in Glendale was a very unusual circumstance and thats actual Reservation land. The land at Central/ISR wouldn't suddenly become a Reservation because the Feds own it. The Indian Gaming Pact is pretty strict, I dont think a Casino is something to worry about/hope for (depending on your perspective).

Considering the amount of money Barron Colliers has put into that parcel, you know they won't build anything there unless its a huge project so they can recoup their costs. Unfortunately, I dont see any huge office tower projects or anything happening there any time soon, so its probably best to get it out of their hands.

Although I would never vote for Dan Carroll, he is right on on this one. I got a robocall from Johnson. He suggests that the land might "go back to the tribes" and then goes into his Glendale Casino bit. Johnson's attempt is clear, he is raising unfounded fears and dancing on the edge of racism. It is not surprising that Johnson, whose father never met a developer that he didn't like, was recently endorsed by Valley Partnership (who also endorsed DiCiccio and Waring).

[HooverDam]

So I randomly picked up a call today at work from the Pederson Group and they said they're "looking to build a shopping center downtown" and wanted some info about upcoming condo/apartment projects. So maybe that's something. Hard to say what they mean by 'shopping center', or even 'downtown', but its good that people are thinking about downtown retail at least.

[pbenjamin]

I've made a couple of negative comments about Dan Carroll and I guess that I had better explain.

In 1991, I was the Chairman of the PV Village Planning Committee and Dan Carroll was a member of the Committee. He and I had worked together on some political campaigns, including my own runs for the legislature and the (defeated) Phoenix property tax that would have funded a baseball stadium.

That year he approached me about supporting his as yet unannounced run for City Council. There was an open seat. Skip Rimsza, who had represented our district, was no longer our Councilman due to redistricting.

Although Dan and I often agreed on issues, there had been a recent battle over the route of Greenway Parkway and Dan had sided with the NIMBYs who were successful in getting a General Plan amendment causing the road to dead end into Scottsdale Airpark at Butheris instead of connecting directly to Scottsdale's Greenway-Hayden loop.

There was another battle looming, this time over the General Plan's inclusion of a bridge over the CAP Canal at 56th Street. The NIMBYs did not want the bridge to be built. Not building it would have caused an unnecessary bottleneck (no bridge between Tatum Blvd and Scottsdale Road) and would send a lot more traffic down Tatum. I opposed the General Plan amendment and considered this a litmus test for whoever I would support for Council. I asked Dan, who wanted my support as I had a fair amount of name recognition from the legislative races, and he said he opposed the effort to stop the bridge.

I proceeded to give him my support, served on his campaign committee and gave the speech to introduce him at the rally/press conference where he announced his candidacy. There was a large field of candidates. When the August election completed, he came in first but without a majority, causing a runoff. The second place finisher was Frances Barwood, who had run Rimsza's neighborhood office. Among the others were a couple of guys from the NIMBY group that opposed the bridge.

As the runoff approached, I was surprised one evening to pick up a the Paradise Valley Independent and see an article about Dan. He had gained the support of the NIMBYs and one of them was quoted as saying that they supported Dan because he was supporting the General Plan amendment to remove the bridge from the plans.

I immediately phoned Dan, who said that yes, he had changed his position, that it had "evolved". He had clearly traded his position on the issue for the support of these folks.

At that point I wrote a letter to the editor, sending it to both the PV Independent and to the Community section of the Republic. I explained this tale of deception, stating that the only thing that Dan stood for was getting Dan elected. I endorsed Barwood, saying that I disagreed with her on a bunch of stuff but that I at least knew where she stood and could count on her to stick to her principles. I also provided a copy of the letter to the Barwood campaign. The Republic printed my letter.

Dan lost a close election by a handful of votes. It may be delusions of grandeur but I think that my letter may well have cost him the election.

The bridge was built, by the way.

Based on this my opinion of Dan Carroll is that he may talk a good game, and is adept at saying what people want to hear, but that his primary motivation is self-promotion and will sell his positions to the highest bidder.

For what it is worth, I am supporting David Lujan.

[Arquitect]

Originally Posted by pbenjamin

I've made a couple of negative comments about Dan Carroll and I guess that I had better explain.

In 1991, I was the Chairman of the PV Village Planning Committee and Dan Carroll was a member of the Committee. He and I had worked together on some political campaigns, including my own runs for the legislature and the (defeated) Phoenix property tax that would have funded a baseball stadium.

That year he approached me about supporting his as yet unannounced run for City Council. There was an open seat. Skip Rimsza, who had represented our district, was no longer our Councilman due to redistricting.

Although Dan and I often agreed on issues, there had been a recent battle over the route of Greenway Parkway and Dan had sided with the NIMBYs who were successful in getting a General Plan amendment causing the road to dead end into Scottsdale Airpark at Butheris instead of connecting directly to Scottsdale's Greenway-Hayden loop.

There was another battle looming, this time over the General Plan's inclusion of a bridge over the CAP Canal at 56th Street. The NIMBYs did not want the bridge to be built. Not building it would have caused an unnecessary bottleneck (no bridge between Tatum Blvd and Scottsdale Road) and would send a lot more traffic down Tatum. I opposed the General Plan amendment and considered this a litmus test for whoever I would support for Council. I asked Dan, who wanted my support as I had a fair amount of name recognition from the legislative races, and he said he opposed the effort to stop the bridge.

I proceeded to give him my support, served on his campaign committee and gave the speech to introduce him at the rally/press conference where he announced his candidacy. There was a large field of candidates. When the August election completed, he came in first but without a majority, causing a runoff. The second place finisher was Frances Barwood, who had run Rimsza's neighborhood office. Among the others were a couple of guys from the NIMBY group that opposed the bridge.

As the runoff approached, I was surprised one evening to pick up a the Paradise Valley Independent and see an article about Dan. He had gained the support of the NIMBYs and one of them was quoted as saying that they supported Dan because he was supporting the General Plan amendment to remove the bridge from the plans.

I immediately phoned Dan, who said that yes, he had changed his position, that it had "evolved". He had clearly traded his position on the issue for the support of these folks.

At that point I wrote a letter to the editor, sending it to both the PV Independent and to the Community section of the Republic. I explained this tale of deception, stating that the only thing that Dan stood for was getting Dan elected. I endorsed Barwood, saying that I disagreed with her on a bunch of stuff but that I at least knew where she stood and could count on her to stick to her principles. I also provided a copy of the letter to the Barwood campaign. The Republic printed my letter.

Dan lost a close election by a handful of votes. It may be delusions of grandeur but I think that my letter may well have cost him the election.

The bridge was built, by the way.

Based on this my opinion of Dan Carroll is that he may talk a good game, and is adept at saying what people want to hear, but that his primary motivation is self-promotion and will sell his positions to the highest bidder.

For what it is worth, I am supporting David Lujan.

Thanks for the insight. It is true, there are many people in the city's government that are using it as a way to move up the ladder for bigger and better things, without a real passion towards the city itself. It always bums me out when I speak with a city official about where he or she see the city going or hope it would go, and they have no real answer or if they do it is a very vague "let me please everyone" answer.

[nickw252]

Thanks for your thoughtful insight. I appreciate the ability to discuss politics without it degenerating into ad hominem attacks. Early on in the campaign I had already decided to support Lujan based on a positive in-person experience with him, and a negative experience with one of Dan Carroll's staffers aggressively trying to get him on the ballot. Your insight about Dan Carroll, and Justin Johnson's borderline racist fearmongering reinforced my choice to vote for Lujan.

[Prestige Worldwide]

Originally Posted by pbenjamin

For what it is worth, I am supporting David Lujan.

I am also voting for Lujan. He's easily the brightest and most qualified and generally shares my values. He was a great Legislator.

Sadly, Lujan hasn't strongly articulated why he is running, and his campaign does not have the funds to communicate enough with likely voters.

Expect the following to shake out of the election next month (which really starts next week when people get their ballots in the mail)

1st - Pastor (less than the majority)
2nd - Johnson
3rd - Lujan
A distant 4th - Carroll

Choosing between Pastor and Johnson in the run-off, both of whom are mediocre individuals running off of their last names, will be a very depressing choice.

Hopefully Lujan can pull it out and make the run-off.

[nickw252]

Originally Posted by HooverDam

So I randomly picked up a call today at work from the Pederson Group and they said they're "looking to build a shopping center downtown" and wanted some info about upcoming condo/apartment projects. So maybe that's something. Hard to say what they mean by 'shopping center', or even 'downtown', but its good that people are thinking about downtown retail at least.

People here seem to have varying interpretations of what downtown consists of. Someone I used to work with said she lives downtown. She lives at Bethany Home and 19th ave.

Unfortunately all of their current involvements and properties are located anywhere from the suburbs to the exurbs:



Nonetheless it's an interesting and promising question. What information did you give him?

[combusean]

Hoover, did you ask them if you could post that? A lot of people want to keep their intended acquisitions, etc secret.

[HooverDam]

Originally Posted by nickw252

People here seem to have varying interpretations of what downtown consists of. Someone I used to work with said she lives downtown. She lives at Bethany Home and 19th ave.

Unfortunately all of their current involvements and properties are located anywhere from the suburbs to the exurbs:



Nonetheless it's an interesting and promising question. What information did you give him?

He didnt' really call the right place (I work at GPEC- Greater Phoenix Economic Council). I told him about Roosevelt Point, CityScape apartments, etc. but my company doesn't have data on how many units are being built, the rents, when they'll open, etc. specifically about Downtown. We have more general population data...but trying to get developers to move to Downtown isn't really what we do, we try to get companies from other states/countries to move to metro Phoenix.

[combusean]

The Downtown Phoenix Partnership would probably have that information.

[HooverDam]

Originally Posted by combusean

The Downtown Phoenix Partnership would probably have that information.

Yep I pointed him there way, and to some folks at the City who are helpful.

[OZ1970]

Originally Posted by Arquitect

Thanks for the insight. It is true, there are many people in the city's government that are using it as a way to move up the ladder for bigger and better things, without a real passion towards the city itself. It always bums me out when I speak with a city official about where he or she see the city going or hope it would go, and they have no real answer or if they do it is a very vague "let me please everyone" answer.

Well said, Arquitect, I could not agree with you more! We need people with real passion for our city and can look us in the eye and tell us where they see the city going, their hopes and what they will do to try and make it happen, etc. Instead of making it obvious they are "climbing the ladder".