Tempe Development Thread

[alexico]

I pay $1700 for a 1 bedroom with 2 parking spots, it includes basic internet and cable which Im fine it, my utility bills are dirt cheap.

I have the large 1 bedroom with 1.5 baths on an upper floor. you can get a smaller 1 bedroom for $1200 which can be quite small.

for $1700 bedroom price point you can rent at Optima Biltmore, camelview, Optima village, 3rd ave lofts, 44 monroe, 4020 lofts and the list goes on and on....

so again for the same rent price you have a lot of options. but this being the only luxury all rental in town it can call its own shots

nothing is perfect but overall it was a satisfying experience. I plan to move to Optima Sonora village in 6-9 months. I was looking at Safari but too $$$ currently.

the place isnt a big party like it was 2 years ago.

Im not a fan of the construction at all......

[Jjs5056]

The Ash/University project better pan out, because it'll be depressing if the best looking residential tower in town is for assisted living: http://www.jmitchelladvisors.com/current-projects

Regardless, it will still be the nicest and highest residential development along the lake, which is pretty sad.

[KevininPhx]

Originally Posted by Jjs5056

The Ash/University project better pan out, because it'll be depressing if the best looking residential tower in town is for assisted living: http://www.jmitchelladvisors.com/current-projects

Regardless, it will still be the nicest and highest residential development along the lake, which is pretty sad.

I'm not sure what part of that is sad. It's a nice design. Old people? I don't think that's sad.

[Spitfiredude]

Originally Posted by KevininPhx

I'm not sure what part of that is sad. It's a nice design. Old people? I don't think that's sad.

An assisted living community having the most luxurious tower in Tempe is pretty sad.. Taking into account its an assisted living facility, and not people who are having a party day to day.

As far as if its best looking...I still think W6 is the best looking development in town for two reasons: its height, all blue glass (modern) appearance. There's a branding behind West Sixth... that's the positive behind it.

Talked to my old neighbor (he's around 40), who decided to try out Univ House for a year. He didn't exactly realize it was targeted for young people, but he absolutely hates it. He says management is poor and its a dump compared to West Sixth.

Also, I don't know if you guys heard, but one of the upper floors flooded out the lower floors at Univ House. Apparently people were dislocated for weeks, and the people that were forced to stay didn't have electricity for about 10 days. Now that building is going to fall apart quickly. At least W6 had the excuse that it sat around for years. But I mean look who built that project..

[Jjs5056]

Originally Posted by KevininPhx

I'm not sure what part of that is sad. It's a nice design. Old people? I don't think that's sad.

Um, Spitfire essentially said what I needed to, but the fact that the ONLY residential high rise to go up on the lakefront will be assisted living because developers can't get the financial backing for anything market rate is pathetic. The people being old is irrelevant - student housing, housing for veterans... all great aspects of diverse, vibrant urban communities.

But, the lake is Tempe's centerpiece and the public was led to believe that an influx of private development along this asset would pay for its substantial costs. Instead, outside Marina Heights, we've gotten two suburban planned communities of varying low to mid rise heights.

I look at other cities and they're building like the recession never happened, yet this metro can't attract market rate residential along its prime asset, next to the largest state university and in the center of a growing, transit-focused, smart growth city?

When USA Place residential takes off, and we see renderings of Ash/University, I'll feel more optimistic. But, just like Encore sits on a vacant strip of Farmer, this tower is going to be an orphan symbol of our real estate's reliance on subsidized projects.

The Hub is hideous, and I'm not surprised that a company who stuccoed a high rise skimped out on other areas. Hopefully, the Phase II development team takes note to try and salvage something less painful looking.

Lastly, West 6th were nice upon completion, but the Villas look slicker to me. I'm not sure if it's the balconies that give off a sloppy after taste, or the finishing details that I felt cheapened the project - the red lettering, bland courtyard, empty retail... I also think site is an important feature in judging a product, and I hate that there are direct views onto the pool level and flat screen TV. Picky, I know, and I still like them, and am glad Tempe was able to sneak them in when they did.

[MegaBass]

Looking south at College Avenue Commons project this afternoon. h/t ASU Business-Finance

ASU Students Aid in Campus Project

Just north of the campus, Tempe-based Okland Construction Co. Inc. is overseeing construction of a five-story, 137,000 sq. ft. mixed-use building that will house the Del Webb School and a retail and food service component known as the Sun Devil Marketplace, plus a 200-seat auditorium for use during campus tours.

[ciweiss]

Don't recall if this was posted or not:

Interesting video showing HFIII

http://www.haydenferry3.com/



http://www.millavenue.com/news/pr/parkway-announces-commencement-of-hayden-ferry-iii-development



Parkway Announces Commencement of Hayden Ferry III Development

Market Watch, by PR Newswire

ORLANDO, Fla., April 14, 2014 /PRNewswire/ -- Parkway Properties, Inc. PKY +0.06% announced today that it has commenced construction of Hayden Ferry III, a 261,000 square foot, Class A development in the Tempe submarket of Phoenix, Arizona.

Hayden Ferry III will be the final phase in Parkway's 780,000 square foot master planned office community. The 10-story property will be located along the south shore of Tempe Town Lake, offering waterfront views and accessibility to the Mill Avenue entertainment district and light rail system.

James R. Heistand, Parkway's President and Chief Executive Officer, stated, "We believe that current office market conditions in the Tempe submarket validate our conviction to commence construction on Hayden Ferry III. Market rental rates for our properties in Tempe have continued to increase, including a 24% increase in rental rates at Hayden Ferry I since our initial investment in June 2011. Additionally, Parkway's current Tempe portfolio is 97% leased as of January 1, 2014. We have achieved our pre-leasing target on Hayden Ferry III, begun construction and we look forward to creating long-term value at the asset."

Parkway Properties Office Fund II L.P. signed an amendment to its partnership agreement authorizing the Hayden Ferry III development and providing for a transfer of an interest in the Hayden Ferry III development that will give Parkway a 70% interest, with its partner maintaining the remaining 30% interest.

Parkway expects total projects costs of approximately $68.8 million, including tenant improvements and leasing costs, and intends to finance the project with a construction loan of approximately 65% of the total cost.

Investors and interested parties may access additional information on Parkway's Hayden Ferry III development at www.haydenferry3.com .

About Parkway Properties

Parkway Properties, Inc. is a fully integrated, self-administered and self-managed real estate investment trust specializing in the acquisition, ownership and management of quality office properties in higher growth submarkets in the Sunbelt region of the United States. Parkway owns or has an interest in 50 office properties located in eight states with an aggregate of approximately 17.6 million square feet at January 1, 2014. Parkway also offers fee-based real estate services which manage and/or lease approximately 12.2 million square feet for third parties as of January 1, 2014. Additional information about Parkway is available on the company's website at www.pky.com .

Forward Looking Statements



Contact:Ted McHugh
Director of Investor Relations
(407) 650-0593

[TempeSilverFox]

The Villas at South Bank is a uniquely programmed continuing care retirement campus consisting of 262 luxury units based upon JMA’s signature on-campus senior living environments model. In strategic partnership with Arizona State University the project provides the opportunity for alumni, faculty, employees and friends of the university to reconnect to the campus upon retirement.

From the link provided earlier - http://www.jmitchelladvisors.com/current-projects

It seems to me that this project got off the ground with support from ASU and that the intent is to provide a great place to retire for ASU alumni and staff.
I'm totally ok with this concept and I'm really struggling to understand the negative comments around this project?
It's a nice development and will likely attract a very wealthy and cultured segment of society- which hopefully could lead to a better mix of restaurants and bars in downtown Tempe- not just the endless monotony of burger/beer/pizza college hangouts that are on Mill now.
Maybe it's just my age talking (I'm 35) but I'm DYING for more variety downtown and I see these types of projects as being a shimmer of hope that Tempe will indeed become more than just a college town. Not that I have anything against ASU or living in a college town (I chose to live here for the vibrancy and forward thinking that ASU brings) but the older I get, the more I wish for more options- yet I don't want to move, I still love being here. I'm sure I'm not the only one in this boat, and I think this project reflects the desires of other like-minded people.
Think about this too, "senior" could refer to anyone 55 and older. My folks are now in their early 60s and they seemly have more energy than I do- and they LOVE going out to check out new restaurants, plays, shopping etc. Many other 60 and older folks are active as well. And anyone who moves to this project is probably doing so because they want to be near to all that north Tempe has to offer. This is hardly going to be some bedridden and poor group of people.

[azsunsurfer]

I would like to start off by saying that the Villas are just one portion of Southbank!!! There are other semi-imporved parcels that will boast a variety of land uses including potential residential projects aimed at ALL ages! I actually would take the Villas over some 4 story stick up project along the lake any day.

I am concerned by all of these gleaming new slums. One has to remember though that these are cash cows for these management companies/ developers. Charge students insane amounts for rent- keep the overhead on property management really low. They are reaping mounds of cash from this model. My optimistic side says as the region (not city) matures and if the economy ever improves along the lines of the period circa 2001-2007, that maybe some of these slums will be condo converted with the hope of really attracting a wide demographic. However, with the way condo developments are currently underwrited, the realist in me says we're still a decade or two away from that.

[KevininPhx]

Originally Posted by Jjs5056

Um, Spitfire essentially said what I needed to, but the fact that the ONLY residential high rise to go up on the lakefront will be assisted living because developers can't get the financial backing for anything market rate is pathetic. The people being old is irrelevant - student housing, housing for veterans... all great aspects of diverse, vibrant urban communities.

But, the lake is Tempe's centerpiece and the public was led to believe that an influx of private development along this asset would pay for its substantial costs. Instead, outside Marina Heights, we've gotten two suburban planned communities of varying low to mid rise heights.

I look at other cities and they're building like the recession never happened, yet this metro can't attract market rate residential along its prime asset, next to the largest state university and in the center of a growing, transit-focused, smart growth city?

When USA Place residential takes off, and we see renderings of Ash/University, I'll feel more optimistic. But, just like Encore sits on a vacant strip of Farmer, this tower is going to be an orphan symbol of our real estate's reliance on subsidized projects.

The Hub is hideous, and I'm not surprised that a company who stuccoed a high rise skimped out on other areas. Hopefully, the Phase II development team takes note to try and salvage something less painful looking.

Lastly, West 6th were nice upon completion, but the Villas look slicker to me. I'm not sure if it's the balconies that give off a sloppy after taste, or the finishing details that I felt cheapened the project - the red lettering, bland courtyard, empty retail... I also think site is an important feature in judging a product, and I hate that there are direct views onto the pool level and flat screen TV. Picky, I know, and I still like them, and am glad Tempe was able to sneak them in when they did.

I guess we'll agree to disagree, but in the same breath that you're complaining about an assisted living building, you mention the biggest office development in the history of the state (MHs) and the shifting of a corporate HQs from another state to Tempe. So, in my opinion, assisted living is just one part of the mix ... and it's a nice design.

[dtnphx]

[QUOTE=ciweiss;6559722]Don't recall if this was posted or not:

Interesting video showing HFIII

http://www.haydenferry3.com/



http://www.millavenue.com/news/pr/parkway-announces-commencement-of-hayden-ferry-iii-development



Parkway Announces Commencement of Hayden Ferry III Development

Market Watch, by PR Newswire

ORLANDO, Fla., April 14, 2014 /PRNewswire/ -- Parkway Properties, Inc. PKY +0.06% announced today that it has commenced construction of Hayden Ferry III, a 261,000 square foot, Class A development in the Tempe submarket of Phoenix, Arizona.

Hayden Ferry III will be the final phase in Parkway's 780,000 square foot master planned office community. The 10-story property will be located along the south shore of Tempe Town Lake, offering waterfront views and accessibility to the Mill Avenue entertainment district and light rail system.

James R. Heistand, Parkway's President and Chief Executive Officer, stated, "We believe that current office market conditions in the Tempe submarket validate our conviction to commence construction on Hayden Ferry III. Market rental rates for our properties in Tempe have continued to increase, including a 24% increase in rental rates at Hayden Ferry I since our initial investment in June 2011. Additionally, Parkway's current Tempe portfolio is 97% leased as of January 1, 2014. We have achieved our pre-leasing target on Hayden Ferry III, begun construction and we look forward to creating long-term value at the asset."

Parkway Properties Office Fund II L.P. signed an amendment to its partnership agreement authorizing the Hayden Ferry III development and providing for a transfer of an interest in the Hayden Ferry III development that will give Parkway a 70% interest, with its partner maintaining the remaining 30% interest.

Parkway expects total projects costs of approximately $68.8 million, including tenant improvements and leasing costs, and intends to finance the project with a construction loan of approximately 65% of the total cost.

Investors and interested parties may access additional information on Parkway's Hayden Ferry III development at www.haydenferry3.com .

About Parkway Properties

Parkway Properties, Inc. is a fully integrated, self-administered and self-managed real estate investment trust specializing in the acquisition, ownership and management of quality office properties in higher growth submarkets in the Sunbelt region of the United States. Parkway owns or has an interest in 50 office properties located in eight states with an aggregate of approximately 17.6 million square feet at January 1, 2014. Parkway also offers fee-based real estate services which manage and/or lease approximately 12.2 million square feet for third parties as of January 1, 2014. Additional information about Parkway is available on the company's website at www.pky.com .

This was already posted here on April 14 on the day of the announcement

[Jjs5056]

Originally Posted by TempeSilverFox

From the link provided earlier - http://www.jmitchelladvisors.com/current-projects

It seems to me that this project got off the ground with support from ASU and that the intent is to provide a great place to retire for ASU alumni and staff.
I'm totally ok with this concept and I'm really struggling to understand the negative comments around this project?
It's a nice development and will likely attract a very wealthy and cultured segment of society- which hopefully could lead to a better mix of restaurants and bars in downtown Tempe- not just the endless monotony of burger/beer/pizza college hangouts that are on Mill now.
Maybe it's just my age talking (I'm 35) but I'm DYING for more variety downtown and I see these types of projects as being a shimmer of hope that Tempe will indeed become more than just a college town. Not that I have anything against ASU or living in a college town (I chose to live here for the vibrancy and forward thinking that ASU brings) but the older I get, the more I wish for more options- yet I don't want to move, I still love being here. I'm sure I'm not the only one in this boat, and I think this project reflects the desires of other like-minded people.
Think about this too, "senior" could refer to anyone 55 and older. My folks are now in their early 60s and they seemly have more energy than I do- and they LOVE going out to check out new restaurants, plays, shopping etc. Many other 60 and older folks are active as well. And anyone who moves to this project is probably doing so because they want to be near to all that north Tempe has to offer. This is hardly going to be some bedridden and poor group of people.

You're reading a bit too far into my criticism of the Villas/I perhaps wasn't clear. I'm not speaking negatively about the project, just citing the fact that I wish Tempe's skyline included market rate residential towers as tall and attractive as this rendering, especially around the lake.

As I mentioned, senior, low income, military, disabled, etc. housing is all fine by me, and I absolutely agree that Tempe in particular could use the diversity. There just seems to be a lag in the "young professional" through baby boomer demographic that projects like Optima, Esplanade, etc. appeal to. With the amount of commercial investment the city has secured, I don't understand why that part of the market hasn't picked up. The daytime population still soars above the city's residential population, and yet we're still seeing dense student housing projects rising on prime real estate and, now our only lakefront residential tower will be age restricted. I have to imagine this outs a strain on existing retail and causes new projects to cut back, given the seasonal and low disposable incomes that are typical of the average Tempe resident.

No, those residents won't all be bed ridden, but the average age is 77 and the property is located far from public transit, so these talks about their impact Tempe commerce or street life are pretty much moot. But, if I get to live with my old Manzanita floor mates at 77, I'd be just fine staying in.

As for SouthBank, I do have a problem with the development as a whole. It's clear they don't have a vision for the entire site, and are developing a lot at a time with some shoddy designs and land use along the way. Wasting two entire parcels on 4-story stucco apartments is horrible planning. As mentioned, they're far from mass transit and downtown, and so keeping a dense mix of uses along the development is much preferred to what would essentially be lakeside suburban sprawl.

They also speak of the fact that 70% of those who attend the planned restaurant at the Villas will be residents, which is my problem with most of these lakeside projects in general with their lack of public inergration. A lakefront dining option next to the tallest, sleekest tower on the shore should be a city amenity, not a glorified cafeteria.

Anyway, I ranted as usual. To summarize, I think it's great that Tempe is getting more diverse residents, an attractive lakefront high rise, and continues recruiting commercial investment. I hope that it's a only a matter of time that this investment leads to a demand for urban housing for ages in between college and retirement. I also hope that the streetcar runs along Rio Salado and future lakefront development is built to serve the members of its project (residents/employees), as well as Tempe citizens accessing their services via Rio or the lake. In the meantime, I hope any new construction done on the lake is mixed use, dense, tall and built to still serve the entire community.

[Land Arch Student]

Has anyone heard about the state of Gracie's Village? I can see that many of the balconies are occupied with bikes or grills, but I never see people walking around out front. Kind of a shame considering the struggle Gracie's went through to even get built.

I am also surprised by the quantity of vacant lots along Apache. All along the light rail, on both sides, there are numerous lots, waiting to be developed. Maybe there is hidden housing along Apache for Marina Heights workers... And I had another thought about Street Car turning down McClintock to head south? That would make Apache/ McClintock a very interesting corner.

[MegaBass]

Originally Posted by Land Arch Student

Has anyone heard about the state of Gracie's Village? I can see that many of the balconies are occupied with bikes or grills, but I never see people walking around out front. Kind of a shame considering the struggle Gracie's went through to even get built.

Rental information

Gracie's Thrift Store Facebook page

[ASU Diablo]

PowerParasol structures from Chandler company transforming ASU's campus

The latest two PowerParasols were installed in January on the median entryway into the Gammage Auditorium parking lot on the west side of campus. Landscaping still needs to be put in for this site, which has 1,700 solar panels covering more than an acre piece of land covering the wide median between Gammage and the music building.

The site is envisioned for teachers to host classes underneath, pre-Gammage event meet-ups and another lunch area for ASU students and staff, Boscamp said.
Banners will promote ASU events and LED lights are designed to complement the area, he added.

Great news!

[PHXFlyer11]

Originally Posted by Land Arch Student

I am also surprised by the quantity of vacant lots along Apache. All along the light rail, on both sides, there are numerous lots, waiting to be developed. Maybe there is hidden housing along Apache for Marina Heights workers... And I had another thought about Street Car turning down McClintock to head south? That would make Apache/ McClintock a very interesting corner.

Really? I'm not. The development along Apache has been very fast paced. It used to be all dirty lots or complete ****holes.

I noticed they are starting work on two lots along Terrace. I think one is for The Grand, which will be AWESOME! Not sure what the other is... Either way, that's going to be one very cool and dense stretch, especially if the project on the corner of Terrace and Rural ever gets built. That lot needs condo/apartment towers for sure. I could see it support retain on the ground floor in that location.

[dtnphx]

Originally Posted by airomero83

PowerParasol structures from Chandler company transforming ASU's campus



Great news!

That is awesome news! So glad to know they will landscape it. It's a very impressive structure that will only improve asthetically with landscaping.
Thanks for posting.

[TempeSilverFox]

Capstone Cottages is going to be a student focused housing project near Priest and University (on Lindon Lane) that will feature lower density homes and town homes. I guess given the distance from the downtown core, this may make sense.
Does the Orbit Venus go over there? I haven't been on it in a while...

http://azbex.com/capstone-cottages-creates-student-village-neighborhood/

[exit2lef]

Originally Posted by TempeSilverFox

Does the Orbit Venus go over there? I haven't been on it in a while...

It does: http://routes.valleymetro.org/system/tra...riginal/tempe_orbit_venus.pdf?1395699936

[Spitfiredude]

Originally Posted by azsunsurfer

I am concerned by all of these gleaming new slums. One has to remember though that these are cash cows for these management companies/ developers. Charge students insane amounts for rent- keep the overhead on property management really low. They are reaping mounds of cash from this model. My optimistic side says as the region (not city) matures and if the economy ever improves along the lines of the period circa 2001-2007, that maybe some of these slums will be condo converted with the hope of really attracting a wide demographic. However, with the way condo developments are currently underwrited, the realist in me says we're still a decade or two away from that.

If by slums, you're talking about West Sixth, I would by far disagree. To call West Sixth a slum is a complete overstatement. All the bad press that it got for its water line break was a complete joke. Some of the people interviewed weren't even residents. I would say 90% of the people that live here love it. No matter where you live you're going to have problems, that's the rental life. West Sixth has been minimal and is a great place to live. I gave statistics a few months back that I was able to get from the security guards about the age groups that live here. If I can recall correctly, tower 1 had something like 80% of people living there under 24. While tower 2 had something like 65% of people living there under 24. For a college town, I think that's completely acceptable.

Maybe I took it wrong too. If so disregard my argument.