Phoenix Development News (3)

[PHXFlyer11]

Originally Posted by combusean

In other news, Vanishing Phoenix has posted a preliminary site plan and details about what's to become of 3rd - 5th St and Roosevelt:

5 stories, 316 apartments, ground floor commercial and retail on Roosevelt St. Curb cuts on 5th and Portland Streets.

https://www.facebook.com/permalink.php?story_fbid=887660521289361&id=102070406515047

Very difficult to tell from the sketch if this is a decent project or not.

[PHXFlyer11]

Huge sign on the side of Corduroy for the 8-story Edison condos across from Park Central! These are pricey, so I wish them luck, especially with Portland on the Park fighting for market share with them.

I really hope this happens. With Banner and Edison in Midtown I would bet on Park Central finally being redeveloped.

[CrestedSaguaro]

Originally Posted by PHXFlyer11

Very difficult to tell from the sketch if this is a decent project or not.

The sketch is a little "sketchy", but it sure looks like it shows 4 floors? I'm all for the residential boom in Downtown Phoenix, but enough with the 4 and 5 story developments (oh lord, I'm sounding negative!). Phoenix at this point does not need "desperate developments that do not add that much height/density to downtown...especially around Roosevelt. It would be nice to start seeing proposals in the 7 to 8+ range aside from Edison and Portland. Phoenix is at a tipping point and IMHO they can push for a little more added height without worrying whether or not a developer is going to bail on a development just because the city pushes for a couple of extra floors.

[CrestedSaguaro]

Originally Posted by PHXFlyer11

Huge sign on the side of Corduroy for the 8-story Edison condos across from Park Central! These are pricey, so I wish them luck, especially with Portland on the Park fighting for market share with them.

I really hope this happens. With Banner and Edison in Midtown I would bet on Park Central finally being redeveloped.

I think there's enough distance between Edison and Portland and enough demand that they should do OK. Also, Portland scaled their # of units planned (170 to 148?) recently for larger units, so I'm sure that may help Edison a tad bit. Park Central depresses me...so I hope this gives them the right kick for some much needed redevelopment!

*Edit: To add to my post above, it will be interesting to see if Edison fills quickly? Maybe this could be the catalyst for taller developments over 5 floors?

[azsunsurfer]

http://azbex.com/ua-banner-expanding-at-biomedical-campus/

Not sure where this is going? 60,000 SF is not much, maybe 3 stories?

[exit2lef]

I just received this email stating that Kincaid's is calling it quits after a decade-and-a-half in the Collier Center. The chain was good but not great, but I'm more concerned about what comes next for the space. Kincaid's was off the street on the 2nd floor, making it less visible from the street. It may be hard to find a new restaurant tenant.

http://kincaids.fbmta.com/members/ViewMa...097197402&storecode=054&_X=PO8M0vAwAK8e0

[nickw252]

I'm a little confused about where the Edison Midtown will be.

I gogoled the project and all of the information I found (most from 2014) described the project as:

• 5 floors
• 80 units
• at 2346 N Central Avenue

See: http://www.bizjournals.com/phoenix/news/...s-to-build-22-million-condo-project.html or http://www.weknowurban.com/Phoenix/Edison-Midtown/

However, the Edison webpage describes it as:

• 7 floors
• 110 units
• at 3131 N Central Avenue

http://liveatedison.com/

Is this two different projects? Or is it the same project but changed the design, and location?

[HX_Guy]

Lots seems to be owned by the same entity, though different names...

2346 N Central Ave is owned by DECO EDISON CENTRAL LLLP and 3131 N Central Ave is owned by DC DECO CENTRAL LLC.

[PHXFlyer11]

Originally Posted by HX_Guy

Lots seems to be owned by the same entity, though different names...

2346 N Central Ave is owned by DECO EDISON CENTRAL LLLP and 3131 N Central Ave is owned by DC DECO CENTRAL LLC.

DECO was originally proposing two project in midtown. Edison was slated (with a different design) from Thomas. It looks like they decided to move forward first with the project across from Park Central, keep the planned design, but use the Edison name. Hope that helps.

The Edison will most definitely be on the one across from Park Central. They had a zoning sign last month. Now replaced with a big wooden sign advertising The Edison on the lot.

[pbenjamin]

The Childhelp building at 2346 N Central Avenue has been empty for a while now. They stopped watering the lawn, took out a tree or two.

[CrestedSaguaro]

The current 7 floor (looks like 8 floors as the first level appears to be 2 levels high in the renderings) is going to be located ar 3131 N. Central which is literally across the street from Park Central. I'm confused on the layout though. The lot facing Central is not very wide and there is currently a small 1 level occupied building right next to the vacant lot Edison is going. I'm thinking they may have to demolish that building?

[ASUSunDevil]

95% leased. Seems to be a decent amount of interest in good looking buildings....

http://www.bizjournals.com/phoenix/news/...ells-downtown-phoenix-tower-for-94m.html

[dtnphx]

$18.25M financing secured for development of Edison Midtown

Posted June 25, 2015 by AZRE

Holliday Fenoglio Fowler, L.P. (HFF) announced that it has secured $18.247 million in non-recourse construction financing for the development of Edison Midtown, a $30.5 million, 110-unit for-sale condominium project in Phoenix’s Midtown neighborhood.

HFF worked on behalf of the developer, Deco Communities (Deco), to place the 60-percent loan-to-cost, non-recourse, three-year construction loan with a commercial bank. HFF also sourced joint venture equity capital for the project from an alternative investment manager ($5 billion AUM) in late 2014.

Due for completion in late 2016, Edison Midtown will be situated on 1.3 acres at the intersection of North Central Avenue and East Monterey Way. The transit-oriented project provides immediate access to light rail and is located midway between downtown Phoenix and the Camelback Corridor, two of the largest employment centers in the state. Designed by Harley Ellis Devereaux, the modern seven-story condominium building will have five stories of one- and two-bedroom residential units situated above a two-level parking garage.

Property amenities will include a 2,000-square-foot fitness center, swimming pool and spa.

Edison Midtown represents the third transaction that HFF has completed for Deco in less than 24-months. HFF also arranged non-recourse construction financing and joint venture equity for Deco’s $38 million Envy development, an 89-unit, for-sale luxury mid-rise condominium project located in downtown Scottsdale that is currently under construction, as well as joint venture equity for Deco’s Inspire on Earll condominium development, located just south of Old Town Scottsdale, which is soon to start construction.

HFF’s debt and equity placement team was led by director Bryan Clark.

The rendering doesn't resemble the description in anyway showing barely 4 floors. Must be an error.

http://azbigmedia.com/featured/1825m-financing-secured-development-edison-midtown

[CrestedSaguaro]

Originally Posted by dtnphx

$18.25M financing secured for development of Edison Midtown

Posted June 25, 2015 by AZRE

Holliday Fenoglio Fowler, L.P. (HFF) announced that it has secured $18.247 million in non-recourse construction financing for the development of Edison Midtown, a $30.5 million, 110-unit for-sale condominium project in Phoenix’s Midtown neighborhood.

HFF worked on behalf of the developer, Deco Communities (Deco), to place the 60-percent loan-to-cost, non-recourse, three-year construction loan with a commercial bank. HFF also sourced joint venture equity capital for the project from an alternative investment manager ($5 billion AUM) in late 2014.

Due for completion in late 2016, Edison Midtown will be situated on 1.3 acres at the intersection of North Central Avenue and East Monterey Way. The transit-oriented project provides immediate access to light rail and is located midway between downtown Phoenix and the Camelback Corridor, two of the largest employment centers in the state. Designed by Harley Ellis Devereaux, the modern seven-story condominium building will have five stories of one- and two-bedroom residential units situated above a two-level parking garage.

Property amenities will include a 2,000-square-foot fitness center, swimming pool and spa.

Edison Midtown represents the third transaction that HFF has completed for Deco in less than 24-months. HFF also arranged non-recourse construction financing and joint venture equity for Deco’s $38 million Envy development, an 89-unit, for-sale luxury mid-rise condominium project located in downtown Scottsdale that is currently under construction, as well as joint venture equity for Deco’s Inspire on Earll condominium development, located just south of Old Town Scottsdale, which is soon to start construction.

HFF’s debt and equity placement team was led by director Bryan Clark.

The rendering doesn't resemble the description in anyway showing barely 4 floors. Must be an error.

http://azbigmedia.com/featured/1825m-financing-secured-development-edison-midtown

The current 7 floor rendering advertised on the Edison billboards and on their FB site are the correct proposal. It is very similar to Envy in Scottsdale. Not sure what that is on the article. Maybe one of their suburban developments.

[PHXFlyer11]

Originally Posted by dtnphx

$18.25M financing secured for development of Edison Midtown

Posted June 25, 2015 by AZRE

Holliday Fenoglio Fowler, L.P. (HFF) announced that it has secured $18.247 million in non-recourse construction financing for the development of Edison Midtown, a $30.5 million, 110-unit for-sale condominium project in Phoenix’s Midtown neighborhood.

HFF worked on behalf of the developer, Deco Communities (Deco), to place the 60-percent loan-to-cost, non-recourse, three-year construction loan with a commercial bank. HFF also sourced joint venture equity capital for the project from an alternative investment manager ($5 billion AUM) in late 2014.

Due for completion in late 2016, Edison Midtown will be situated on 1.3 acres at the intersection of North Central Avenue and East Monterey Way. The transit-oriented project provides immediate access to light rail and is located midway between downtown Phoenix and the Camelback Corridor, two of the largest employment centers in the state. Designed by Harley Ellis Devereaux, the modern seven-story condominium building will have five stories of one- and two-bedroom residential units situated above a two-level parking garage.

Property amenities will include a 2,000-square-foot fitness center, swimming pool and spa.

Edison Midtown represents the third transaction that HFF has completed for Deco in less than 24-months. HFF also arranged non-recourse construction financing and joint venture equity for Deco’s $38 million Envy development, an 89-unit, for-sale luxury mid-rise condominium project located in downtown Scottsdale that is currently under construction, as well as joint venture equity for Deco’s Inspire on Earll condominium development, located just south of Old Town Scottsdale, which is soon to start construction.

HFF’s debt and equity placement team was led by director Bryan Clark.

The rendering doesn't resemble the description in anyway showing barely 4 floors. Must be an error.

http://azbigmedia.com/featured/1825m-financing-secured-development-edison-midtown

GREAT NEWS! Does this mean it will break ground soon, or do they need to secure a % of sales?

[dtnphx]

It's a very good sign and a non-recourse loan is good because it means they have confidence in the value and the builder so if the builder defaults they don't go after them only their collateral tied to this project. The lender must really know the demand is there and willing to take the risk. Excited for this....

[KevininPhx]

This place looks freaking great. The finishes are really impressive. I think this will be an amazing addition to Central. None of which I thought I'd say when I saw the renderings a while ago. It really looks incredible.

http://www.forrent.com/apartment-community-profile/1000949210.php

[biggus diggus]

I think it looks super generic, am I the only one?

[PHXFlyer11]

Originally Posted by biggus diggus

I think it looks super generic, am I the only one?

It's okay. I drove my this morning. Overall, tons of 4-7 story development that will add density/residents. I see alot of the zoning signs starting to pop-up for the projects we've been discussing, including the one on 3rd Ave and Osborne.

I can't wait to see what happens after this latest round of projects is completed. I really think development will further accelerate and we'll see more retail and commercial, plus taller residential in the 8-10 story range.

[KevininPhx]

Originally Posted by biggus diggus

I think it looks super generic, am I the only one?

You might be right that it's a generic structure / footprint. But the floor-to-ceiling windows look really high end. I'm not sure what the stone exterior is, but I think it looks anything but generic.