Phoenix Development News (3) - Page 397

dtnphx · #**7921** Posted **Jul 30, 2015, 10:17 PM**

Infill developer bringing $40M hipster-focused condo project to Central Avenue

http://www.bizjournals.com/phoenix/news/2015/07/30/infill-developer-bringing-40m-hipsterfocused-condo.html?ana=e_du_pub&s=article_du&ed=2015-07-30&u=34892844144f674e291dd986763848&t=1438294442

PHXFlyer11 · #**7922** Posted **Jul 30, 2015, 10:51 PM**

Quote:

Originally Posted by dtnphx

Infill developer bringing $40M hipster-focused condo project to Central Avenue

http://www.bizjournals.com/phoenix/news/2015/07/30/infill-developer-bringing-40m-hipsterfocused-condo.html?ana=e_du_pub&s=article_du&ed=2015-07-30&u=34892844144f674e291dd986763848&t=1438294442

Still no movement on the site other than a sign. But tons of advertising around midtown and they secured the loan. So hopefully they will truly break ground soon. Will be a great addition for Midtown. The vacant lot it is on today is absolutely hideous.

Leo the Dog · #**7923** Posted **Jul 31, 2015, 4:10 AM**

Quote:

Originally Posted by dtnphx

Infill developer bringing $40M hipster-focused condo project to Central Avenue

http://www.bizjournals.com/phoenix/news/2015/07/30/infill-developer-bringing-40m-hipsterfocused-condo.html?ana=e_du_pub&s=article_du&ed=2015-07-30&u=34892844144f674e291dd986763848&t=1438294442

Quote:

Deco is developing 110 units there. Sales are starting next month. Construction is slated for this fall with completion expected in 2016.
Prices start at $239,900. The project is seven stories including a two-story parking garage.
Deco is targeting urban and techie oriented Gen-Y buyers, said partner Rob Lyles. Units will have wood floors, gas kitchen appliances and 10-foot ceilings.

With these prices, you guys should buying these up. Omg, it's a buyers paradise in Phx. I sometimes forget how affordable it is there. Damn.

PHXFlyer11 · #**7924** Posted **Jul 31, 2015, 4:30 AM**

Quote:

Originally Posted by Leo the Dog

With these prices, you guys should buying these up. Omg, it's a buyers paradise in Phx. I sometimes forget how affordable it is there. Damn.

Haha, keep in mind the HOA is probably another $400/month for a 1BR and $600 for a 2BR. Quickly makes it much less affordable.

combusean · #**7925** Posted **Jul 31, 2015, 6:33 PM**

Quote:

Originally Posted by Freeway

Is it really that unbelievable? The suburbs and N. Phx have been siphoning companies from downtown and midtown for 20+ years. Companies want low or mid rise buildings with ample space, ample parking and quick access to umcongested freeways. Dtnphx and midtown can't offer that.

According to REIS, the Phoenix area has the third worst vacancy rate in the nation.

But while offices are down ... there are two more proposed apartment complexes in addition to the two that are nearing completion around 16th and Camelback.

http://azbex.com/vantrust-to-develop-234-unit-arbor-court/

http://azbex.com/phx-infill-project-tops-500-units/

nickw252 · #**7926** Posted **Jul 31, 2015, 7:10 PM**

Quote:

Originally Posted by Leo the Dog

With these prices, you guys should buying these up. Omg, it's a buyers paradise in Phx. I sometimes forget how affordable it is there. Damn.

That sounds pretty low to me, even in Phoenix.

Quote:

Originally Posted by PHXFlyer11

Haha, keep in mind the HOA is probably another $400/month for a 1BR and $600 for a 2BR. Quickly makes it much less affordable.

Keep in mind that in Condo buildings the HOA fees actually cover expenses that you would otherwise have to pay on your own if you lived in a single family home. They will cover expenses such as

air conditioning (i.e. the building has a central cooler unit),
water,
sewer,
trash,
building insurance,
landscaping, and
pool care.

Often times in a condo building your only expenses outside the HOA will be electricity (excluding air conditioning), and tv/internet. Therefore, it is pointless to get worked up about an HOA fee until you know what it actually covers.

A condo HOA is very different than a subdivision HOA where you are literally just paying to fund a board of nit-wits who tell you what color of beige you're allowed to paint your house.

vwwolfe · #**7927** Posted **Aug 1, 2015, 9:12 PM**

Anybody know what's up with the trees they're planting in the Vacant lot on the west side of Central at Glenrosa?

PHXFlyer11 · #**7928** Posted **Aug 3, 2015, 11:41 AM**

This is exciting!

http://www.abc15.com/news/region-phoenix...complex-in-midtown-phoenix?autoplay=true

I really hope this and Banner HQ can spark a Park Central redevelopment.

PHXFlyer11 · #**7929** Posted **Aug 3, 2015, 3:59 PM**

Quote:

Originally Posted by nickw252

That sounds pretty low to me, even in Phoenix.

Keep in mind that in Condo buildings the HOA fees actually cover expenses that you would otherwise have to pay on your own if you lived in a single family home. They will cover expenses such as

air conditioning (i.e. the building has a central cooler unit),
water,
sewer,
trash,
building insurance,
landscaping, and
pool care.

Often times in a condo building your only expenses outside the HOA will be electricity (excluding air conditioning), and tv/internet. Therefore, it is pointless to get worked up about an HOA fee until you know what it actually covers.

A condo HOA is very different than a subdivision HOA where you are literally just paying to fund a board of nit-wits who tell you what color of beige you're allowed to paint your house.

Yes, I understand that very well. I live in a 1BR condo and pay over $400/month for HOA. Yes, there are alot of costs relating to upkeep of a condo. I pointed it out because many just see the prices and don't realize really they should add another 1/3 or more to their mortgage payment to account for the HOA monthlies.

dtnphx · #**7930** Posted **Aug 3, 2015, 4:21 PM**

So, Lennar missed its deadline for breaking ground for The Muse, the multifamily project slated for the empty lot across from the Phoenix Art Museum. They purchased the land over one year ago and even though apartments are going up all over this town, this lot had not a sign, no nothing. A few months ago The Business Journal asked when groundbreaking was and they said July 2015. It's not even listed on their website as coming. Could it be they've got a few other projects under development (one in Tempe, that I know of) or are reworking the design to be a better gateway project (too good to be true), or just gave the fu*k up? I want that damn parcel developed, already!!!!

biggus diggus · #**7931** Posted **Aug 3, 2015, 4:26 PM**

Are you referring to the 200 block of E McDowell? It sure as heck looks like something is being built!

PHXFlyer11 · #**7932** Posted **Aug 3, 2015, 4:48 PM**

Quote:

Originally Posted by dtnphx

So, Lennar missed its deadline for breaking ground for The Muse, the multifamily project slated for the empty lot across from the Phoenix Art Museum. They purchased the land over one year ago and even though apartments are going up all over this town, this lot had not a sign, no nothing. A few months ago The Business Journal asked when groundbreaking was and they said July 2015. It's not even listed on their website as coming. Could it be they've got a few other projects under development (one in Tempe, that I know of) or are reworking the design to be a better gateway project (too good to be true), or just gave the fu*k up? I want that damn parcel developed, already!!!!

I can confirm ZERO movement on the lot. Looks even more like hell than it did a few months back.

nickw252 · #**7933** Posted **Aug 3, 2015, 5:09 PM**

Quote:

Originally Posted by PHXFlyer11

I pointed it out because many just see the prices and don't realize really they should add another 1/3 or more to their mortgage payment to account for the HOA monthlies.

Yes but no matter where you live you're going to have to add a significant amount on top of your mortgage to cover utilities, insurance, and other home expenses.

azsunsurfer · #**7934** Posted **Aug 3, 2015, 6:14 PM**

I know that they cleared the site for their tempe project. Haven't been by there lately so not sure if construction has started.

ASUSunDevil · #**7935** Posted **Aug 3, 2015, 6:57 PM**

http://www.abc15.com/news/region-phoenix...complex-in-midtown-phoenix?autoplay=true

I'm no math wizard, but $40 million to build 100 units would cost $400k each - no way they can sell them for $250k. It either won't cost that much to build, or there will be more than 100 units. Either way, excited for this project.

PHXFlyer11 · #**7936** Posted **Aug 3, 2015, 8:18 PM**

Quote:

Originally Posted by ASUSunDevil

http://www.abc15.com/news/region-phoenix...complex-in-midtown-phoenix?autoplay=true

I'm no math wizard, but $40 million to build 100 units would cost $400k each - no way they can sell them for $250k. It either won't cost that much to build, or there will be more than 100 units. Either way, excited for this project.

Keep in mind a couple things...

My guess is very few units will actually be $250k.
They didn't say the $40M was just this project, I think they said "in Midtown". They are likely including the land and potential project planned on Thomas and Central in this number. That was supposed to be the original Edison, now seems far off into the future.

dtnphx · #**7937** Posted **Aug 3, 2015, 9:11 PM**

Quote:

Originally Posted by biggus diggus

Are you referring to the 200 block of E McDowell? It sure as heck looks like something is being built!

"Across" from the Phoenix Art Museum. NWC of Central Ave. and McDowell NOT the one east of the museum.

sky51 · #**7938** Posted **Aug 3, 2015, 9:19 PM**

Pictures of new apartments on 16th Street and Highland. It seems likes 16th Street between Indian School and Missouri is becoming "apartment row."

Unrelated to these pics, but in the same area of town: 12th Street from Camelback to Osborn has been re-striped to three lanes from 4 with the addition of bike lanes: so awesome to see PHX streets become more pedestrian and bike friendly!

CrestedSaguaro · #**7939** Posted **Aug 3, 2015, 10:56 PM**

Looks like work has FINALLY resumed and there is a large portable crane on site now which I would presume is to install a tower crane. Hopefully, this will start going up soon!

nickw252 · #**7940** Posted **Aug 3, 2015, 11:22 PM**

Quote:

Originally Posted by RonnieFoos

Looks like work has FINALLY resumed and there is a large portable crane on site now which I would presume is to install a tower crane. Hopefully, this will start going up soon!

That's awesome news. It'll be nice to see another tower crane in the skyline. I drove by last week and it looked like the hole was very large and deep and there was work going on.