Phoenix Development News (3)

[Tylerrrr]

Well, here's a pic posted from the downtown phoenix facebook page of the new development, the article says some adjustments are going to be made before it comes into fruition.



check it out... http://downtownphoenixjournal.com/2015/09/09/city-selects-proposal-for-west-fillmore-rfp/

[Obadno]

Originally Posted by Tylerrrr

Well, here's a pic posted from the downtown phoenix facebook page of the new development, the article says some adjustments are going to be made before it comes into fruition.



check it out... http://downtownphoenixjournal.com/2015/09/09/city-selects-proposal-for-west-fillmore-rfp/

I am ok with this!

[CrestedSaguaro]

Originally Posted by Obadno

I am ok with this!

So am I! This looks like a great development. And I even see a hint of street entrance residences. Excellent!

[PHXFlyer11]

Originally Posted by RonnieFoos

So am I! This looks like a great development. And I even see a hint of street entrance residences. Excellent!

Wow, I love this! For being so far West I am very pleased with the height/density.

Only thing that I think could've made it better would be a small hotel. I know there is alot of Courtyard/Garden Inn type hotels going up downtown, so something below that level, maybe a Holiday Inn or something along those lines could've been nice.

Overall, I love it and hope it happens, and quickly. Unlike every single other RFP the city has issued.

[pbenjamin]

Update on the Childhelp building at 2120 N Central (SWC Central and Lewis). This was announced over a year ago and dubbed Edison Midtown. More recently a project farther north (3131 N Central) from the same company (Deco Communities) was announced and also given that name. It should break ground within the next month.

The project at the Childhelp building will be called Circa on Central. It will be 7 stories, around 100 condo units, priced $299K to mid $600s. While the Edison project is targeting a hip demographic (they hesitate to use the word "hipster"), Circa will be "more sophisticated" and more expensive. No retail. Breaking ground 1Q16.

[biggus diggus]

I guess Chateaux isn't enough of a sign that luxury condos are tough to sell in Midtown Phoenix?

btw, I love the look of the project posted for Fillmore and 5th Avenue, but I wonder what the actual chance of it coming to fruition is. Roosevelt Square has taken a decade and it still isn't 100% completed, CityScape turned into about 35% of what they originally proposed, and I'm jaded.

[nickw252]

Originally Posted by biggus diggus

I guess Chateaux isn't enough of a sign that luxury condos are tough to sell in Midtown Phoenix?

btw, I love the look of the project posted for Fillmore and 5th Avenue, but I wonder what the actual chance of it coming to fruition is. Roosevelt Square has taken a decade and it still isn't 100% completed, CityScape turned into about 35% of what they originally proposed, and I'm jaded.

I wouldn't use Chateau as a bellwether for luxury condos. The Chateau units are million dollar mansions, not condo buildings.

[biggus diggus]

Ok, I'm sorry, townhouses.

This is a distinction without a difference in my opinion because it's still luxury multi-family housing in a location which has not shown any proof it can support it.

[pbenjamin]

Originally Posted by biggus diggus

Ok, I'm sorry, townhouses.

This is a distinction without a difference in my opinion because it's still luxury multi-family housing in a location which has not shown any proof it can support it.

I think the difference between $299K-$600K and Chateau on Central is more about price than architectural style.

[biggus diggus]

I'm making a more broad observation here which is that the high end market seems to be non-existent for multi-family housing in Midtown Phoenix. A starting price of 600K means a 2 or 3 bedroom will probably be three-quarter million or more, that's pretty spendy. I should look on MLS to see what else is available in the area at that price when I get back in the office, but I doubt there is much and I think what is there has probably been listed for a while.

[pbenjamin]

Originally Posted by biggus diggus

I'm making a more broad observation here which is that the high end market seems to be non-existent for multi-family housing in Midtown Phoenix. A starting price of 600K means a 2 or 3 bedroom will probably be three-quarter million or more, that's pretty spendy. I should look on MLS to see what else is available in the area at that price when I get back in the office, but I doubt there is much and I think what is there has probably been listed for a while.

Read it again. The starting price is $299K and the high end is in the 600s.

[biggus diggus]

Ah, I was reading it as Edison being 299 and circa 600.

My mistake. I have difficulty doing this on my phone screen.

[prairieman]

Trammell Crow is one of the oldest and highly respected developers in the Dallas/Ft. Worth area. You can't swing a dead cat around Victory Park in Dallas without hitting a 20+ story tower by them. I always thought it unusual that they never ventured into the Phoenix market. If this goes well, then they may want to see what else they can do. Phoenix could do a lot worse.

[Obadno]

Originally Posted by prairieman

Trammell Crow is one of the oldest and highly respected developers in the Dallas/Ft. Worth area. You can't swing a dead cat around Victory Park in Dallas without hitting a 20+ story tower by them. I always thought it unusual that they never ventured into the Phoenix market. If this goes well, then they may want to see what else they can do. Phoenix could do a lot worse.

If a big name developer can see success downtown it will only bring more

anecdotally I know many many young professionals (20's and 30's) who would love to live downtown if they could find places as nice as other neighborhoods in town.

I have a feeling that all these new apartments will have no difficulty selling/renting once they open.

The difference I think for phoenix compared to other cities is that its a forgone conclusion that you'll have to drive, so people live where they want to live for the atmosphere and neighborhood, as long as work is a 10-20 minute drive that's fine.

People will live downtown and commute to Tempe or Scottsdale to work.

[exit2lef]

Following up on a discussion here a few weeks ago, one of the Arizona Center restaurants, Brick, has apparently closed. The restaurant is dark during the normally busy lunch hour, and there's a sign on the door telling vendors to contact the management office. When we talked about this a few weeks ago, My Big Fat Greek Restaurant's space was also showing as available, but the restaurant was still operating yesterday. I thought Brick was one of the better places to eat in the Arizona Center, although I realize that's not saying much. The Corner Bakery seems to be doing well, and I wouldn't be surprised if management tried to recruit more chains that would fit with the generally play-it-safe character of the complex.

[HX_Guy]

Is it just me or is this the biggest residential building boom downtown has had to this point?

I know this isn't a new project, but it seems every day there is an article about some residential projecting being announced or breaking ground in downtown or midtown.

230-unit apartment development underway in downtown Phoenix.

Construction has started on a 230-unit apartment complex in downtown Phoenix.

Wood Partners is building the Alta Fillmore complex on 4.1 acres near Fillmore Street and Seventh Avenue. Construction is set to finish in early 2017.




This is Atlanta-based Wood’s 10th complex in the the Phoenix area.

“Alta Fillmore will offer residents a unique value proposition that includes excellent walkability and bike-ability to the unique amenities found in downtown Phoenix,” Todd Taylor, Wood Partners’ development director for Arizona and Nevada, said in a company statement.

It joins a number of condos and apartments under construction or planned for downtown Phoenix.

Near Wood’s Fillmore development, the city of Phoenix has picked apartments plans from Trammell Crow Co. and the Cesar Chavez Foundation for development on Fillmore. Those plans would be bring 605 apartments and two restaurants to downtown’s largest empty parcel.

http://www.bizjournals.com/phoenix/news/...partment-development-underway-in.html#i1

[PHXFlyer11]

Originally Posted by HX_Guy

Is it just me or is this the biggest residential building boom downtown has had to this point?

I know this isn't a new project, but it seems every day there is an article about some residential projecting being announced or breaking ground in downtown or midtown.

It's definitely very exciting to see. Most of these projects are now breaking ground or under construction. I can't wait to see what happens after these are all completed. If demand for retail, restaurant, office, hotel grows, and/or more residential demand.

[Obadno]

Originally Posted by PHXFlyer11

It's definitely very exciting to see. Most of these projects are now breaking ground or under construction. I can't wait to see what happens after these are all completed. If demand for retail, restaurant, office, hotel grows, and/or more residential demand.

Phoenix has finally hit that critical mass (about 40-50 minute drive from Ex-rub to downtown) Its now desirable to pay more in an area closer in than go further and further out.

Hopefully with this massive new injection of people downtown we will see the local economy around central phoenix start to boom.

Tempe and Scottsdale did the same thing, Housing came first, then local shops and restaurants had the population to sustain themselves, hotels for tourists to the area and then small offices that appreciate being close to these amenities, then larger offices the very last.

[biggus diggus]

This is a very exciting time to live and work in downtown Phoenix, I'm really enjoying watching all of these places being built and even being proposed, probably most excited for the building on the SW corner of 3rd Street and Roosevelt because it is sort of marking the end of Magellan on 2nd and Garfield and having that place gone will be a godsend for the neighborhood.

That said, has anyone else noticed how much longer it's taking to get around? The whole area just seems kind of busy lately, this isn't a complaint just an observation. My commute to the office is .7 miles and it takes me roughly 10-12 minutes lol.

[Obadno]

Originally Posted by biggus diggus

This is a very exciting time to live and work in downtown Phoenix, I'm really enjoying watching all of these places being built and even being proposed, probably most excited for the building on the SW corner of 3rd Street and Roosevelt because it is sort of marking the end of Magellan on 2nd and Garfield and having that place gone will be a godsend for the neighborhood.

That said, has anyone else noticed how much longer it's taking to get around? The whole area just seems kind of busy lately, this isn't a complaint just an observation. My commute to the office is .7 miles and it takes me roughly 10-12 minutes lol.

Compared to 10 years ago its like a new city, compared to 5 years ago the increase in traffic and population is astonishing.

I have several friends that live right in downtown and just the change in the last 18 months, you can really tell the increase in population, and there is finally enough nightlife in the area that it has become a destination.

Despite what people complain about City-scape really made a hug difference in downtown, and the Super-bowl (and BCS coming up in Jan) have shown that there is a lot to do downtown.

I'm still in Scottsdale for another year but I'm hoping to get downtown in a year or two depending on my situation.

Sidenote: Anyone know why Mark Taylor hasn't expanded into the downtown market? They are a huge local builder, have been expanding like crazy the last couple of years, they have bought a few urban style midtown/ central phx properties and they are building a fairly urban looking place at Scottsdale Quarter.

Double sidenote: Any updates on The Union at Roosevelt? that thing is taking forever. Also Ballpark Apartments? or is that DOA