Phoenix Development News (3) - Page 598

nickw252 · #**11941** Posted **Feb 20, 2018, 9:17 PM**

Quote:

Originally Posted by biggus diggus

I just discussed with one of my partners who is more in the know, he says they paid close to $2,000,000 for the building which puts them just shy of $200K per door then did all new electrical, new plumbing, new ACs on the roof, re-arranged floor plans, and went through and did full remodels in each unit. This puts them closer to the $40K range per door. If they're in there for $235K a door like he thinks then someone's going to drown.

That sounds terrible. The second the market takes even a small turn for the worse and they're going to have some serious cashflow problems.

combusean · #**11942** Posted **Feb 20, 2018, 9:27 PM**

There's no way that building is 10 one bedrooms.

The property is almost 11,000 square feet--they would have to be 2 bedrooms which makes the rents more logical, right?

biggus diggus · #**11943** Posted **Feb 20, 2018, 9:31 PM**

It's a mixture.

biggus diggus · #**11944** Posted **Feb 20, 2018, 9:55 PM**

Just met with the owner, it's now 20 units so at $1100 the numbers work. Nice guy. Gave me a tour, they have two 2 bedroom units and the rest are all one bedrooms.

fawd · #**11945** Posted **Feb 20, 2018, 10:11 PM**

Quote:

Originally Posted by biggus diggus

Just met with the owner, it's now 20 units so at $1100 the numbers work. Nice guy. Gave me a tour.

Good recon! $1,100, while still pricey, is must more what I was anticipating.

combusean · #**11946** Posted **Feb 20, 2018, 10:25 PM**

That's definitely on par with, eg, Roosevelt Square (tho maybe not at the price per sqft mark).

It could work if you want a smaller, quieter complex rather than hoofing it from down the parking garage, across a building, and up an elevator, and down the hallway...

biggus diggus · #**11947** Posted **Feb 20, 2018, 10:36 PM**

I would rather live in a garden style than a big stressful building.

fawd · #**11948** Posted **Feb 20, 2018, 11:48 PM**

Booking a hotel for work and noticed something unusual on Expedia...

Union on Roosevelt are using apartments as hotel rooms... what?! Was this always the plan?

https://www.expedia.com/Phoenix-Hotels-S...2018&chkout=2/22/2018&rm1=a1&srid=800108

I had no idea this was even possible for an apartment complex.

biggus diggus · #**11949** Posted **Feb 21, 2018, 12:02 AM**

Stay Alfred is a vacation rental type site not unlike AirBnB or vrbo but focused on city centers.

fawd · #**11950** Posted **Feb 21, 2018, 12:12 AM**

Quote:

Originally Posted by biggus diggus

Stay Alfred is a vacation rental type site not unlike AirBnB or vrbo but focused on city centers.

Had no idea these complexes could be both apartments and hotels.

I would be PISSED if the complex I lived in all of a sudden started renting out units as hotel rooms.

biggus diggus · #**11951** Posted **Feb 21, 2018, 12:19 AM**

It's only the beginning, apartment owners at that top price point are starting to look at creative revenue sources.

Phxguy · #**11952** Posted **Feb 21, 2018, 11:31 PM**

Not development news per say but I'm starting to dig the NE corner of Adams and Central. The new benches, free library, and foliage. Dunkin Donuts also just added more signage---it's a cup which wraps the corner of the building at the 2nd floor and has steam puff in the shape of the Phoenix painted as if rising from hot coffee. Clever because signage for the Escape Room is also mythological Phoenix.

FitnessPower · #**11953** Posted **Feb 22, 2018, 5:42 PM**

Quote:

Originally Posted by combusean

I banned somethingfast for 10 days after warning folks twice about the conversation here.

I trust I won't have to do this again for a while.

Hold up... You banned that guy on SKYSCRAPER PAGE because he was talking about how Phx needs a new tallest SKYSCRAPER, so you guys can talk about the price of a 2 story apartments on SKYSCRAPERPAGE???

Poor moderation imo.

PHXFlyer11 · #**11954** Posted **Feb 22, 2018, 5:45 PM**

Quote:

Originally Posted by FitnessPower

Hold up... You banned that guy on SKYSCRAPER PAGE because he was talking about how Phx needs a new tallest SKYSCRAPER, so you guys can talk about the price of a 2 story apartments on SKYSCRAPERPAGE???

Poor moderation imo.

When it's the same whining over and over and over it gets old. Tired of reading it on every page.

ASU Diablo · #**11955** Posted **Feb 22, 2018, 5:55 PM**

Quote:

Originally Posted by Phxguy

Not development news per say but I'm starting to dig the NE corner of Adams and Central. The new benches, free library, and foliage. Dunkin Donuts also just added more signage---it's a cup which wraps the corner of the building at the 2nd floor and has steam puff in the shape of the Phoenix painted as if rising from hot coffee. Clever because signage for the Escape Room is also mythological Phoenix.

Saw it this morning, came out awesome. Bravo DD!

Obadno · #**11956** Posted **Feb 22, 2018, 6:43 PM**

Just spying the webcams his morning, block 23 and link seem to be flying along, steepest is still a little slow but making faster progress now

DMancini · #**11957** Posted **Feb 22, 2018, 7:28 PM**

Quote:

Originally Posted by biggus diggus

Just met with the owner, it's now 20 units so at $1100 the numbers work. Nice guy. Gave me a tour, they have two 2 bedroom units and the rest are all one bedrooms.

Is it being done by Mode?

My issue is the same as the corner of 6th Ave and Fillmore. Those patio walls are so low that there's nothing stopping someone from walking right over them and taking whatever is there. On a patio that size, I would want to be able to put some patio furniture in but it'd be gone in a week.

combusean · #**11958** Posted **Feb 22, 2018, 7:36 PM**

Quote:

Originally Posted by FitnessPower

Hold up... You banned that guy on SKYSCRAPER PAGE because he was talking about how Phx needs a new tallest SKYSCRAPER, so you guys can talk about the price of a 2 story apartments on SKYSCRAPERPAGE???

Poor moderation imo.

Yeah, your opinion is just that.

Here are the facts of the matter:

This thread is Phoenix Development News for a reason. He could have had that conversation in one of the other threads, not that anyone would have engaged him in it.

Complaining about a lack of 600 foot buildings is NOT development news, even if were possible to do that downtown. That a conversation ended up about a 2 story development is background to the actual issue at hand--he started complaining after news was released about twin 275-foot buildings, burying the entire conversation about that.

And he continued to complain after REPEATED warnings, kept on trolling, kept on antagonizing forumers that raised issue about his posts, and also injected city-vs-city comparisons which are SPECIFICALLY forbidden on this site.

This was also a complete rehash of pretty much the same thing that I also had to deal with not too long ago.

And I didn't ban him, I gave him a 10 day suspension so he can calm down and learn to respect the rules.

I think I was more than patient with him after all this.

Finally, literally nobody is going to take your side on this. I have surveyed people here and the results were that they're overwhelmingly satisfied with the job I'm doing--if anything I should be stricter but I hate being a cop.

You can be a fair judge of my moderation capabilities after you've been here 14 years and have 150 times the number of posts you do or you start compensating me for my time here.

gymratmanaz · #**11959** Posted **Feb 22, 2018, 10:51 PM**

Here! Here, combusean!!!

fawd · #**11960** Posted **Feb 22, 2018, 11:11 PM**

Support your decision 100% Combus!