Phoenix Development News (3)

[Obadno]

I don’t know it looked like a tower crane column. Maybe it’s a radio tower or something I’ll try and spy tomorrow on my way past downtown


Edit: it’s a radio tower idk if I didn’t notice it or if it’s nrw but from the angle o saw it yesterday it looked like the beginning of a crane. False alarm Everyone

[haux]

Thanks for the update, RonnieFoos. You hit all the spots I was going to but didn't because I got lazy. The gray wall on the north side of The Stewart is interesting. It keeps changing as they add more layers. First it was cement blocks, then white, then yellow, now gray. I wonder what the final look will be.

[Obadno]

This should be interesting:

Chase Tower has new owners after $78.8M sale; renovations planned

https://www.bizjournals.com/phoenix/news...wer-has-new-owners-after-78-8m-sale.html

The 40-story Chase Tower in downtown Phoenix recently was purchased by 201 North Central Avenue Property LLC, a joint venture between Phoenix-based Wentworth Property Co. and New York-based Taconic Capital Advisors LP, reports BREW. An affiliate of that entity took title to the Chase building with a $78.8 million bid at an April 13 trustee sale. That bid included a 1,900-space parking garage across the street from the tower.

BREW reports a previous owner had foreclosed on a nearly $200 million loan that was secured by the Chase Tower as well as another office building in Houston, Texas.

The new owners plan to renovate the 45-year-old tower, though there are no specifics yet.

The tower is a 723,922-square-foot office building at 201 N. Central Ave. on the corner of Central and Van Buren Street. Built in 1973, it originally served as the headquarters for Valley National Bank.

JPMorgan Chase & Co. (NYSE: JPM) occupies much of the nearly fully leased office tower, but the bank will move 2,000 workers to a new office complex in Tempe later this year where it will consolidate several Valley offices. Chase likely will maintain some presence downtown following the move.

[ASU Diablo]

Originally Posted by Obadno

This should be interesting:

Chase Tower has new owners after $78.8M sale; renovations planned

https://www.bizjournals.com/phoenix/news...wer-has-new-owners-after-78-8m-sale.html

Whoa this is potential great news.

My wish list would be getting rid of that moat around the tower and build out to the street and knock down the garage and build another office tower w/ underground/above-grade parking to replace it.

[ASU Diablo]

Hmmmm not sure what to make of this. Now that DBacks own maintenance and bookings, hopefully this additional revenue stream will allow them to make money and stay and use towards renovation and bringing down stadium capacity?

https://www.azcentral.com/story/news/loc...icopa-county-over-chase-field/574593002/

[muertecaza]

Originally Posted by airomero83

Hmmmm not sure what to make of this. Now that DBacks own maintenance and bookings, hopefully this additional revenue stream will allow them to make money and stay and use towards renovation and bringing down stadium capacity?

https://www.azcentral.com/story/news/loc...icopa-county-over-chase-field/574593002/

Yeah, I dunno. The article itself seemed pretty downbeat about them staying at Chase, but hard to say how much of that is editorializing. And while the team's statement is a masterwork in the art of saying nothing, if I were to try to read the tea leaves at all it would lead me to think that they don't plan to stay at Chase.

The whole thing is a bummer. I love Chase Field and the location downtown. Not going to be too happy when the Dbacks end up in the SRPMIC Salt River Fields area.

[Obadno]

Originally Posted by airomero83

Whoa this is potential great news.

My wish list would be getting rid of that moat around the tower and build out to the street and knock down the garage and build another office tower w/ underground/above-grade parking to replace it.

I have to imagine that the land value of both the Chase garage and the Data Center have far outstripped their current usese

[Obadno]

Originally Posted by airomero83

Hmmmm not sure what to make of this. Now that DBacks own maintenance and bookings, hopefully this additional revenue stream will allow them to make money and stay and use towards renovation and bringing down stadium capacity?

https://www.azcentral.com/story/news/loc...icopa-county-over-chase-field/574593002/

How asinine, The D-backs are not leaving Arizona where is there a bigger market without a baseball team? All of this nonsense over stadiums is absolutely 🞵🞵🞵🞵🞵🞵🞵🞵 with the amount of money these teams have.

[muertecaza]

Rezoning proposal for a VA Clinic at vacant land at 16th St./Polk, where the Goodwill campus used to be.

https://www.phoenix.gov/pddsite/Documents/PZ/Z-23-18.pdf

https://www.google.com/maps/@33.4537635,...qXQ!2e0!5s20130501T000000!7i16384!8i8192

Not the most amazing proposal from an urban design perspective, but a good looking building, and great to see some investment and job centers in that area.

[ASU Diablo]

Originally Posted by muertecaza

Yeah, I dunno. The article itself seemed pretty downbeat about them staying at Chase, but hard to say how much of that is editorializing. And while the team's statement is a masterwork in the art of saying nothing, if I were to try to read the tea leaves at all it would lead me to think that they don't plan to stay at Chase.

The whole thing is a bummer. I love Chase Field and the location downtown. Not going to be too happy when the Dbacks end up in the SRPMIC Salt River Fields area.

Agreed. But you gotta figure the City of Phoenix will pull out all stops to try and keep them at Chase too. I can see the DBacks getting creative in creating additional revenue streams with the ballpark and perhaps the COP can get into a private/public partnership with developers/team (Heins proposal?) to improve the area around the ballpark?? Maybe just wishful thinking from me

[Obadno]

Originally Posted by muertecaza

Rezoning proposal for a VA Clinic at vacant land at 16th St./Polk, where the Goodwill campus used to be.

https://www.phoenix.gov/pddsite/Documents/PZ/Z-23-18.pdf

https://www.google.com/maps/@33.4537635,...qXQ!2e0!5s20130501T000000!7i16384!8i8192

Not the most amazing proposal from an urban design perspective, but a good looking building, and great to see some investment and job centers in that area.

That will be great for the area bring daily employee and Patient activity to an area that desperately needs life, they should rethink the garage painting lol.

[Obadno]

The buisness journal seems a bit better on the dbacks deal:

https://www.bizjournals.com/phoenix/news...backs-maricopa-county-reach-deal-in.html

Under the deal, all litigation between the two will be dismissed and the county will pay no new public money toward maintenance, repairs or upgrades. The D-backs will assume all responsibility for management, maintenance, booking and upgrading Chase Field. That arrangement will run through the 2027 season.

So basically they are giving the Diamondbacks the stadium in order t avoid paying for the maintainence

I am 100% fine with this because the diamondbacks aren’t going to leave, chase is still a great venue in a premier spot they would be better off renovating than building a new stadium out in Scottsdale

[CrestedSaguaro]

Originally Posted by Obadno

How asinine, The D-backs are not leaving Arizona where is there a bigger market without a baseball team? All of this nonsense over stadiums is absolutely 🞵🞵🞵🞵🞵🞵🞵🞵 with the amount of money these teams have.

And on top of that, the Suns and Phoenix are now involved in a lawsuit for apparently hiding their renovation intentions and guess who's involved....Goldwater Institute

https://www.brightsideofthesun.com/2018/...g-arena-renovation-concepts-phoenix-suns

[CrestedSaguaro]

Originally Posted by Obadno

The buisness journal seems a bit better on the dbacks deal:

https://www.bizjournals.com/phoenix/news...backs-maricopa-county-reach-deal-in.html

Under the deal, all litigation between the two will be dismissed and the county will pay no new public money toward maintenance, repairs or upgrades. The D-backs will assume all responsibility for management, maintenance, booking and upgrading Chase Field. That arrangement will run through the 2027 season.

So basically they are giving the Diamondbacks the stadium in order t avoid paying for the maintainence

I am 100% fine with this because the diamondbacks aren’t going to leave, chase is still a great venue in a premier spot they would be better off renovating than building a new stadium out in Scottsdale

I sure hope so. I know of at least 1 less person that would be attending DBacks games if they move away from Downtown, because I take the LTR to the games. I won't be driving anywhere to see them.

[combusean]

Originally Posted by Obadno

I have to imagine that the land value of both the Chase garage and the Data Center have far outstripped their current usese

Downtown land values aren't worth that much. The replacement cost of the garage is likely much more than the $10 million value of the land.

As for Chase Field, the owners and the county need to come back to the table to figure out a redevelopment proposal for the land. If the hotel market weren't so saturated, a high-rise sports-themed hotel would work great there, or maybe they wrap it with offices a' la US Airways Center (I refuse to call that Talking Stick Arena).

[biggus diggus]

I refuse to call it anything but America West Arena

[CrestedSaguaro]

Originally Posted by biggus diggus

I refuse to call it anything but America West Arena

I refuse to call it anything but the Sun's arena


:::mic drop:::

[biggus diggus]

So, the sun in the sky?

[exit2lef]

Originally Posted by Obadno

I am 100% fine with this because the diamondbacks aren’t going to leave, chase is still a great venue in a premier spot they would be better off renovating than building a new stadium out in Scottsdale

I hope you're right, but I still fear a situation like what happened in Atlanta, where the Braves left the heart of their city for a suburban stadium.

[Obadno]

Originally Posted by exit2lef

I hope you're right, but I still fear a situation like what happened in Atlanta, where the Braves left the heart of their city for a suburban stadium.

Even if they did opt to go somewhere away from downtown, by the time a new stadium would be ready we are talking 2025-2030 at the earliest

I think downtown will have enough of its own population and draw that it wouldn’t be such a big deal, we may be happy to see them go to open up that land for development.

Even so I don’t see why they would move more suburban when they’ve had great success downtown, but that’s just me.