Tempe Development Thread

[Mr.RE]

Originally Posted by azsunsurfer

You're right I meant Rural! I wish we knew what was going on with Skyview now that the Greek Village and Rec Center is wrapping up!

I was thinking the exact same thing. However, I did read a news article from a few months back that said they are projected to begin construction in early to mid 2018. That being said, with the Greek Village wrapping up in the next 30-60 days, they could be right on schedule to hopefully get a building permit issued around July.

[azsunsurfer]

I will say I like the façade of the entrances to the various "houses" of the Greek Village. However, I am not impressed with the wall facing Rural....I wish they had spent more time designing that elevation. The only saving grace is the Rec Center on the hard corner with terrace seems like it will look decent. Plus it will have ground floor retail too.

[CrestedSaguaro]

Crane evaluation for Papago Grand @220'. I'm assuming this is a tower crane for the 10 story building:

[B]Overview

Study (ASN): 2018-AWP-9312-OE
Prior Study: 2017-AWP-12243-OE
Status: Work In Progress


Received Date: 05/03/2018
Entered Date: 05/03/2018
Map: View Map

Construction Info Structure Summary

Notice Of: CONSTR
Duration: TEMP (Months: 12 Days: 0)
Work Schedule: 06/18/2018 to 06/18/2019


Structure Type: Crane
Structure Name: The Grand P7
FCC Number:


Structure Details Height and Elevation

Latitude (NAD 83): 33° 26' 15.80" N
Longitude (NAD 83): 111° 57' 18.95" W
Datum: NAD 83
City: Tempe
State: AZ
Nearest County: Maricopa


Proposed

Site Elevation:
1152

Structure Height:
220

Total Height (AMSL):
1372[B]

[muertecaza]

Walking around at lunch yesterday:

The Local:



The Union:



Mirabella:



233 Roosevelt (townhomes):


Broadstone Lakeside:


Novel/Crescent:

[ASUSunDevil]

^ Great pics! Tempe is on fire.

I know it's Mesa, but I consider this area Tempe... I'm good with either proposal: https://www.bizjournals.com/phoenix/news...lopers-pitching-big-class-a-offices.html

[Obadno]

Originally Posted by ASUSunDevil

^ Great pics! Tempe is on fire.

I know it's Mesa, but I consider this area Tempe... I'm good with either proposal: https://www.bizjournals.com/phoenix/news...lopers-pitching-big-class-a-offices.html

Holy cow I was literally just about to post this exact thing

[muertecaza]

Originally Posted by ASUSunDevil

^ Great pics! Tempe is on fire.

I know it's Mesa, but I consider this area Tempe... I'm good with either proposal: https://www.bizjournals.com/phoenix/news...lopers-pitching-big-class-a-offices.html

I've heard that the Boyer proposal is likely, but we'll see Monday. Kind of a bummer to go from the grand plans of when the Cardinals stadium was proposed here to this, but I guess I should get over it by now. It will be nice to finally have some investment following the Cubs stadium.

[muertecaza]

PowerPoints for the 777 Tower and Aspen Heights finally posted. Looks like 6 story office and 6 story student housing at and around NWC of Rural and University where Greek housing used to be. Neither are mind blowing, but both seem reasonable well designed and have good Street presence and retail. I think they would be great first steps in the Novus corridor.

https://www.tempecenterforthearts.com/Home/ShowDocument?id=63943

https://www.tempecenterforthearts.com/Home/ShowDocument?id=63945

Also, 777 is not on the hard corner, so something bigger/better could conceivably go there.

[PHXFlyer11]

Originally Posted by muertecaza

PowerPoints for the 777 Tower and Aspen Heights finally posted. Looks like 6 story office and 6 story student housing at and around NWC of Rural and University where Greek housing used to be. Neither are mind blowing, but both seem reasonable well designed and have good Street presence and retail. I think they would be great first steps in the Novus corridor.

https://www.tempecenterforthearts.com/Home/ShowDocument?id=63943

https://www.tempecenterforthearts.com/Home/ShowDocument?id=63945

Also, 777 is not on the hard corner, so something bigger/better could conceivably go there.

Bummer on 777. I did notice plan calls for “future premier tower.”

I will say, they seem to be smart in that they are saving the premier land for higher density (hopefully) and beginning to fill the center with nice mixed use lower-rise buildings. Happy these are atleast 6 stories.

[Mr.RE]

Originally Posted by muertecaza

PowerPoints for the 777 Tower and Aspen Heights finally posted. Looks like 6 story office and 6 story student housing at and around NWC of Rural and University where Greek housing used to be. Neither are mind blowing, but both seem reasonable well designed and have good Street presence and retail. I think they would be great first steps in the Novus corridor.

https://www.tempecenterforthearts.com/Home/ShowDocument?id=63943

https://www.tempecenterforthearts.com/Home/ShowDocument?id=63945

Also, 777 is not on the hard corner, so something bigger/better could conceivably go there.

If these are approved in the City Council Meetings, is anyone familiar with the length of the approval through issuing a building permit? These plans on the surface level look good for the area and it being Phase 1 Id imagine they would want to get this process moving to spur more development on the land there. After years of seeing them advertise this dirt, id love to see some action in that area soon! Hopefully a few buildings will start going vertical before the end of 2018!

Tempe is definitely becoming a hotbed for national investment. I hope with all the good economic factors in play, we can see some real development happen around town to replace the decades of blight surrounding areas of apache, downtown and along the lake! Still keeping my fingers crossed for the Pier 202 project and Skyview. Both have been my favorite proposals that I would like to see come to fruition before 2020.

[azsunsurfer]

Originally Posted by ASUSunDevil

^ Great pics! Tempe is on fire.

I know it's Mesa, but I consider this area Tempe... I'm good with either proposal: https://www.bizjournals.com/phoenix/news...lopers-pitching-big-class-a-offices.html

Wow with the Grand breaking ground and the Biomedical campus close to it as well, these guys sure are bullish on the EV office market. It would be nice to know if they any insight with potential tenants. With the University District it seems like a lot of office proposed for that corridor...

[azsunsurfer]

It would have also been nice if both those proposals also had some retail/ entertainment element being so close to the spring training and the park...instead just a 9-5 office park with a hotel next door...

[ciweiss]

2nd tower crane going up this morning at Aura Watermark.

[ASU Diablo]

Originally Posted by azsunsurfer

Wow with the Grand breaking ground and the Biomedical campus close to it as well, these guys sure are bullish on the EV office market. It would be nice to know if they any insight with potential tenants. With the University District it seems like a lot of office proposed for that corridor...

Mesa went with the Lincoln Co proposal

[muertecaza]

Hanover Mill Ave. sold for $95m.

https://www.bizjournals.com/phoenix/news...hs-is-turning-its-2b-acquisitioneye.html

No info in the article about the occupancy rate but I assumed its pretty much leased up, given a sale price of like $280k per door. I remember some anti-development folks claiming Hanover was having a hard time leasing units and using it as a basis to oppose "luxury development." Good to see they found enough of the fabled "young professional" crowd--I believe Hanover still only rents to 22+, so it shouldn't be college students.

[combusean]

^ I hate it when anti-gentrificationistas (somebody give me a better acronym for these dead end economists)/NIMBYs point to their amateur assessment of the market as reason to oppose something.

If you really hate luxury development for whatever social justice reasons, enjoy the schadenfreude of a luxury developer going bankrupt, or watch it lease at affordable prices.

I might fingerpoint and naysay at bubbles and demand and irrational exuberance, but I defer to the market in the end. It's always right!

Still seems dumb as doorknobs for these people to complain about luxury development downtown. I'd rather them advocate affordable housing in mixed/higher income areas which Tempe severely lacks.

[ASUSunDevil]

Originally Posted by combusean

^ I hate it when anti-gentrificationistas (somebody give me a better acronym for these dead end economists)/NIMBYs point to their amateur assessment of the market as reason to oppose something.

I agree. To me, it's as simple as driving around and looking at the massive amount of apartment inventory that has been here forever. Now 20 luxury apartment complexes get built in good areas & a good economy and everyone calls bubble?

As for Hanover, I live nearby and it appears that there's usually a decent amount of empty units (hardly any interior lights on at night). Maybe the buyer plans to remove the age restriction or the tenants that I can't see just use candles?

Speaking of luxury apartments, the second crane is up for Aura Watermark on Tempe Town Lake.

[muertecaza]

Tempe had a public meeting last night on a draft updated master plan for the lake area. I didn't get to go but it's published here:

https://www.tempe.gov/home/showdocument?id=64168

https://www.tempe.gov/Home/ShowDocument?id=64170

They've got some pretty cool ideas, from a birdwatching overlook west of the west dam, to a rock climbing wall underneath the 202, to a boardwalk all along the north and south shores of the lake. If even a portion of the ideas came to fruition it would really add to what is already one of the better public spaces in the Valley.

If you care to comment, they're taking public comments here: https://www.tempe.gov/city-hall/community-services/parks/rio-salado-and-beach-park-masterplan

[Mr.RE]

Originally Posted by muertecaza

Hanover Mill Ave. sold for $95m.

https://www.bizjournals.com/phoenix/news...hs-is-turning-its-2b-acquisitioneye.html

No info in the article about the occupancy rate but I assumed its pretty much leased up, given a sale price of like $280k per door. I remember some anti-development folks claiming Hanover was having a hard time leasing units and using it as a basis to oppose "luxury development." Good to see they found enough of the fabled "young professional" crowd--I believe Hanover still only rents to 22+, so it shouldn't be college students.

Occupancy rate currently is at about 93.5% which is really good (320/341 total units) for an apartment of that size and rents. Buyer was Goldman Sachs. Data pulled from Yardi Matrix.

[ASUSunDevil]

Originally Posted by Mr.RE

Occupancy rate currently is at about 93.5% which is really good (320/341 total units) for an apartment of that size and rents. Buyer was Goldman Sachs. Data pulled from Yardi Matrix.

Wow! Didn't expect that %. Goldman Sachs knows what they're doing, so maybe I should have...