Phoenix Development News (3) - Page 719

Obadno · #**14361** Posted **Apr 12, 2019, 5:52 PM**

A full zone hearing sign up between alta central and Columbus.

Also I noticed a permit notice on the fence surrounding De Soto right at the corner of Roosevelt and Central, not sure what it said ill try to get another look,

biggus diggus · #**14362** Posted **Apr 12, 2019, 5:53 PM**

DeSoto is chuckie's project, he bought that building and is turning it into a live music venue and bar. It's called LIFE and it'll be nice.

TakeFive · #**14363** Posted **Apr 12, 2019, 6:10 PM**

Quote:

Originally Posted by biggus diggus

Good point. I'm pretty grumpy.

Source

soleri · #**14364** Posted **Apr 12, 2019, 6:14 PM**

Quote:

Originally Posted by biggus diggus

I agree it would be nice but I think we all can understand reality is that the market here just isn't right for "iconic".

This point has to be hammered home over and over and over. Developers don't care about anyone's skyline fantasies or design criteria. They are almost universally unsentimental and are motivated overwhelmingly by the tangible payoff. Money talks and bullshit walks.

In this vein, you look at downtown Phoenix and the not inconsiderable fortune in tax abatements that have midwifed its rising level of development. If we taxpayers wanted "iconic" we would pay for in an even more lucrative RFPs. Clearly, we don't.

DesertRay · #**14365** Posted **Apr 12, 2019, 6:40 PM**

Quote:

Originally Posted by soleri

This point has to be hammered home over and over and over. Developers don't care about anyone's skyline fantasies or design criteria. They are almost universally unsentimental and are motivated overwhelmingly by the tangible payoff. Money talks and bullshit walks.

In this vein, you look at downtown Phoenix and the not inconsiderable fortune in tax abatements that have midwifed its rising level of development. If we taxpayers wanted "iconic" we would pay for in an even more lucrative RFPs. Clearly, we don't.

Oh, I don't think most taxpayers give two rips about iconic until it's built (and then it's either "nice," or "waste of money"). I think that this is about all of us having our own hobby horses. I just ride on one named "Icon." To each their own.

Obadno · #**14366** Posted **Apr 12, 2019, 8:19 PM**

The ASU biolab building is having its vertical columns poured today

CrestedSaguaro · #**14367** Posted **Apr 12, 2019, 9:51 PM**

Quote:

Originally Posted by Obadno

The ASU biolab building is having its vertical columns poured today

Noticed yesterday that rebar was above ground. They are moving on this quickly. That whole are is going to look great with this and Cambria almost topped to the North. Going to be very dense looking.

combusean · #**14368** Posted **Apr 13, 2019, 4:36 AM**

There's a site plan hearing for multifamily residential at 1314 N 3rd St which suggests Transwestern has had no luck in leasing the office component of Portrait on the Park and will do a second phase of apartments instead.

Even with a new build with lots of parking, large floorplates, and everything it appears pretty much nobody is interested in leasing new office in Phoenix. Ouch.

Would love to see the rezoning sign on Central. Phoenix is slow to get that online.

Obadno · #**14369** Posted **Apr 13, 2019, 9:05 PM**

Quote:

Originally Posted by combusean

There's a site plan hearing for multifamily residential at 1314 N 3rd St which suggests Transwestern has had no luck in leasing the office component of Portrait on the Park and will do a second phase of apartments instead.

Even with a new build with lots of parking, large floorplates, and everything it appears pretty much nobody is interested in leasing new office in Phoenix. Ouch.

Would love to see the rezoning sign on Central. Phoenix is slow to get that online.

As Ive said before, the people need to come first. Although I am surprised about this small office, makes me nervous for block 23.

But anyway, Tempe didnt get its huge office draw until it became a place people wanted to be.

Businesses are always slow, well at least the big buisnesses that spur large office building. In a couple of years offices will start to be built once downtown is solidified as an exciting place to locate. Quicken already took the plunge as did a number of Tech and Financial companies.

somethingfast · #**14370** Posted **Apr 14, 2019, 3:11 PM**

I would add that the initial statement isn't all that accurate. United Health took a bunch of space in the last significant tower built out of the last post-GR cycle. nothing really new for Class A modern office has been built since up until Block 23. How that does will be a bellweather. As for Tempe, yes, office moved in once corporations realized there was density and talent ready to go. Now that the same is happening in DT Phoenix - the office-oriented construction will come. Let's not forget most of the current "Class A" stuff is really, really old. Newer companies will want newer designs and the current Class A or Class A/B (like Chase) will discounted to Class B rates for the most part. I could totally be wrong but that's my impression. Ten years from now given the # of new residential units coming online, there will be at least 4-5 new significant office towers with likely a new signature tallest (please God!).

muertecaza · #**14371** Posted **Apr 15, 2019, 11:21 PM**

From the coming April 17 City Council Agenda:

Quote:

Staff entered into a Disposition and Development Agreement...with the Developer for the construction of a 19-story, 211-unit micro-apartment tower called ‘The Derby’ (Project) at 800 N. 2nd St. The business terms of the DDA with the Developer include a 25-year lease with eight years of property tax abatement under GPLET. Developer started construction in April 2017, but stopped work due to litigation filed against it from a neighboring business. Developer has informed staff that it has resolved litigation pertinent to the Project and wishes to move forward with construction.

The DDA currently calls for construction completion in March 2020, which was 36months from the original commencement of construction, which is not feasible. In order to facilitate completion of construction, the following amendment to the DDA will allow the project to restart the construction period:

1. Extend the Construction Completion date by 36 months.

All other terms and conditions of the DDA shall remain in full force and effect.

ASU Diablo · #**14372** Posted **Apr 15, 2019, 11:32 PM**

Quote:

Originally Posted by muertecaza

From the coming April 17 City Council Agenda:

Freaking awesome!! Anything to stick it to the Englehorns. This project probably could've been done by now if it wasn't for their bitching and moaning. Didn't biggus assure us that this was 100% completely dead? LOL

Obadno · #**14373** Posted **Apr 15, 2019, 11:34 PM**

Quote:

Originally Posted by muertecaza

From the coming April 17 City Council Agenda:

I wonder if being in an Opportunity Zone makes up for the cost of litigation and settlement.

Either way I would love to see this go up!

TAZ4ate0 · #**14374** Posted **Apr 15, 2019, 11:40 PM**

Wow... right on! I had given up on this project...bring on the cranes!!

ASUSunDevil · #**14375** Posted **Apr 16, 2019, 1:02 AM**

Quote:

Originally Posted by ASU Diablo

Freaking awesome!! Anything to stick it to the Englehorns. This project probably could've been done by now if it wasn't for their bitching and moaning. Didn't biggus assure us that this was 100% completely dead? LOL

Obadno · #**14376** Posted **Apr 16, 2019, 1:53 AM**

Quote:

Originally Posted by ASUSunDevil

I am quite honestly shocked that it isn't.

biggus diggus · #**14377** Posted **Apr 16, 2019, 2:00 AM**

Don't get too excited yet, a lot is still up in the air.

I'm honestly surprised by this, last I talked to Matt he assured me it was all over and they were going away for good. Hmm

azliam · #**14378** Posted **Apr 16, 2019, 2:47 AM**

Quote:

Originally Posted by biggus diggus

Don't get too excited yet, a lot is still up in the air.

I'm honestly surprised by this, last I talked to Matt he assured me it was all over and they were going away for good. Hmm

Nice attitude he has (Mat)...I REALLY hope Derby happens now. Would serve the guy right to have to suffer through it.

DTWILLO · #**14379** Posted **Apr 16, 2019, 5:49 AM**

Great news the Derby is back! I never patronize Matt's place any longer. Wilderness is a great alternative.

CrestedSaguaro · #**14380** Posted **Apr 16, 2019, 2:52 PM**

Quote:

Originally Posted by biggus diggus

Don't get too excited yet, a lot is still up in the air.

I'm honestly surprised by this, last I talked to Matt he assured me it was all over and they were going away for good. Hmm

I'm not surprised. The developers of Derby had already mentioned at a city council meeting a few months back that they were still planning to build. And on the 12th, the defendant's filed for a Motion For Summary Judgment on all 6 counts in which the plaintiff's also filed a Motion for Judgment. The case is now over and Derby is back on again. Angel's will soon be surrounded by high-rises with Stewart, Link, Derby, Meow Wolf and Ro2 either completed, or going up in the next couple of years. He needs to just sell his property while the market is hot if he does not like the nearby developments. It's not going to stop any time soon and will probably even accelerate before the cycle ends.