Phoenix Area Low- and Mid-Rise Development Thread - Page 67

Obadno · #**1321** Posted **Jan 17, 2020, 6:54 PM**

Toll Brothers is apparently moving ahead with their apartment plan for Indian School and Central https://azbigmedia.com/real-estate/big-d...-8-2-acres-in-central-phoenix-for-17-9m/

Quote:

Toll Brothers has purchased an 8.2-acre multifamily development site in Phoenix from local full-service investment firm Bayless Investment & Trading Co. for $17.9 million, or about $2.2 million per acre.

The four-parcel site at the northwest corner of Central Avenue and Indiana School Road is located along the Valley Metro Light Rail. Toll Brothers plans to develop a 402-unit, four-story luxury apartment project on the site.

David Fogler and Steven Nicoluzakis of Cushman & Wakefield represented the seller in the transaction.

“It’s great to see this long-vacant, iconic corner go into production with a quality developer like Toll Bros. This project will be an excellent addition to the continued transformation of Midtown Phoenix,” Nicoluzakis said in a statement.

Headquartered in Horsham, Pennsylvania, Toll Brothers currently builds in 22 states nationwide, and is a publicly owned company with its common stock listed on the New York Stock Exchange.

biggus diggus · #**1322** Posted **Jan 17, 2020, 6:56 PM**

We've heard this story before.

Phxguy · #**1323** Posted **Jan 17, 2020, 9:03 PM**

Has Toll Brothers released revised plans for this corner? I remember their initial plans were met with much criticism from both residents and the Encanto board due to its suburban design and lack of retail. I mean they completely ignore the fact it’s on the light rail and Indian School/Central is a very busy corner with high amounts of transit users, pedestrians, and drivers.

Obadno · #**1324** Posted **Jan 17, 2020, 9:53 PM**

Quote:

Originally Posted by Phxguy

Has Toll Brothers released revised plans for this corner? I remember their initial plans were met with much criticism from both residents and the Encanto board due to its suburban design and lack of retail. I mean they completely ignore the fact it’s on the light rail and Indian School/Central is a very busy corner with high amounts of transit users, pedestrians, and drivers.

I dont think they changed much besides making it more to the street and removed some walls and gates.

Still nothing special, but might not even worry because until something changes I don't believe toll brothers has any intent to develop things in the city

CrestedSaguaro · #**1325** Posted **Jan 17, 2020, 11:12 PM**

Quote:

Originally Posted by Obadno

I dont think they changed much besides making it more to the street and removed some walls and gates.

Still nothing special, but might not even worry because until something changes I don't believe toll brothers has any intent to develop things in the city

Exactly. Thomas/Central has sat vacant for at least 2 years now. The fencing they had put up has fallen in disrepair and there is nothing going on with the Van Buren/5th Ave site yet. I don't think Toll Brothers really knows what they want. We have seen everything proposed from 4 floors to over 600'. This is not the kind of proposals a company with serious intent to develop just randomly changes and throws around.

combusean · #**1326** Posted **Jan 18, 2020, 8:03 AM**

I don't understand why Toll isn't partnering with a more experienced developer to get these projects on the ground. I hate the notion of a single-use box at this corner.

If I had my way I'd extend the avenues and fire lane to make 3 new city blocks, build a 7 story box on the 3rd to 2nd Ave lot, a two-tower 16ish story residential tower on the the 2nd-1st Ave block, and bank the Central/Indian School project for a phase 3 worthy of the corner, like Block 23 on steroids.

Chestnut1 · #**1327** Posted **Jan 18, 2020, 4:44 PM**

Quote:

Originally Posted by RonnieFoos

Exactly. Thomas/Central has sat vacant for at least 2 years now. The fencing they had put up has fallen in disrepair and there is nothing going on with the Van Buren/5th Ave site yet. I don't think Toll Brothers really knows what they want. We have seen everything proposed from 4 floors to over 600'. This is not the kind of proposals a company with serious intent to develop just randomly changes and throws around.

In regards to the Thomas and Central site - their final building plans are under review right now by the City. However, one of the firms that they have hired seems to have a hard time making the corrections requested by the City even after several submittals. I think the plans will be approved sometime in the next few months, but we'll see.

After that, we'll have to see how long it is before they start construction.

combusean · #**1328** Posted **Jan 19, 2020, 6:13 AM**

What a clown show. An out-of-state developer can pop in and before we know it we have a high-rise coming out of the ground like Link, yet Toll can’t build a four-story box that has absolutely nothing special about it.

If they can’t build something, maybe they should just partner with people that can.

Obadno · #**1329** Posted **Jan 29, 2020, 5:31 PM**

Little update midtown update

Novel is about 2 floors from topping out

Centra is nearly done with all outside work, I actually like the wood on the outside.

The Macayos, old building, billboard are gone and rubble, Toyota west was still up but it cant be long for this world.

Creighton is a little over half done, the parking garage is nearly finished and I expect the apartment portion to begin soon.

The Barrow Expansion is under full swing, I believe they have begun placing supports, excavation is complete.

The Zipps is in full construction so I imagine we are only a few weeks from opening.

Work ongoing at the Uhal campus, the employees are now using the parking lot between Durants and Thai-ger and probably will for some time.

Classical in Phoenix · #**1330** Posted **Jan 30, 2020, 6:09 PM**

Obadno was right about Millennium, the Park Central apartments, starting construction soon. I was by there this morning and construction is in full swing, with heavy equipment. The last couple of times I had been by, the site was dead.

http://imgur.com/gallery/fTluo2H

combusean · #**1331** Posted **Jan 30, 2020, 6:23 PM**

Millennium will be one of the best builds in Phoenix. The height warrants all-concrete construction unless they do some half-concrete/half-wood — like Edison.

PHXFlyer11 · #**1332** Posted **Jan 30, 2020, 7:04 PM**

Quote:

Originally Posted by combusean

Millennium will be one of the best builds in Phoenix. The height warrants all-concrete construction unless they do some half-concrete/half-wood — like Edison.

Yea that’s a hot button for me. Edison went cheap and I think they are paying for it. Seems like they are having a hell of a time selling those. They only built half the intended units and the unfinished garage looks like hell. Can’t believe the city is letting them keep that unfinished for so long.

biggus diggus · #**1333** Posted **Jan 30, 2020, 7:27 PM**

Hopefully it's upmarket. I think part of the reason Edison hadn't worked is due to the skeevy feeling around that area. S couple nice buildings will help that.

ASUSunDevil · #**1334** Posted **Jan 30, 2020, 8:21 PM**

Agree with PHXFlyer11 - at $350 per foot, I'd want steel & concrete construction or at least a rooftop pool. I think the location is great, just a big price for a glorified apartment.

biggus diggus · #**1335** Posted **Jan 30, 2020, 8:32 PM**

Unbelievable, I didn't realize they cost that much.

I bought my current house just over a year ago and paid roughly the same per square foot cost and have one of the most prestigious addresses in the city of phoenix. how are they claiming their apartment building, right next door to jack in the box, is even remotely comparable? No wonder they are struggling. For the buildings overlooking the japanese garden I would probably sign off on that price, but edison? no way cowboy.

CrestedSaguaro · #**1336** Posted **Jan 30, 2020, 8:53 PM**

I called it on Edison when it was being built that the "2nd phase" that I feared it would not be built any time soon due to the cheap construction. I've been occasionally checking on Edison permits to see if anything moves with other half and so far nothing. What are the chances they would build the 2nd half with concrete instead of wood? I can't recall any projects what were built half-n-half like that, so not sure if it's feasible?

muertecaza · #**1337** Posted **Jan 31, 2020, 5:36 PM**

New 7-story Optima building coming in Kierland area, replacing 'Links' office building off 71st St.

https://www.phoenix.gov/pddsite/Documents/PZ/Z-6-20n%20Narrative.pdf

Obadno · #**1338** Posted **Jan 31, 2020, 5:50 PM**

When is Optima going to build downtown DAMMIT !

ASU Diablo · #**1339** Posted **Jan 31, 2020, 6:01 PM**

Quote:

Originally Posted by Obadno

When is Optima going to build downtown DAMMIT !

LOL thinking the same damn thing...

mutayo · #**1340** Posted **Jan 31, 2020, 6:16 PM**

Quote:

Originally Posted by biggus diggus

Unbelievable, I didn't realize they cost that much.

I bought my current house just over a year ago and paid roughly the same per square foot cost and have one of the most prestigious addresses in the city of phoenix. how are they claiming their apartment building, right next door to jack in the box, is even remotely comparable? No wonder they are struggling. For the buildings overlooking the japanese garden I would probably sign off on that price, but edison? no way cowboy.

There's always a hefty premium for new construction, and usually for condos in general.

Having said that, those things are definitely overpriced.