Phoenix Area Low- and Mid-Rise Development Thread

[Obadno]

Originally Posted by Code5

It's still a tad disappointing there isn't more height where The Burton is sitting. I remember the original True North Studio concept for that lot. It was decently sized office highrise. Regardless though, I do like this new concept too. It'll be very nice infill on a dirt lot that's bothered me for years. Haha

I think you are mixing it up with Knipe Vilalge

[CrestedSaguaro]

Code5 is correct. TN had a 17-floor office tower originally envisioned on the lot that Burton is getting built on.

[ASU Diablo]

Originally Posted by CrestedSaguaro

Code5 is correct. TN had a 17-floor office tower originally envisioned on the lot that Burton is getting built on.

Wow don't remember that. Was this 17-story tower originally included as part of their master plan PDF they had put out like years ago?

[CrestedSaguaro]

Originally Posted by ASU Diablo

Wow don't remember that. Was this 17-story tower originally included as part of their master plan PDF they had put out like years ago?

It's on their old development workbook. You can view the office tower renderings almost about halfway down below Knipe House.

https://a.storyblok.com/f/43638/x/22452b0c64/az-phoenix-nwc-nec-roosevelt-2nd-st-ro2-opt.pdf

Edit: I remember there was more on the office tower, but I can't remember where that was published at.

[az_daniel]

Originally Posted by CrestedSaguaro

It's on their old development workbook. You can view the office tower renderings almost about halfway down below Knipe House.

https://a.storyblok.com/f/43638/x/22452b0c64/az-phoenix-nwc-nec-roosevelt-2nd-st-ro2-opt.pdf

Edit: I remember there was more on the office tower, but I can't remember where that was published at.

Yeah, they also had a tower called creative house in that same area. It was a really cool project. I hope it's still up on the drawing board somewhere. I think it was a Davis design.

Burton is nice. They have a number of projects that are similar to the burton model of street facing retail (?) with housing oriented perpendicular to the street. I'm curious how many get built or if burton is a prototype. it really breaks up the scale of the street nicely. Love seeing the block front and center.

Is the house south of the site part of the project - or is it something different? it has been fenced off too.

[Obadno]

[QUOTE=az_daniel;10123753]Yeah, they also had a tower called creative house in that same area. It was a really cool project. I hope it's still up on the drawing board somewhere. I think it was a Davis design.

/QUOTE]

Creative house was supposed to go where the Lebinskid building is going.

Same with the Atari hotel. I dont know how serious Creative house ever was.

[combusean]

Wasn't sure where to put this but this cute little rehab/small business center called The Royale popped on my feed and is opening in the Melrose district.

https://www.abc15.com/entertainment/even...ness-development-in-the-melrose-district

[PyroD]

Another argument against the reversible lanes is that it’ll allow 7th ave in Melrose to become the main street it desperately wants to.

[combusean]

I've though about the Met a lot.

As long as it's serviceable, it's going to keep standing. It's coming up on 30 years old which is definitely a milestone in the age of apartment complexes where you start thinking about replacing pipes and that sort of thing which makes demolition tempting. The A/C units are definitely going out, but that would make sense given the complex's age and repairing those is much less of an issue since they're all roof mounted.

But I don't even see anything even approaching structural issues in the few bad reviews of the complex.

Then again, it last sold for $58 million, and if you look at downtown being roughly priced at $10 million/acre, 3/4 of the value is in the land. They also apparently haven't followed through on promised upgrades since the complex sold but I can't figure out the timing of those promised upgrades related to the sale.

The unit price of the complex reflects the sales price of newer buildings, which is odd, but "upside potential" is definitely the value in the land.

I think for it to redevelop the value of the land would have to increase substantially to make the existing improvements inconsequential. Secondly, an exceptionally deep pocketed developer/capital partner would have to be found to hardly bat an eye at the value of those improvements compared to a modern, multi-tower, mixed-use urban center--easily pushing or exceeding $1 billion in future total development costs.

But at the end of the day, that developer/capital partner could just as easily dump the money into Arizona Center which does have far more obvious issues that make more sense to redevelop.

I suspect after that happens, the rental market and inflation reorient themselves, the met ages, and the demand is still there ... 5 min, 10 yearsish to redevelop the met?

[phxjack]

Originally Posted by combusean

I've though about the Met a lot.

As long as it's serviceable, it's going to keep standing. It's coming up on 30 years old which is definitely a milestone in the age of apartment complexes where you start thinking about replacing pipes and that sort of thing which makes demolition tempting. The A/C units are definitely going out, but that would make sense given the complex's age and repairing those is much less of an issue since they're all roof mounted.

But I don't even see anything even approaching structural issues in the few bad reviews of the complex.

Then again, it last sold for $58 million, and if you look at downtown being roughly priced at $10 million/acre, 3/4 of the value is in the land. They also apparently haven't followed through on promised upgrades since the complex sold but I can't figure out the timing of those promised upgrades related to the sale.

The unit price of the complex reflects the sales price of newer buildings, which is odd, but "upside potential" is definitely the value in the land.

I think for it to redevelop the value of the land would have to increase substantially to make the existing improvements inconsequential. Secondly, an exceptionally deep pocketed developer/capital partner would have to be found to hardly bat an eye at the value of those improvements compared to a modern, multi-tower, mixed-use urban center--easily pushing or exceeding $1 billion in future total development costs.

But at the end of the day, that developer/capital partner could just as easily dump the money into Arizona Center which does have far more obvious issues that make more sense to redevelop.

I suspect after that happens, the rental market and inflation reorient themselves, the met ages, and the demand is still there ... 5 min, 10 yearsish to redevelop the met?

Another idea would be to only demo section on corner of Mckinley and 2nd st and parcel it off for a high rise.

[combusean]

^ I don't see that happening.

It just doesn't make sense to have property you're going to tear down anyways get in the way of what you want to build today. It's why in nearly all cases developers blade existing things down to dirt and start over. That corner lot is mostly empty but provides necessary and scarce parking to the rest of the complex--you can't redevelop that lot without basically devaluing the rest of the asset.

There's also numerous potential issues with pre-construction activities, utilities, logistics and staging, as well as proforma issues that make developing tall on smaller lots much more difficult to pencil out. Developers hate uncertainty more than anything else.

I also wouldn't want to personally annoy existing tenants for two or three years and have that history of the complex sully what I'm trying to build anyways, but those are obviously much harder to measure the value of.

At the end of the day it's just a lot easier to not renew leases in the year your design and approvals take so when you're ready to build you can bulldoze everything without complications.

[ASU Diablo]

The following agenda is set for this Saturday and some interesting items to note:

LiveForward Development infill projects~ Ben Patton

1. Introduction + Background
2. Proposed projects
3. 5th Ave & McKinley - condos (see rendering below from their website)
4. Oldaker House adaptive reuse + multifamily rental
5. Residences on 2nd [& McKinley] - for sale townhomes

Hopefully renderings or additional details can be shared of the MF building at the Oldaker House lot.

Regarding Items #3 and #5, I wonder if MetroWest Development ended up selling these projects/entitlements or whatever to LiveForward Development.

Residences on 2nd (2nd Ave & McKinley) was always a MetroWest project so I'm glad to see this one come back from the dead. Regarding #3, if you recall, City of Phoenix awarded the RFP for city owned lot on 5th Ave (S of The Teapot) to MetroWest and the original proposal was to move the Oldaker House to this lot. Obviously, that effort died but now it looks like maybe LiveForward is in play and perhaps they will take over this lot for the Condos?

Trying to connect the dots here because I don't know where else these condos could go on this intersection.

[J_PHX]

Originally Posted by ASU Diablo

The following agenda is set for this Saturday and some interesting items to note:

LiveForward Development infill projects~ Ben Patton

1. Introduction + Background
2. Proposed projects
3. 5th Ave & McKinley - condos (see rendering below from their website)
4. Oldaker House adaptive reuse + multifamily rental
5. Residences on 2nd [& McKinley] - for sale townhomes

Hopefully renderings or additional details can be shared of the MF building at the Oldaker House lot.

Regarding Items #3 and #5, I wonder if MetroWest Development ended up selling these projects/entitlements or whatever to LiveForward Development.

Residences on 2nd (2nd Ave & McKinley) was always a MetroWest project so I'm glad to see this one come back from the dead. Regarding #3, if you recall, City of Phoenix awarded the RFP for city owned lot on 5th Ave (S of The Teapot) to MetroWest and the original proposal was to move the Oldaker House to this lot. Obviously, that effort died but now it looks like maybe LiveForward is in play and perhaps they will take over this lot for the Condos?

Trying to connect the dots here because I don't know where else these condos could go on this intersection.

Curious if the location is the vacant two parcels about 70' East of the SEC of McKinley & 5th Ave (APNs 111-39-040 & 111-39-044)

[ASU Diablo]

Originally Posted by J_PHX

Curious if the location is the vacant two parcels about 70' East of the SEC of McKinley & 5th Ave (APNs 111-39-040 & 111-39-044)

Ah that's prolly it! Looking at the rendering, you can clearly see the alley and the row of palms along McKinley (between 4th & 5th Aves). Great find!

[IndyAZ]

Finally a little info on the Republic Services new HQ at City North from PHX Business Journal. Six-story office building and six-story parking garage helps add more height to the corridor.

"Republic Services declined to comment for the story.

Around the same time as the land sale, city of Phoenix documents show that an infrastructure review permit under the name "Project Zeal" was issued for the same location, at 5353 E. City N. Drive, acquired by U.S. Realty for Republic Services' headquarters. The permit relates to the development of a six-story, 250,000-square-foot office building with an associated six-level parking garage."

[phxjack]

California developer seeks extension before construction on long-planned Phoenix project

The Omninet West development project in Phoenix (A 3-acre site located at the northwest corner of Central Avenue and Pierson Street — just south of the Camelback Road intersection), planned since 2015 for multifamily units and commercial space, may face a further two-year delay. The site's owner, Omninet Capital LLC, seeks an extension to start construction by the end of 2025 due to various delays, including design and infrastructure challenges, and the need for financing and city approvals. The project, emphasizing multifamily living with retail amenities, aims to utilize an infill site along a light rail corridor, despite past hurdles including materials shortages and increased interest rates affecting previous development efforts.

Link: https://www.bizjournals.com/phoenix/news/2024/02/14/omninet-west-phoenix-central-multifamily.html

[combusean]

^ What a blast from the past. That was one of the first low-rises planned years ago and I can't believe it's still kicking. 2015 is pretty much when the boom started.

[ASU Diablo]

Originally Posted by combusean

^ What a blast from the past. That was one of the first low-rises planned years ago and I can't believe it's still kicking. 2015 is pretty much when the boom started.

Good article posted up on AZBEX, highlighting the history on this project. Man, looking back at this, the City should just cancel their damn extension request and put the project out of its misery. 5-stories at this highly-visible and popular intersection is pathetic.

https://azbex.com/planning-development/uptown-zombie-projects-rise-again-hit-snooze/

[IndyAZ]

New Tower Crane at City North for next Residential Phase (5-story wrapping 7-story garage).

[IndyAZ]

Also, elevation of the new Republic Services building at City North by Davis Architects.