Quote:
Originally Posted by Phxguy
If only they demolish that walled off fortresss across the street from the Link! That will continue to be a scar in the downtown fabric.
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I'd give the Met 5 - 10 years in a good economy.
From
https://www.redfin.com/AZ/Phoenix/20.../home/27101498 ...
- They bought it recently for $6.2 million an acre which isn't significantly beyond the value of the land.
- The $200,000 a year they pay in taxes seems a lot for a 140 unit complex, especially when it could be redeveloped with a GPLET.
- It's 22 years old give or take which is still young but up there. It will begin to need major renovations (replacement of AC units, pipes, etc) and this building is horrendously energy inefficient anyways according to Yelp reviews.
- The met has no longer a high-end appeal, I remember Suns players used to live there. I wonder if the flood of units will push down rents, accelerating its demise.