Phoenix Area Low- and Mid-Rise Development Thread - Page 17

CrestedSaguaro · #**321** Posted **Jun 16, 2016, 5:49 PM**

Tower crane is up and Crescent is progressing nicely. The crane looks pretty tall for a 6 story development though. It was planned at 6 floors, right?

azsunsurfer · #**322** Posted **Jun 16, 2016, 7:40 PM**

The garage and first floor was done long ago, I am sure they are making some serious progress now.

Also, I remember the garage being up for that other project on Highland and 24th a few months ago. Does anyone have any renderings for that project? I think it was residential/ hotel and maybe office?

dtnphx · #**323** Posted **Jun 16, 2016, 8:55 PM**

Quote:

Originally Posted by azsunsurfer

The garage and first floor was done long ago, I am sure they are making some serious progress now.

Also, I remember the garage being up for that other project on Highland and 24th a few months ago. Does anyone have any renderings for that project? I think it was residential/ hotel and maybe office?

The 24th & Highland multi-use property you're talking about hasn't broken ground at all. It's still a dirt lot. The apartment project with the giant-ass garage is for the property just south of that next to St. Thomas Church. It was the former Eastern Star retirement community. They just topped out at 5 floors this past week. Hopefully when that's done, the new development will commence.

KevininPhx · #**324** Posted **Jun 30, 2016, 7:15 PM**

I went to the artHaus opening reception last night. Wow, that place is really impressive.

It's probably overpriced, in my uninformed opinion. But it's truly an incredible place. It looks much nicer than renderings. Its quiet street feel (1st Ave / McDowell) contrasting with the very modern, metal, sleek look of the place just wowed me. Really. I love it, especially the half-million-dollar 3-floor, 2-bed unit.

http://arthausphx.com/

muertecaza · #**325** Posted **Jul 13, 2016, 6:53 PM**

PUD for condo proposal on 2nd Ave/Sherman, by Grant Park.

https://www.phoenix.gov/pddsite/Documents/Z-43-16n.pdf

It would be awesome to start seeing some investment south of downtown along the proposed light rail extension. And condos no less.

biggus diggus · #**326** Posted **Jul 13, 2016, 7:14 PM**

Get in now before the light rail route is officially underway and prices start rising. Any developer this far ahead of the curve is going to make money on a long play.

ASUSunDevil · #**327** Posted **Jul 13, 2016, 9:45 PM**

Quote:

Originally Posted by biggus diggus

Get in now before the light rail route is officially underway and prices start rising. Any developer this far ahead of the curve is going to make money on a long play.

They might be too forward thinking with this one.

Plenty of vacant lots to the north that I'd feel a lot more comfortable building something that nice on right now.

nickw252 · #**328** Posted **Jul 13, 2016, 11:08 PM**

Quote:

Originally Posted by ASUSunDevil

They might be too forward thinking with this one.

Plenty of vacant lots to the north that I'd feel a lot more comfortable building something that nice on right now.

I agree that this location may be a little risky but you are assuming those vacant lots to the north are for sale at a price where the numbers work out.

biggus diggus · #**329** Posted **Jul 13, 2016, 11:31 PM**

Quote:

Originally Posted by nickw252

I agree that this location may be a little risky but you are assuming those vacant lots to the north are for sale at a price where the numbers work out.

There was also an assumption that the lot in question wasn't purchased at a price that makes it pencil out.

Bottom line, until you know the numbers you can't pass judgment on whether or not something will work. If the developer can drag out construction until light rail is officially announced and they can provide a product at a price point around 75% of what things cost north of the tracks, this can be a money maker. Assuming they buy the land right and they don't go crazy with materials and amenities I think it's pretty doable.

ASUSunDevil · #**330** Posted **Jul 13, 2016, 11:44 PM**

Quote:

Originally Posted by biggus diggus

There was also an assumption that the lot in question wasn't purchased at a price that makes it pencil out.

Bottom line, until you know the numbers you can't pass judgment on whether or not something will work. If the developer can drag out construction until light rail is officially announced and they can provide a product at a price point around 75% of what things cost north of the tracks, this can be a money maker. Assuming they buy the land right and they don't go crazy with materials and amenities I think it's pretty doable.

It's an opinion on a discussion board, dude.

As someone who works in real estate and is looking to move Downtown - there is no way in hell that I would live in that location (right now). I am also probably their targeted demographic. If the project is dragged out a bit, yes I think it could work. Right now, I don't (opinion).

biggus diggus · #**331** Posted **Jul 14, 2016, 1:24 AM**

I wouldn't live there either but I would build there if my pockets could handle a few years without a return.

Obadno · #**332** Posted **Jul 14, 2016, 5:08 PM**

Quote:

Originally Posted by biggus diggus

I wouldn't live there either but I would build there if my pockets could handle a few years without a return.

Is there some sort of tax benefit to have plans in pace? I would understand land banking and even getting the zoning changes and easements etc. etc. done now but why spend money on design work for something that is probably 4-5 years out minimum?

biggus diggus · #**333** Posted **Jul 14, 2016, 5:41 PM**

Quote:

Originally Posted by Obadno

Is there some sort of tax benefit to have plans in pace? I would understand land banking and even getting the zoning changes and easements etc. etc. done now but why spend money on design work for something that is probably 4-5 years out minimum?

No tax benefit, I see these potential advantages:

1. if they are going to build, they're first to the draw. Start marketing now and by the time you are building light rail has announced. If your pricing is right you'll sell them to people who are excited or to investors who plan on using them long term as rentals.

2. if they aren't going to build, they're putting the wheels in motion to later sell a parcel with zoning approvals and plans. When light rail is announced the land becomes much more marketable, you also have the city really pushing the warehouse district for jobs so this location will only become more desirable as time goes on.

My guess is the latter is what's happening here, they're first to the punch so good on them but it really seems to be early.

Jjs5056 · #**334** Posted **Jul 20, 2016, 6:58 AM**

I think it's a great project and exactly what I would want to see from TOD along the light rail corridor; the ground level isn't lined with retail, but provides enough space for a supporting service business to at least reduce car dependency incrementally.

The City and County totally effed over these neighborhoods and the WH District, though; the massive power lines from APS make any kind of condo a hard sell in this area, and west of Central loses the tech/creative appeal as more buildings have been infested by County uses.

It is interesting since there are still so many lots along Central, for ex, that are vacant. There also haven't been any real proposals for any kind of new construction within the WH District. I'd like to see someone buy the Storage Warehouse on Jackson/1st St and use the massing study Levine put together (adding 3 levels of lofts). Maybe with that + the plans for 10 E Jackson, someone might finally see the potential in the entire strip between 1st St and 2nd St; 3-4 bars/restaurants centered around a beer garden in restored brick warehouses? Sigh.

combusean · #**335** Posted **Jul 20, 2016, 8:59 PM**

^ The ground floor isn't "lined" with retail but it doesn't have to be. The retail it provides is a welcome amenity and will jumpstart additional neighborhood development.

Obadno · #**336** Posted **Jul 26, 2016, 5:49 PM**

http://azbigmedia.com/azre-magazine/...level-10-years

Quote:

Currently, developers are constructing 9,700 units throughout the Valley and deliveries for 2016 are expected to top 6,500 units. Multifamily permitting surged in the second quarter and year-to-date activity is up 30 percent from the same period in 2015.

Pretty good stuff looks like this boom will still continue at least a couple more years

http://www.colliers.com/-/media/file...ily-report.pdf

dtnphx · #**337** Posted **Jul 26, 2016, 6:08 PM**

That is indeed great news but usually someone on here will say multifamily is dead and it's careening towards disaster (in spite of the facts). Wait for it, wait for it....

biggus diggus · #**338** Posted **Jul 26, 2016, 6:34 PM**

Quote:

Originally Posted by dtnphx

That is indeed great news but usually someone on here will say multifamily is dead and it's careening towards disaster (in spite of the facts). Wait for it, wait for it....

If you have something to say to me then say it to me.

Once you told us you're a commercial agent I gave up on you, your entire field is built on speculation and typically have the "I'm still getting checks so everything is great" attitude. No ability to see the big picture or long term outlook.

dtnphx · #**339** Posted **Jul 26, 2016, 6:54 PM**

Duplicate.

dtnphx · #**340** Posted **Jul 26, 2016, 6:58 PM**

Quote:

Originally Posted by biggus diggus

If you have something to say to me then say it to me.

Once you told us you're a commercial agent I gave up on you, your entire field is built on speculation and typically have the "I'm still getting checks so everything is great" attitude. No ability to see the big picture or long term outlook.

First off, if I gave a shit about you specifically or remember that it was your comments, I would have used your name. Secondly, I never said I was a CRE agent. In fact, I am not, I just work in the industry. Thirdly, because of your thin-skin, you felt compelled to comment because you weren't getting the credit for your wrong take on multifamily conditions in Phoenix in spite of the facts. You claim I don't have the ability to see the big picture or long term outlook? Really, that's what I'm paid handsomely to do. So again, wrong.