Tempe Development Thread - Page 194

MegaBass · #**3861** Posted **Jun 18, 2013, 3:39 PM**

Quote:

Originally Posted by asugrad

yeah, ASU does a poor job of keeping up the maintenance on the LEDs. Half of them are broken off the supports or completely gone. Mostly because they are in the low planters near a high traffic area.

Yeah fences are already in place for MU power parasol/walk-only zone. Bummer it will done by tail end of the semester. Lot 19 panel supports are up and Lot 41 (law school surface lot) is also underway. Noticed there's something being built by what was Hayden's outdoor dropbox.

ApacheRedevelopment · #**3862** Posted **Jun 18, 2013, 7:09 PM**

Tempe helps Lennar Multifamily and Resmark Apartment Living celebrate groundbreaking of luxury apartment community at Town Lake

Posted Date: 6/18/2013
.

Karen Diehl

(310) 473-8090

TEMPE, AZ – Lennar Multifamily and Resmark Apartment Living hosted business, community and government leaders today to celebrate the groundbreaking of a 328-unit apartment project set on 5.72 acres in an unparalleled location south of the Tempe Center for the Arts on Rio Salado Parkway, adjacent to Tempe Town Lake and Arizona State University.

“Tempe welcomes Lennar, Resmark and all the residents of this fantastic new project as they become integrated members of our community,” said Tempe Mayor Mark Mitchell. “This location and the surrounding amenities set the scene for tremendous quality of life. We know your residents will be very happy here.”

“We are pleased to partner with Resmark,” said Scott Johnson, of Lennar Multifamily. “The project will offer best-in-class apartment living to those who seek great walkability and a carefree lifestyle address in an unparalleled Tempe location.”

The project design features five-story buildings set around greenbelts, with many attractive amenities including two swimming pools, cabana seating areas, a state-of-the-art fitness center with water views and a clubhouse with rooftop patio offering sweeping views of the lake, downtown Phoenix and downtown Tempe.

The 328 residences will range from studios to three bedrooms with spacious floor plans, ceiling heights will range from nine to 19 feet, and residences will have either a balcony or patio. Residences are designed with top quality finishes including plank wood flooring, contemporary cabinetry, granite or quartz countertops and stainless steel appliances.

“This community is an ideal fit for Resmark’s multifamily investment program. It’s a centrally located infill development in a thriving district. Additionally, we have a respected and experienced partner in Lennar, who has earned a strong brand name in the Valley of the Sun and shares our high standards for quality and value,” said Ziv Cohen, Chief Operating Officer, Resmark Apartment Living.

The community’s location offers easy access to area freeways and transportation, such as the light rail system connections to downtown Tempe, metro Phoenix and Sky Harbor International Airport. The project also offers an appealing lifestyle option with a mix of outdoor recreation at the lake, noted as Arizona’s second most popular attraction, and abundant shopping, dining and entertainment options including the Mill Avenue District and Tempe Marketplace.

Construction is expected to be completed in the first quarter of 2015, with the leasing office anticipated to open in Spring 2014.

About The Resmark Companies
Founded in 1995, Resmark is a leading national private equity firm focused on real estate and powered by core foundational discipline and focus. A fully integrated real estate investment group, The Resmark Companies' divisions—Resmark Land and Housing, Resmark Apartment Living and Resmark Shopping Centers—finance, acquire, develop and manage real estate in the Western United States, including California, Washington and Arizona, as well as in other select major metropolitan markets nationwide. To date, Resmark has participated in over 140 projects encompassing more than 23,000 single-family and multifamily residential units. Headquartered in Los Angeles, Resmark also maintains corporate offices in San Diego and La Jolla. For additional information, please visit www.Resmark.com

About Lennar Multifamily
Lennar Multifamily is a real estate investment company started by Lennar Corporation (NYSE:LEN), one of the nation’s leading homebuilders, as an initiative to combine its financial and entrepreneurial strength with favorable apartment fundamentals nationwide. Founded in mid-2011, Lennar Multifamily is focused on assembling a geographically diversified portfolio of institutional quality multifamily rental properties using both a development and value-add acquisition strategy in selected U.S. markets. Lennar Multifamily co-invests with both institutional and private equity partners, providing the partnerships with fully integrated service capabilities, including construction management, asset management and property management. Lennar Multifamily’s investment strategy is a market research based approach, focusing on risk-adjusted yields on properties in quality urban, Transit Oriented Developments and suburban locations. For additional information, please visit www.Lennar.com.

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Facebook.com/Apache.Redevelopment

MegaBass · #**3863** Posted **Jun 19, 2013, 12:15 AM**

Some photos from ASU Facilities Twitter:

Spitfiredude · #**3864** Posted **Jun 23, 2013, 8:19 PM**

I walked by Milk and Honey (W6) today and the owner was inside with a business partner scoping out the place. I asked him what the news was on the place and apparently they are going to complete the project and open within 30-60 days. According to him, the city and landlord were both giving them problems which stalled construction. They were going to scrap the project, but they decided with the new apartment complex, theater and apparently a "planned" complex on Farmer that it would be in their best interest to finish the project. He says they will have produce, meat, a bakery, and packaged items. He said they will have a small section of cleaning supplies and personal items too. I am excited for this project. Apparently this will leave only one vacant spot left in the West 6th strip mall.

TempeSilverFox · #**3865** Posted **Jun 23, 2013, 8:37 PM**

Quote:

Originally Posted by Spitfiredude

I walked by Milk and Honey (W6) today and the owner was inside with a business partner scoping out the place. I asked him what the news was on the place and apparently they are going to complete the project and open within 30-60 days. According to him, the city and landlord were both giving them problems which stalled construction. They were going to scrap the project, but they decided with the new apartment complex, theater and apparently a "planned" complex on Farmer that it would be in their best interest to finish the project. He says they will have produce, meat, a bakery, and packaged items. He said they will have a small section of cleaning supplies and personal items too. I am excited for this project. Apparently this will leave only one vacant spot left in the West 6th strip mall.

This is exciting! Thanks for sharing this. ANY grocery store is better than our current situation. I still wish Trader Joes would move into the area. I think they would do phenomenal business if they located at Ash and University (where Whole Foods is allegedly going to locate- and I still think they are WRONG for the area and crazy for leaving their current location) or at the SE corner lot behind Chilis- as part of the new hotel/conference/basketball whatever that is planned for the area.

MegaBass · #**3866** Posted **Jun 25, 2013, 4:30 PM**

Fences are down at McCord Hall. I'll have photos up later.

DaveInTHX · #**3867** Posted **Jun 26, 2013, 2:18 PM**

Speaking of... Fences just went UP at Hayden Ferry Lakeside, NE corner of Mill and Rio Salado. Assuming for Phase 3?

Spitfiredude · #**3868** Posted **Jun 26, 2013, 6:24 PM**

Quote:

Originally Posted by DaveInTHX

Speaking of... Fences just went UP at Hayden Ferry Lakeside, NE corner of Mill and Rio Salado. Assuming for Phase 3?

Looks like work is going to start on the new office tower. I went by today and it looks like they have brought in heavy work equipment and what not. They also have signage that says "construction zone" and it advertises the Ryan Cos. Can't wait to see a tower crane in that spot soon. I also noticed some people from the COT & APS scoping out the site of Marina Heights...interesting.

MegaBass · #**3869** Posted **Jun 27, 2013, 3:16 AM**

nickw252 · #**3870** Posted **Jun 27, 2013, 3:30 AM**

Quote:

Originally Posted by Spitfiredude

Looks like work is going to start on the new office tower. I went by today and it looks like they have brought in heavy work equipment and what not. They also have signage that says "construction zone" and it advertises the Ryan Cos. Can't wait to see a tower crane in that spot soon. I also noticed some people from the COT & APS scoping out the site of Marina Heights...interesting.

I thought phase III was still just speculation. If not this is great news.

dtnphx · #**3871** Posted **Jun 27, 2013, 4:22 PM**

Quote:

Originally Posted by Spitfiredude

Looks like work is going to start on the new office tower. I went by today and it looks like they have brought in heavy work equipment and what not. They also have signage that says "construction zone" and it advertises the Ryan Cos. Can't wait to see a tower crane in that spot soon. I also noticed some people from the COT & APS scoping out the site of Marina Heights...interesting.

Have permits even been issued? Surprised if it were a go so soon, but a good thing if it is.

PHX31 · #**3872** Posted **Jun 27, 2013, 4:48 PM**

McCord hall is looking good. I'll miss the sunken tennis courts and the fountains next to the MU, but their demise is worth it.

ASUSunDevil · #**3873** Posted **Jun 27, 2013, 5:06 PM**

Quote:

Originally Posted by PHX31

McCord hall is looking good. I'll miss the sunken tennis courts and the fountains next to the MU, but their demise is worth it.

Some incredible sightseeing could be done from those tennis courts. That being said, the new business building looks awesome.

I drove by Hayden 3 this morning and they are definitely starting construction. More height on the lake

Catch up, Oliver McMillan.

phxSUNSfan · #**3874** Posted **Jun 27, 2013, 5:22 PM**

Quote:

Originally Posted by PHX31

McCord hall is looking good. I'll miss the sunken tennis courts and the fountains next to the MU, but their demise is worth it.

There are still fountains around MU, just not the gushing kind. I do like McChord Hall, though it looks different from what was originally proposed. I do like the shiny opening in the middle of the span between the wings of the building. These were some of the original renderings:

I can't decide if I like the original renderings or not...The second one makes McChord Hall look very small. And I don't like when they design funky elevation changes with staircases.

azsunsurfer · #**3875** Posted **Jun 27, 2013, 6:54 PM**

Looks like the dirt site next to Chompies is slated to become 'higher end' student housing. It appears to be floor stories, kind of pedestrian design but decent. There appears to be no ground floor retail especially in the applicant's documents in which they talk about the vacant retail space on the ground floor of the development across the street.

dtnphx · #**3876** Posted **Jun 27, 2013, 10:28 PM**

Final construction of Hayden Ferry ramping up

Kristena Hansen, Reporter, Phoenix Business Journal

If you’ve driven through downtown Tempe recently, you may have noticed some construction activity commencing at the now-fenced off northeast corner of Mill Avenue and Rio Salado Parkway.

Well, you were witnessing the infant stages of the third and final office tower at the Hayden Ferry Lakeside development.

Orlando-based Parkway Properties Inc. (NYSE: PKY), which finished acquiring the entire Hayden Ferry project last year, is now ramping up construction of the $100 million tower in hopes of wrapping up sometime in 2015, Matt Mooney, the firm’s local spokesman, told me this afternoon.

Blueprints call for 260,000 square feet of Class A office space that will stand at 10 stories, making it the second largest of the soon-to-be Hayden Ferry trio. Hayden Ferry I is about 205,000 square feet and eight stories tall, while Hayden Ferry II stands at 12 stories and 300,000 square feet. Both existing towers are almost fully leased and include tenants such as Silicon Valley Bank, KPMG and Microsoft.

Ryan Cos. is the general contractor for the third tower.

No pre-leases have been signed thus far, but because development in the downtown Tempe submarket has been catching fire lately, Parkway thinks it’ll be unlikely the tower will be built as a spec, Mooney said.

“We are not at the point in the design process where we have to make that decision yet, and based on the incredible interest we have in the project today, we don’t anticipate it being a spec versus pre-lease decision,” he said. “The demand is already there to allow us to push toward an early 2015 delivery.”

Parkway, a real estate investment trust, began gradually taking over the Hayden Ferry project, which sits on the south side of Tempe Town Lake, in mid-2011 with the $40 million purchase of Hayden Ferry I. That transaction also included the land, which had previously been owned by the city until its eight-year Government Property Lease Excise Tax incentive expired the year prior.

Early last year, Parkway acquired Hayden Ferry II for $86 million. That parcel’s GPLET, however, is still active and thus is owned by the city; the land will transfer over to Parkway ownership once the incentive expires.

Then in September, Parkway purchased the 3.5-acre parcel slated for tower III from Scottsdale-based Sunbelt Holdings Inc. for $3.5 million. In a separate transaction, the REIT also acquired the adjacent parking garage for $12.7 million.

Parkway has been one of the most active buyers of downtown Tempe office space recently, investing more than $250 million in the submarket thus far.

Earlier this year, it took over 75 percent ownership interest in the US Airways headquarters building, located catty corner from Hayden Ferry on the southwest corner of Mill and Rio Salado for about $42 million.

It also paid another $66.1 million in January for the nearly 264,000-square-foot Tempe Gateway office building, which is next to the US Airways facility along Mill Avenue.

Kristena Hansen covers residential and commercial real estate.

MegaBass · #**3877** Posted **Jun 27, 2013, 11:35 PM**

Quote:

Originally Posted by azsunsurfer

Looks like the dirt site next to Chompies is slated to become 'higher end' student housing. It appears to be floor stories, kind of pedestrian design but decent. There appears to be no ground floor retail especially in the applicant's documents in which they talk about the vacant retail space on the ground floor of the development across the street.

The Residences at University Center (PL130137) a new 292 unit, 4-story, multi-family residential development.