Tempe Development Thread

[azsunsurfer]

Also I noticed that the mutlifamily development at Curry and Scottsdale Rd seems to be back on track. They are finishing clearing the site and there is heavy equipment onsite now too.

[ASUSunDevil]

Why would Hayden Ferry 3 dig up all of the grass, put up fences and then halt construction? Typically, wouldn't they have the green light to start construction before they tore up a landscaped area only to stop everything a week in?

[azsunsurfer]

My guess it that they either had an anchor tenant lined up who pulled out/ deal fell through or they were hoping that by all these big press releases relating to starting construction that they were going to generate more buzz in the leasing world. Normally you need to have about 80% of the building preleased nowadays before construction lending happens. A company like Ryan has some deep pockets though, at least enough to start.

[Spitfiredude]

Originally Posted by ASUSunDevil

Why would Hayden Ferry 3 dig up all of the grass, put up fences and then halt construction? Typically, wouldn't they have the green light to start construction before they tore up a landscaped area only to stop everything a week in?

Absolutely frustrating. It has been two months since dirt has moved at that spot. On the bright side, Marina Heights is still grading their site. Any news on when USA Place construction might start?

[Spitfiredude]

To all those who have wanted a grocery store in downtown, Milk and Honey is suppose to open in the next month. They're almost completed with the store. We will see how it is! They will sell alcohol according to the guy I talked to out front today.

[MegaBass]

Solar panels provide shade at Farrington Stadium, home of ASU's softball team, as well as generating enough electricity for the university to declare the facility climate-neutral. Photo by Nicole Tropp of Cronkie News.

[PHX31]

The support structures are relatively boring and ugly... but shade over the stadium is cool and the solar aspect is great. If only the support structures could have a more inspiring design, it would be awesome.

[dtnphx]

Originally Posted by azsunsurfer

My guess it that they either had an anchor tenant lined up who pulled out/ deal fell through or they were hoping that by all these big press releases relating to starting construction that they were going to generate more buzz in the leasing world. Normally you need to have about 80% of the building preleased nowadays before construction lending happens. A company like Ryan has some deep pockets though, at least enough to start.

No such thing has happened. They didn't break ground technically. It's still listed as proposed. They had to keep the dirt moving during the permit process. They've prepped the space so they're ready to go when the bank gives the OK. Patience.... It takes 2-3 years for a new office building from build to opening. The sky may fall, but it ain't now.

[ciweiss]

It appears they are doing some site work and moving earth west of Priest by the airport.

[MegaBass]

Go inside Tempe's newest hotel, the downtown Residence Inn by Marriott

The new facility offers a rooftop pool overlooking Sun Devil Stadium and 173 rooms that will range in price from $119 to $279 per night, depending on the season and suite size, Kempton said. Parking is available in the 500-space garage next door, which is owned by the city of Tempe and the hotel leases 150 spaces, Kempton said.
In keeping with the Residence Inn brand, the hotel will not have its own restaurant. However, there is 5,800 square feet of ground-level space Kempton wants to lease to a restaurant that will serve in a similar capacity.
As for designs, the hotel combines modern and contemporary architecture with Alice In Wonderland-themed artwork throughout, a tribute to the former Bandersnatch pub. In fact, Kempton said the hotel is adorned with several pieces of restored metal artwork — which had been in storage — that once decorated Bandersnatch.

[mikeroaz]

Also noticed that they finally razed the empty building on Rural between Terrace and 8th Street--directly across the street from ASU/Rural Light Rail Station. Anyone have any idea what might go there?

[MegaBass]

Originally Posted by mikeroaz

Also noticed that they finally razed the empty building on Rural between Terrace and 8th Street--directly across the street from ASU/Rural Light Rail Station. Anyone have any idea what might go there?

A mixed-use residential development consisting of two phases, which will include two 20-story buildings with urban retail uses on the ground floor.

Per City of Tempe Council Meeting

The Developer is now requesting an additional 6 months to close on the property and has agreed to demolish the
building. Staff is proposing that the developer deposit sufficient funds in escrow by September 1, 2013 to demolish the
building and slabs by November 1, 2013 to obtain a new closing date of March 1, 2014. If the building is not removed by this
date, the Developer would have to close on the property by December 1, 2013.

[Tempe_Duck]

Originally Posted by MegaBass

A mixed-use residential development consisting of two phases, which will include two 20-story buildings with urban retail uses on the ground floor.

Per City of Tempe Council Meeting

Any renderings of the proposed building?

[PhxER]

This was the rendering back in late 2012


Image Source

[MegaBass]

Tempe's Centerpoint on Mill sold to Bob Parsons for $38 million

The Centerpoint on Mill — a 127,027-square-foot mixed-use project in the heart of downtown Tempe — has been sold to a company controlled by Go Daddy founder Bob Parsons for $38.35 million, according to a joint statement Tuesday from DMB Associates Inc. and CBRE Inc.
Located on 22 acres at the northwest corner of Mill Avenue and University Drive, Centerpoint includes about 20,000 square feet of office space, several eateries — such as P.F. Chang’s, Fat Tuesday, Jimmy John’s and Pita Pit — and a 37,645-square-foot movie theater. That theater once housed a Harkins Theaters, the short-lived MADCAP theater and will soon be occupied by AMC Theaters. The office space is fully leased while the retail space is 87 percent leased.
Parsons bought 6.19 acres of the total development.
The complex was sold by Scottsdale-based DMB Associates Inc., which began building Centerpoint nearly three decades ago as its first large-scale mixed-use development and through a public-private partnership with the city, the statement said.
The statement only specified the buyer as Mill Avenue Retail LLC, not mentioning Parsons. But according to its corporate filing with the Arizona Corporation Commission, that entity was formed in early August by Dan Dahl, who is handling Parsons’ growing real estate portfolio, and other members Steve Gabbay and Anne O’Moore.
“Over the past 28 years, the City of Tempe and DMB have worked together to create a point of pride for the Valley, a truly urban destination that models the live, work, play ideal,” Tempe Mayor Mark Mitchell said in the statement. “DMB’s work as placemakers, developing a downtown core featuring high-quality national and local retailers, unique dining, art, theater, and residential, has helped brand Tempe as a destination for tourists and locals.”
Glenn Smigiel, a CBRE broker who helped represent DMB in the transaction, said the project was an “excellent” investment opportunity for the buyer.
“The sale of Centerpoint on Mill is an indicator of the health of the Tempe market and the continued strengthening of the Phoenix-metro area in general,” Smigiel said.
Since selling a portion of Go Daddy to a private equity firm in 2011 for $2.25 billion, Parsons has been on a buying spree of Valley real estate, so far scooping up more than $163 million worth of commercial properties, according to the Business Real Estate Weekly of Arizona.
The Centerpoint project is arguably the most high-profile of his holdings.

[azsunsurfer]

http://www.azcentral.com/sports/asu/...uary-2014.html

The rendering shows the State Farm campus at built out in the background.

[MegaBass]

Jimmy & Joe’s Pizzeria to expand to Ahwatukee & Tempe this fall

For years, Jimmy & Joe’s Pizzeria was a local favorite known mostly to residents of its Chandler neighborhood. In 2011, it opened a second location in Mesa, bringing its signature Serious Slice to a wider audience.

Now, owner Terry Black‘s family-run operation is undergoing a major expansion, opening additional locations this fall in Ahwatukee and Tempe.

The Ahwatukee location is scheduled to open Oct. 21 in the former Naked Pizza space in the Safeway center at 48th Street and Elliot. It will be the first location to offer beer and wine (once its permit is approved).

The Tempe location will be in the Tempe Transportation Building on the northwest corner of Forest Avenue and Fifth Street, just west of Sun Devil Stadium.

Besides beer and wine, it also will have a coffee bar and feature roll-up garage doors. It’s scheduled to open in late November.

Also Pita Pit is now open at Centerpoint on Mill & 7th.

[MegaBass]

ASU Business-Finance photo today of College Avenue Commons.

[Jjs5056]

Thanks for the heads up, whoever noticed that SouthBank is proposing 2 4-story buildings at this point. I'm not sure if I would rather see this fail like their other attempts over the last couple years, or at least get something off the ground to jumpstart some action on that side of the lake.

I have said it before and I'll say it again, 4-story residential in the heart of downtown or around the lake is setting Tempe up for failure. It's a landlocked city with an even smaller amount of land left to be developed in its core and around its greatest amenity - the lake. 4 and 6 story proposals break my heart.

In the meantime, 4-5 story infill projects to the west are where that kind of density makes sense as was always the plan. Tall and dense from Mill to College, University to Rio; stepping down along Ash and then lowrise, but dense multifamily and mixed use properties to the west. That area seems to still be getting it right with Argo, Farmer Lofts, and now this- Clarendon Lofts: http://www.tempe.gov/Modules/ShowDoc...cumentid=20255

Fingers crossed it isn't more senior housing.

Passed Argo, btw, and while I knew street fronting retail along Rio was going to be a challenge, it seems to be set far enough back that "street facing" is a very loose description.

Meanwhile, any news on Lofts at Hayden or Hanover which were set to break ground this year? Both lots desperately need to be filled, but I'd be similarly torn in wanting to them go up, or wanting to see them fail so something netter comes along - just not sure how likely that would ever be.

[Spitfiredude]

Originally Posted by Jjs5056

Meanwhile, any news on Lofts at Hayden or Hanover which were set to break ground this year? Both lots desperately need to be filled, but I'd be similarly torn in wanting to them go up, or wanting to see them fail so something netter comes along - just not sure how likely that would ever be.

I hope the Hanover project does not get built. It is about as tall as the town homes at W6 and provides no height to a lot that can connect W6 to the northern part of DT Tempe. I think many people agree that lot specifically needs a building taller than 100 ft.

Milk & Honey has opened below W6. It is definitely convenience focused (candy, chips, many drinks, etc.), but they also have a fairly good selection of fresh fruits, packaged salads, packaged meals (frozen/unfrozen) and a minor selection of groceries. The owner said its a soft opening until they get the store completely filled. Nice little shop to run to. Reminds me of a larger KOD Market (ASU campus). I wish it was a full size grocery, but I'm not complaining.