Phoenix | Astra Towers (2 towers) | 541 FT | 44 Floors & 425 FT | 30 Floors

[michael85225]

If we get another box, i don't care at all especially because this is a well designed box at least. Thin, tall and covered in blue glass, I'll love it anyways! I often look at the similar tower in Nashville designed by the same firm and that thing looks amazing and much taller than 540 feet due to the thin profile. This project is going to look so good in our skyline if built as originally planned.

[combusean]

Originally Posted by MMDelon

I wonder what this update could be?

Given who is presenting the information, the update is likely around the beginnings or endings of a development agreement discussion between Phoenix's Community and Economic Development office and the developer.

I'm not 100% certain either way, but because the agreement doesn't involve city property so far, I think that the agreement discussions are concluding and what will be presented is what the City Council will vote on, subject to public outcry.

I think City discussions are ending. Business development negotiations between cities and private developers, etc are usually done in secret and don't violate the spirit of either open meetings laws or general good government practices. It would be out of the ordinary for either of the parties (CoP and Empire) to play their cards early.

I would watch out for a few points:

- Empire is also the company that ran into the problem with GPLETs in the past so I suppose they're trying to do it right this time with the appropriate community discussion.

- One important fact is a small detail in the agenda: DVC is hosting a discussion with CoP and Nick Wood as the developer's attorney who is also one of if not the most competent zoning attorneys in Arizona.

- I suspect the DVC presentation means they will do more than the typical small amount of affordable housing in exchange for the GPLET which is how previous projects have received the property tax benefits and still passed the Goldwater Institute's muster.

I've been sitting on this and I'm 50/50 on what's presented to DVC. It could be a new tallest or it could be a 200 - 400' wall on 2nd Avenue, or shorter.

The good news is that this is proceeding, whatever it will look like. And that's always a good sign.

[Mr.RE]

This sign aligns well with what I heard about the project. A few entitlement hurdles with a break ground later this year. I don't think the plan got redone as the full construction drawings have been completed last I heard...

[Phxguy]

Originally Posted by Edifice

Does anyone know the time and location of the DVC meeting on Saturday? Usually open to the public, right? Thanks.

DVC meets at 825 N. 6th Ave at 10 am and is open to the public. Take photos please!

[CrestedSaguaro]

Upcoming Economic Development and Economic Equity Subcommittee agenda this coming Tuesday, the 13th

Pages 68-70 https://www.phoenix.gov/cityclerksit.../230613003.pdf

Agreements with Aspirant Partners for Development of Property Located on 2nd
Avenue north of Van Buren Street in Downtown Phoenix

This report requests the Economic Development and Equity Subcommittee recommend City Council approval to enter into a development agreement, lease agreement, easements and other agreements as necessary (Agreements), with Aspirant Partners, or its City-approved designee (Developer), for the development of a two-phase, multi-family residential rental and commercial project located on 2nd Avenue between Fillmore and Van Buren streets in downtown Phoenix. There is no impact to the General Fund.

THIS ITEM IS FOR DISCUSSION AND POSSIBLE ACTION.

Summary
On June 11, 2020, the Developer submitted a project proposal requesting the City's consideration of a Government Property Lease Excise Tax (GPLET) transaction for the development of a multi-phased, mixed-use development on 2nd Avenue between Fillmore and Van Buren streets in downtown Phoenix. Now that the project is ready to move forward, the Developer re-submitted an updated project proposal on April 18, 2023, requesting the City's consideration of a GPLET transaction for the development of a two-phase, 697 rental unit, 229 hotel room, multi-family residential rental, and commercial project that would include approximately 36,000 square feet (SF) of commercial space, 185,000 SF of office space, and 1,156 parking spaces (Project) on approximately 2.18 acres of surface parking lot on 2nd Avenue between Fillmore and Van Buren streets in downtown Phoenix. The Project will bring a new co-living space option into the area, provide 147 exclusive parking spaces for the neighboring YMCA, and extend the paseo from its current terminus at the YMCA across the alleyway, through the development, and over 2nd Avenue.

If approved, the Project will bring a capital investment of approximately $535 million to downtown and create approximately 4,191 construction jobs and 2,563 permanent jobs. Upon issuance of a certificate of occupancy (C of O) for the Project, and other terms and conditions specified in the Agreements, the Developer will convey title of the property to the City, and the City will lease the property back to the Developer for a term not to exceed eight years. The GPLET on the Project will be abated for up to eight years from the date of the C of O. The Developer has also agreed that the Project will generate to the City and other taxing jurisdictions new revenue in the form of certain minimum tax payments (in the construction and leasing of the Project, and in ad valorem property taxes after the lease term). These minimum tax payments would be estimated by a third party economic impact study. Details regarding those minimum tax payments will be specified in the Agreements, as well as other terms and conditions deemed necessary by City staff.

The Developer also recognizes the issues relating to affordable housing in this and other markets across the country. To help address this critical issue, the Developer has proposed a one-time contribution of 200 percent of the City’s share of property taxes otherwise due during each of the two lease terms to the City's Affordable Housing Trust Fund, which will be used in the future by the City towards affordable housing in Phoenix.

Evaluation
An evaluation panel, consisting of a representative from the Roosevelt Action Association, the development community, and City staff from the Community and Economic Development and Planning and Development departments, was convened in September 2020 to review the proposal. The panel recommended the City begin negotiations with the Developer.

Contract Term
The lease term for each phase will be for a maximum of eight years upon issuance of the C of O for each phase. There are no extensions to the proposed lease, and upon conclusion of the term, ownership of the property will be transferred back to the Developer. The Developer will have the ability to terminate the lease at any time subject to the terms of the Agreements.

Financial Impact
The Project will have no expense impact to the General Fund. The estimated one-time construction sales tax revenue to the City is $5,382,000, plus an estimated annual commercial rental and transaction privilege tax revenue generation of approximately $4,396,500 at stabilization. The Developer will pay an annual rental payment, per phase, starting at $25,000 in years one through four, and $75,000 in years five through eight. The rent payments will be deposited into the Downtown Community Reinvestment Fund.

Public Outreach
Staff presented to the Roosevelt Action Association on Dec. 15, 2020 and the
Downtown Voices Coalition on Jan. 9, 2021 and June 10, 2023. The Developer also met with the Phoenix Elementary School District No. 1.

[ASU Diablo]

Looking at the past replies over the last couple of months, not a lot of faith that it was going to get built LOL

Can't wait for this to kick-off. Like others have said, hopefully the design itself and proposed height has remained the same.

[az_daniel]

Originally Posted by michael85225

If we get another box, i don't care at all especially because this is a well designed box at least. Thin, tall and covered in blue glass, I'll love it anyways! I often look at the similar tower in Nashville designed by the same firm and that thing looks amazing and much taller than 540 feet due to the thin profile. This project is going to look so good in our skyline if built as originally planned.

The taller building is totally fine and will look great.

The second, shorter building is...uh...not so great lol

[PHX31]

Originally Posted by az_daniel

The taller building is totally fine and will look great.

The second, shorter building is...uh...not so great lol

The second shorter building is supposed to be 400' I believe, which would currently make it the 3rd tallest building in Phoenix (4th if you consider the taller Astra building). It was definitely more "unique" than the taller, but it might be decent looking being it is so tall itself.

I hope there are some pictures that can be had from the meeting on Saturday, maybe even some new renderings/angles. Seemed like there were a couple versions of the buildings themselves; and it would be awesome to see a bird's eye view of how it will look within the skyline once complete.

[az_daniel]

Originally Posted by PHX31

The second shorter building is supposed to be 400' I believe, which would currently make it the 3rd tallest building in Phoenix (4th if you consider the taller Astra building). It was definitely more "unique" than the taller, but it might be decent looking being it is so tall itself.

I hope there are some pictures that can be had from the meeting on Saturday, maybe even some new renderings/angles. Seemed like there were a couple versions of the buildings themselves; and it would be awesome to see a bird's eye view of how it will look within the skyline once complete.

I would love to see a skyline impact study beyond one of us adding a massing model to google earth lol.

[halicem]

Originally Posted by Phxguy

DVC meets at 825 N. 6th Ave at 10 am and is open to the public. Take photos please!

Oh nice, thanks for the info! I might as well go too

[BA744PHX]

Originally Posted by halicem

Oh nice, thanks for the info! I might as well go too

Any update?

[CrestedSaguaro]

Originally Posted by BA744PHX

Any update?

I have no idea. I think there is conflicting information when the DVC meeting is to occur. I went down this morning and hung around for about 15 mins and it looked like it was closed. I saw no one going in or out.

[BA744PHX]

Originally Posted by CrestedSaguaro

I have no idea. I think there is conflicting information when the DVC meeting is to occur. I went down this morning and hung around for about 15 mins and it looked like it was closed. I saw no one going in or out.

Looking at the link provided I think the meeting is schedule for June 13th, per the subject line

[Phxguy]

My friend attended the meeting and took photos, I’ll see if I can post them.

[Phxguy]

Posting from my phone since I’m in the wilderness, here’s some links to my Flickr. Not the greatest quality but it gives a good sense of the project:

https://www.flickr.com/photos/150263...posted-public/

https://www.flickr.com/photos/150263...eposted-public

https://www.flickr.com/photos/150263...eposted-public

https://www.flickr.com/photos/150263...posted-public#

[PHX31]

Wow. Massive. I'm not totally sure yet about the actual look of that being our tallest building. But I'm not going to complain about it by any means.

And the shorter building is now 425'? That is an increase.

Thanks for providing the pictures.

[ASU Diablo]

Holy shit. Was it always at 541’? I remember it just being over 500’. Looks amazing!!

[PHX-DUDE-MAN]

The forum admin for this thread will need to updated the height to 541' and 424' for the second tower. Looks awesome!

[michael85225]

Looks amazing and just like I suspected, there has been a redesign. Tower 2 looks much better and I'm glad they went with all glass. The taller one has been tweaked slightly too I see. Not only will Phoenix finally get a new tallest, we are also getting a new 2nd tallest as well.

[YourBuddy]

Love the updated second tower, and love the leaning look. Much better that straight rectangles. Shocked the quality got even better. Don’t think anyone would have expected that.