Phoenix Development News (3)

[plinko]

^In my experience in Phoenix (12 years ago mind you) it's usually either the developer or the City economic development department (in the mayor's office) or a combination thereof (if public funds are involved).

[Jjs5056]

Thanks, do you have any thoughts on their failure to bring in more hotels to meet demand since 2007? Do you think they've failed or that it's a market issue? Is it the usuals- funding, support, etc.?

[plinko]

^You're asking the wrong question. I seriously doubt that the demand actually existed from late 2007 through at least 2010. Pure economics is why the Sheraton was so heavily subsidized, why the Westin came later and why the Monroe tanked.

The market seems to have recovered in those regards and Phoenix does seem to be lacking in those smaller boutique properties. My guess is that most of the developers in the game wanted to see how the Palomar did in their first year before pulling the trigger or exploring anything.

[combusean]

Back to that Ballpark apartment building ...

I did the density numbers on it. If you take the square footage of the two blocks, subtract the 60000 square foot office parcel, you get a residential density of 100 dwelling units/acre before closing Buchanan.

Skyline Lofts is 118/du acre--Ballpark is moderately less dense even with a stand alone above grade parking garage. There are very few apartment projects in Phoenix that are more than 50. 44 monroe on its tiny lost is at 430 du/acre, but you couldn't have four 44 monroes on that block.

[nickw252]

Originally Posted by PHX31

I think this was discussed before, but I don't know if it has been mentioned in a while... the City of Phoenix has just issued (Dec 24th) an RFP to "privately develop, finance, construct and
manage a multi-modal, mixed-use, high-rise, transit-oriented development project at the Central Station Transit Station (Central Station) in downtown Phoenix".

There is a pre-proposal conference for this project January 23rd. Sometimes you can get good information at these, I may go just to see what kind of interest there is.
The proposals are due February 24th.

It's great they are moving forward with trying to find a developer to make central station into a high-rise TOD. I hope they find an interested party. Unfortunately these things seem to drag on forever, and I've seen several RFPs issued by the City of Phoenix to develop or redevelop various downtown lots but I can't remember any that actually came to fruition.

Anyone going to the pre-proposal conference tomorrow?

[PHX31]

I'll probably make it there. I wonder if anyone representing GARP will be there. Perhaps they'd change their plans again if they could connect to a new and improved Central Station. Although they're probably trying everything in their power to avoid having to cross the light rail line. But connecting a downtown streetcar to a new and improved Central Station makes a lot of sense.

[PHX31]

Originally Posted by nickw252

Anyone going to the pre-proposal conference tomorrow?

I went. There was almost zero information given and it didn't last very long. There were quite a few people, maybe 40 - 50 in attendance.

No one asked any questions either, so it was basically worthless, we'll just have to see what gets proposed.

One point the lady from the City of Phoenix transit department made was they are open to moving some of the bus stops to adjacent corners off of the site.

[Phxguy]

In light of our devastated historical building stock...a fantastic ray of hope.
According to this article, Hotel Monroe will open for the 2015 Superbowl!

http://www.hotelnewsresource.com/article76037.html

[PHX31]

Cool! I wonder how they plan to do the "on-site parking".

[nickw252]

Originally Posted by Phxguy

In light of our devastated historical building stock...a fantastic ray of hope.
According to this article, Hotel Monroe will open for the 2015 Superbowl!

http://www.hotelnewsresource.com/article76037.html

That's awesome news. They may have another big event to capitalize on also:

http://www.bizjournals.com/phoenix/n...-for-2016.html

[HooverDam]

Originally Posted by PHX31

Cool! I wonder how they plan to do the "on-site parking".

that's worrisome. I hope it doesn't spell doom for the Steinegger Lodge. That building could be pretty neat.

If this was any other city they'd work out a deal with the Chase Tower garage...lets hope they consider something like that.

[poconoboy61]

I'm sure they'll just knock something down for the requisite parking multilevel parking garage. They certainly can't dig underneath the building for a subterranean garage and the parking garage across 1st St. from the Chase Building is certainly not "on site." Also, won't they have to do some retrofitting to allow people to park to check on out/in or load/unload bags? Maybe they'll just use some of the diagonal parking on Monroe?

[HooverDam]

Originally Posted by poconoboy61

I'm sure they'll just knock something down for the requisite parking multilevel parking garage. They certainly can't dig underneath the building for a subterranean garage and the parking garage across 1st St. from the Chase Building is certainly not "on site." Also, won't they have to do some retrofitting to allow people to park to check on out/in or load/unload bags? Maybe they'll just use some of the diagonal parking on Monroe?

Update on this: I found out last night there's about 30-40 subterranean spaces below the building- who knew? I didn't.

They've (the developers) apparently considered knocking down the adjacent lodge (which is from the 1800s and has a lovely Victorian facade that's currently covered w/ that white crap) but it would only gain them about 6-10 parking spots, so hopefully they won't.

[PHX31]

Originally Posted by HooverDam

Update on this: I found out last night there's about 30-40 subterranean spaces below the building- who knew? I didn't.

They've (the developers) apparently considered knocking down the adjacent lodge (which is from the 1800s and has a lovely Victorian facade that's currently covered w/ that white crap) but it would only gain them about 6-10 parking spots, so hopefully they won't.

I would think the building would have more benefit to them in some aspect (even if renovation would be costly) than gaining 10 parking spaces.

How do you access these parking spaces?

[poconoboy61]

Originally Posted by HooverDam

Update on this: I found out last night there's about 30-40 subterranean spaces below the building- who knew? I didn't.

They've (the developers) apparently considered knocking down the adjacent lodge (which is from the 1800s and has a lovely Victorian facade that's currently covered w/ that white crap) but it would only gain them about 6-10 parking spots, so hopefully they won't.

Wow, really? Who knew? Will this meet the city's parking requirements, though? 30-40 spaces for how many rooms?

[PHX31]

Originally Posted by poconoboy61

Wow, really? Who knew? Will this meet the city's parking requirements, though? 30-40 spaces for how many rooms?

Maybe the 30-40 parking spaces on-site could be available to hotel guests at a premium, then, the hotel could negotiate something with the Chase parking lot to share parking. They'd meet their parking requirements and keep some of their pickier guests happy with parking they don't have to walk 1 block to get to.

[pbenjamin]

Originally Posted by PHX31

Maybe the 30-40 parking spaces on-site could be available to hotel guests at a premium, then, the hotel could negotiate something with the Chase parking lot to share parking. They'd meet their parking requirements and keep some of their pickier guests happy with parking they don't have to walk 1 block to get to.

Seems like valet parking using the Chase garage would be a solution.

[HooverDam]

Originally Posted by poconoboy61

Wow, really? Who knew? Will this meet the city's parking requirements, though? 30-40 spaces for how many rooms?

Its within the downtown code area so I'm pretty sure they can get away with almost no parking.

Originally Posted by PHX31

I would think the building would have more benefit to them in some aspect (even if renovation would be costly) than gaining 10 parking spaces.

How do you access these parking spaces?

I'm not sure how you access them. I've been in that alley before (to look at the Lodge) and don't remember a ramp down. But now that I think on it...there maybe have been a closed garage door bay...? I duno, I'd have to check.

As far as the Lodge, its got some structural issues. When the Professional building was built, they dug under the foundation footings of the Lodge. Its West wall is actually falling away towards the Professional building a la the Leaning tower.

That wall (which isn't visible from the street or alley) would likely have to be removed and replaced with a modern wall, not too big of a deal. Additionally, the roof was in tact until the people who were building the Hotel Monroe in 2008-ish started tossing cindar blocks and other construction trash out the window which punched holes in the roof.

Luckily, because the Lodge is on the same parcel as the Professional building and the developers will be getting HP Tax credits, they can't knock down the Lodge. Though they could easily wait 5 years (or however long until the tax credit expires) and then knock the lodge down then.

But I agree, hopefully less than a dozen parking spaces isn't enough to lure a demolition. We have ample photographic evidence of what the facade of that building was. Some of its Victorian features are apparently still in tact behind that silly white junk. Restoring it and turning it into some kind of bar/lounge for the hotel would be a unique attraction in Downtown Phoenix.

Originally Posted by pbenjamin

Seems like valet parking using the Chase garage would be a solution.

Yup, that'd be ideal.

[nickw252]

After years in limbo, the historic Hotel Monroe in downtown Phoenix is getting a $40 million makeover and is expected to open next year with 165 rooms, likely baring the Hilton brand.

Minneapolis-based CSM Lodging, a division of CSM Corp. that specializes in adaptive reuse, purchased the 13-story vacant tower on Dec. 20 for $7.85 million and announced its renovation plans this week.

“Our company has a particular love for bringing landmark properties back to life, transforming them into hotel space the public can enjoy, and providing a future of commercial viability,” Bill Upshaw, president of CSM Lodging, said in a statement.

The firm hopes the landmark property will be up and running in time for the 2015 Super Bowl, which is being hosted at the University of Phoenix Stadium in Glendale.

It joins other hotel projects that have opened in recent years in the downtown area, such as the Sheraton Phoenix Downtown (2008), the Westin Phoenix (2011) and the Hotel Palomar (2012). It could also open ahead of the new $80 million Marriott hotel planned for downtown’s historic Luhrs block, which has a 22-month construction timeline.

My story in today’s weekly edition of the Phoenix Business Journal explores whether the downtown area is becoming oversaturated with lodging. Some say demand isn’t high enough for all the new hotels.

Hotel Monroe, located at Central Avenue and Monroe Street, was built in 1931 and was long called the Professional Building and was home to Valley Bank & Trust. It was sold to CSM by ML Manager, a receivership company that has been selling off assets held by the now defunct-Mortgages Ltd.

The former Grace Communities acquired the building in 2007 via a $27 million-loan from the Mortgages Ltd. with plans to develop a hotel. Mortgages Ltd. filed for bankruptcy protection after its CEO Scott Coles committed suicide in 2008.

Mark Winkleman, COO of ML Manager, had been trying to sell Hotel Monroe since foreclosing on Grace Communities in 2010.

“This has been an extremely long road to get this asset sold and I am pleased that this historic building can finally be restored and put back into use,” Winkleman said of the sale in December.

http://www.bizjournals.com/phoenix/n...a=fbk&page=all

[dtnphx]

Originally Posted by HooverDam

Its within the downtown code area so I'm pretty sure they can get away with almost no parking.



I'm not sure how you access them. I've been in that alley before (to look at the Lodge) and don't remember a ramp down. But now that I think on it...there maybe have been a closed garage door bay...? I duno, I'd have to check.

As far as the Lodge, its got some structural issues. When the Professional building was built, they dug under the foundation footings of the Lodge. Its West wall is actually falling away towards the Professional building a la the Leaning tower.

That wall (which isn't visible from the street or alley) would likely have to be removed and replaced with a modern wall, not too big of a deal. Additionally, the roof was in tact until the people who were building the Hotel Monroe in 2008-ish started tossing cindar blocks and other construction trash out the window which punched holes in the roof.

Luckily, because the Lodge is on the same parcel as the Professional building and the developers will be getting HP Tax credits, they can't knock down the Lodge. Though they could easily wait 5 years (or however long until the tax credit expires) and then knock the lodge down then.

But I agree, hopefully less than a dozen parking spaces isn't enough to lure a demolition. We have ample photographic evidence of what the facade of that building was. Some of its Victorian features are apparently still in tact behind that silly white junk. Restoring it and turning it into some kind of bar/lounge for the hotel would be a unique attraction in Downtown Phoenix.

Wasn't The Lodge site proposed as The Sliver Building or something like that? The ASU school had a city skyline model at the School of Sustainability that had all the then proposed developments and that was one of them (although, it was never a real concept). It was to be very tall (20-stories) and on an extremely narrow footplate, hence the name Sliver.