Tempe Development Thread

[CrestedSaguaro]

Just took a spin around the Grand. They have the water feature fenced off for construction. Looks like they are going to work on the waterfall portion.

[muertecaza]

Originally Posted by RonnieFoos

Just took a spin around the Grand. They have the water feature fenced off for construction. Looks like they are going to work on the waterfall portion.

Nice. I remember there was some question a while back about whether they would actually do the Hoover Dam water feature. Glad to see it's happening.

[muertecaza]

Originally Posted by Obadno

ANOTHER 400k sqft of offices for Tempe town lake located on the old Southshore location

Not sure if they are just taking over the old southshore plan or if its been scrapped.

https://azbigmedia.com/kdc-and-the-weitz-company-will-develop-tempe-waterfront/

There is a fence up with this rendering on it for this project along Rio Salado next to the Pier site. Hopefully means they're serious about it and they're moving it forward.

[asugrad]

Originally Posted by vandypandybear

This is not what ISTB 7 will look like. That brochure was posted in 2017. The winning firm (Architekton) was awarded the contract in January this year.


Just an FYI, the below design teams submitted proposals for the Wells Fargo + Multipurpose Arena project:

- Architekton+Hok
- Ayers Saint Gross+Populous
- DLR Group+Rossetti
- Generator Studio+Lightvox
- Gensler
- Gould Evans+Crawford
- HKS
- Holly Street Studios+Moody Nolan
- RSP+Perkins Will

Hopefully ASU picks one of the creative designs.

Oh good! Anything is better than that brochure picture!

[muertecaza]

Aura Watermark got financing for the office and garage/retail on the north side of the lake that they've apparently been self-financing to this point. It's well underway, with the office portion about ~4 stories up.

https://www.bizjournals.com/phoenix/news...d-use-project-secures-105-5-million.html

The Watermark Tempe, a master-planned, mixed-use ground-up development located on Tempe Town Lake, has secured $105.5 million in financing for the $150 million project.

Scott Meredith, senior vice president with George Smith Partners, arranged $25 million in mezzanine construction financing and supported Fenix Development Inc., the project’s developer in negotiating an $80.5 million senior loan.

The money will be used to fund construction of the 250,000-square-foot office high rise and 44,000 square feet of retail space on the north side of the lake at the corner of Rural Road and Loop 202.

Mike Loretz, project manager with Fenix Development, said up until this point Fenix has self-funded the land acquisition and the construction...

The retail portion will include a lakeside restaurant and rooftop terrace. Loretz said the company will soon announce tenants for the retail space...

The site also has a for-sale hotel pad that is entitled for 251 keys and 278 feet in height.

The office complex is on track to be delivered in September 2019, with topping off scheduled for March 2019...

[Phxguy]

Originally Posted by muertecaza

Aura Watermark got financing for the office and garage/retail on the north side of the lake that they've apparently been self-financing to this point. It's well underway, with the office portion about ~4 stories up.

https://www.bizjournals.com/phoenix/news...d-use-project-secures-105-5-million.html

Oo la la, a lakeside restaurant? I hope this means a patio on the water’s edge and not “lakeside” as in Matt’s Big Breakfat, tucked away in with the development.

[ciweiss]

I walked by Montis and it appears the renovation is in full swing. Glad they are wasting no time with that.

[ASU Diablo]

Well this is a bummer. Looks like the condo portion of The Collective is no longer moving forward, just the hotel portion (Hyatt Unbound Collection)

https://www.bizjournals.com/phoenix/news...loper-sells-share-of-proposed-tempe.html

A proposed hotel and condominium development adjacent to Arizona State University's campus in Tempe might now only include a hotel, after the part owner of the development bought out the condo developer.

The plan submitted to the city was a 22-story tower on a 0.4-acre property on College Avenue and Sixth Street. The tower would include 174 hotel rooms, 12 hotel suites and 60 condo residences, according to documents submitted to the city.

However, Okland Construction bought Macdonald’s share of the project for $5.65 million, according to a Sept. 25 listing by real estate database Vizzda.

“The group decided that after the construction costs, it would be too cumbersome and too costly to have the apartment units on top,” said Robert Macdonald, owner and president of Macdonald Development.

[combusean]

That would have likely required any combination of separate lobbies, elevators, and entrances.

The operating costs (recovered through HOA fees) and construction costs to do that with only 60 units seem like they would have been over the top.

[azsunsurfer]

Will they build around the approved parameters or will they come back to the City with a revised proposal? I thought maybe they would build at the same height and just convert the condos into hotel rooms?

[muertecaza]

Hines and Cousins are buying out Hensel Phelps from the Hayden House. Hopefully the new group will be motivated to get it going.

http://ktar.com/story/2240805/two-companies-to-purchase-develop-hayden-house-property-in-tempe/

New rendering from the article. This shows the office portion. I believe the plans have been to do the second tower as a second phase.



EDIT: and here is a more bootleg rendering I found on Tempe's site:

[muertecaza]

Coverage of the two approved Novus buildings--6 story student apartments and similar-sized office.

https://www.bizjournals.com/phoenix/news...ents-office-complex-planned-for-asu.html

A 262-unit luxury apartment complex and a six-story, 162,000-square-foot office building are the latest developments planned for the Novus Innovation Corridor, one of Arizona State University’s “innovation zones” located on the north side of the university’s Tempe campus.

The apartment complex will be six stories tall and include 27,000 square feet of ground floor restaurant and retail space along Novus Place and Sixth Street...

“The retail component of this mixed-use project is the initial leg of a multi-block urban retail center called Novus Place,” Charley Freericks, senior vice president of Catellus, the master developer of the corridor, said in a statement. “Stretching from University Drive on the southern border to Rio Salado Parkway on the north, this part of the Novus Innovation Corridor will provide shopping, dining, entertainment and strolling opportunities in an environment that features enhanced paving, landscaping and other pedestrian amenities.”

Site preparation for the planned developments began over the summer, and Aspen Heights is expected to break ground on the retail and restaurant portions in the first quarter of 2019. Phoenix-based Hardison/Downey Construction will build the residential complex.

Ryan Cos. will build the office complex, which is also planned to break ground in early 2019, with completion in mid-2020...

The office building will also include 8,000 square feet of ground floor retail space and will be constructed at the corner of University Drive and Rural Road.

JLL will handle office leasing and Phoenix Commercial Advisors will handle retail leasing. Pre-leasing is already underway for the space...

The remaining phases of Novus Corridor development will create more than 8 million square feet of development and 3.9 million square feet of Class A office space, Hardy said, as well as 3,645 planned residences, 700 hotel rooms, 300,000 square feet of retail, restaurant and entertainment space, and will generate $2 billion in wages.

The development will eventually encompass 350 acres on the northern portion of ASU's campus, including redeveloping ASU's golf course and other athletic fields on the north side of the campus.

[azsunsurfer]

Originally Posted by muertecaza

Hines and Cousins are buying out Hensel Phelps from the Hayden House. Hopefully the new group will be motivated to get it going.

http://ktar.com/story/2240805/two-companies-to-purchase-develop-hayden-house-property-in-tempe/

New rendering from the article. This shows the office portion. I believe the plans have been to do the second tower as a second phase.



EDIT: and here is a more bootleg rendering I found on Tempe's site:

Hines is in the biz of actually getting office buildings built...so this is great news! They are almost done with their project near Chandler Fashion Square and seem to have landed some leases. They must be still feeling bullish with the EV market overall.

[ASUSunDevil]

Originally Posted by muertecaza

New rendering from the article. This shows the office portion. I believe the plans have been to do the second tower as a second phase.

Hell yes! Looks great.

[combusean]

^ I bet that's a bit of the reason we're not getting office towers in Downtown Phoenix. The floorplates on the highrise portion of that bad boy are enormous, about the size of two downtown blocks. That's what the market wants and Tempe can provide it.

[Obadno]

I think its more that Downtown Phoenix still doesnt have any office buzz to it.

Its now becoming a living destination, it will need several more years before offices are willing to pay highrise prices to be there over Biltmore, Scottsdale, Tempe or out in the Burbs of Kierland and the Price Corridor.

We will have to see how block 23 does. If it fills quickly youll get more office proposals in the coming years.

[Spitfiredude]

Tempe is going to be looking real impressive 5 years from now. I'm starting to wonder if we will start to see development on the northside of the 202 west of the 101 (reservation land). Obviously, if the MLS expands here the stadium will be built there....but I wonder if we will see the Suns, Coyotes, or Dbacks land there too. Could have a Westgate like development there. Would be a great addition. I assume streetcar would expand that way too.

[CrestedSaguaro]

Originally Posted by Obadno

I think its more that Downtown Phoenix still doesnt have any office buzz to it.

Its now becoming a living destination, it will need several more years before offices are willing to pay highrise prices to be there over Biltmore, Scottsdale, Tempe or out in the Burbs of Kierland and the Price Corridor.

We will have to see how block 23 does. If it fills quickly youll get more office proposals in the coming years.

I'd bet real money that several developers have their eye on Block 23 to see if the office portion fills quickly or not. I'm gambling it does.

[Mr.RE]

Here is a development update on all current development projects going on in the Tempe area to the best of my knowledge. Feel free to add commentary to this post as I think it would be beneficial to compile the recent few pages into one post for others to find a summary of Tempe Projects.

1. Novus Innovation Corridor:
- Phase 1(Marina Heights): Complete
- Phase 2(Sun Devil Stadium): Remaining improvements to resume after
the 2018 season.
- Phase 3(NWC University/Rural): Site prep work, grading and drainage
underway. 777 Office (162k sq. ft.), Aspen Heights residential (262 units)
and retail (27k sq. ft.) portion to begin in early 2019.
- Phase 4: Wells Fargo + Multipurpose Arena: Proposals submitted for
design

2. Jefferson Town Lake Apartments
- 258 luxury apartments, 7 stories, north side of lake. First block complete
on north end, should be open and start leasing by end of 2018.

3. Aura Watermark Apartments
- 360 luxury apartments, 7 stories, north side of lake. Topping off their last
floor. They’re moving fast on this one.

4. Watermark Phase 1
- Office portion on 4th floor the last time I saw. North side Tempe town
lake.

5. 2100 Rio Corporate Park:
- Freedom Phase 1 complete, Phase 2 is beginning interior improvements,
phase 3 TBD
- Benchmark exterior shell looks finished, interior improvements underway
- The Cameron Apartments, 349 units, 4/5 floors. Framing their 2nd floor
- Retail portion along Rio, exterior looks nice, if tenants are in place I
expect an end of 2018 open.
- 2172 Office plan submitted to city for frontage piece along rio.

6. Grand @ Papago Park:
- Phase 1 complete with tenants in place.
- Phase 2: parking garage complete, Office on 4th and 5th floor moving
along nicely.
- Broadstone apartments, 300 units, utility work underway,
stairwell/elevator shafts are up.
- Water feature through project, construction seems to be beginning

7. Crescent Rio:
- Framing is moving along, looks like they are topping off and working on
exterior improvements

8. The Local:
- West side is looking good, I like the color scheme they have going
on, framing north end and working their way around.

9. The Union Development
- Both residential towers complete and leasing. Retail tenants are still
“coming soon”
- Hilton canopy hotel underway, crane is up and beams going vertical.

10. Mirabella
- Ox Blue camera shows them completing underground garage. Making
they're way to beginning first floor soon!

11. The Collective
- Nothing new to report here, not sure if a building permit has been filed for
review. Updates?

12. Westin Tempe
- Same thing here, fencing around site is up but Tempe development site
shows no updated info.

13. The Pier
- In Plan review for building permit. 586 residential units on south end of
lake. This has been slow moving for years now. Crossing my fingers on
this one.

14. Mill + Rio
- Looks like renovation is underway at Monti’s/ Hayden House. Hines took
over the development for the office portion. Not sure when we can expect
construction to start, but its getting going at least.

15. Gilbane Apache/Terrace
- Site has been completely demo’d no existing structures remain, They are
eager to get this one going. Fall 2020 projected delivery. New renderings
looks really nice.

16. Park Place
- Fencing is up, no demo work yet(probably due to complexity of the trailer
park) but in review for building permit. Fall 2020 Projected delivery

17. Tempe Crossroads
- Last thing I heard is they were approved by city council. Working on CD’s.
Might see a fence go up soon, Fall 2020 Delivery expected.

18. River at Eastline Village
- Construction underway, Stairwells are up, I believe this is lower income
housing (50 units)

19. Metro 101
- Framing their 2nd floors right now, looks like they are moving fast on it.

20. Millennium at Rio
- 260 apartment units with food court retail, I believe this is still moving
through city council

21. ITSB-7
- SWC of Rural/University. Demo work is complete, no more carwash/taco
shop. Hoping to see updated renderings from Architekton soon.

22. ASU Greek Village
- Complete and filled with students. (Majority still don’t like living there,
figures)

23. Alliance Broadstone Rio Salado
- Site has been demo’d 276 Units with 4 story walk up units, pretty large
site. (9 acres)

24. Office at Vista Del Lago Drive on Tempe Lake (400k Sq. Ft)
- Fencing is up at this location, lets see if something happens soon

25. Tempe Streetcar Project
- Last thing I heard is they are figuring out easement issues with owners
who may be affected. Not sure when project will start.

26. The Hayden
- Condo developer got bought out by Oakland for $5m, maybe only a hotel
now??
Thats all for now.

[azsunsurfer]

Great list! I would also add that build to suit that seems to be moving forward on the lake, the rendering is posted on this page.