Phoenix Development News (3)

[Spitfiredude]

Originally Posted by poconoboy61

With the antenna included, Westward Ho is also the tallest building in the state by 5 feet. Not that most people consider the antenna part of the building.

Says who? I was there earlier today and it doesn't even look close. It looks maybe 300-350' with the antenna.

[nickw252]

I just got an email from Portland on the Park's ("POTP") marketing saying that the building is now 25% sold. That sounds pretty good to me considering it's probably still 9 months from completion (3 floors are up and the elevator core is up to 4 floors).

The email also mentioned the HOA. For those who have made blanket complaints about HOAs being expensive without considering what they cover, POTP's HOA specifically includes the following:

• 1Gig Internet
• gym
• pool
• water
• gas
• DirectTV
• all common area maintenance
• insurance

I'm not saying it's a bargain, but if you compare the POTP HOA fee (about $300 to $700 per month) to what you'd pay in a single family home in a similar price range for the above amenities, POTP's HOA doesn't sound too bad- especially considering that most single family homes in Phoenix already have HOA fees of around $70-$100 per month and cover next to nothing (a little common area landscaping, maybe a pool).

[CrestedSaguaro]

Originally Posted by Spitfiredude

Says who? I was there earlier today and it doesn't even look close. It looks maybe 300-350' with the antenna.

The tip of the antenna is officially listed as 489'. I'm not sure how accurate that is, but I will say that a few weeks ago when looking at downtown from an elevated view from a distance with a telescope, I did notice that the antenna appeared to be taller than Chase.

[PHXFlyer11]

Originally Posted by nickw252

I just got an email from Portland on the Park's ("POTP") marketing saying that the building is now 25% sold. That sounds pretty good to me considering it's probably still 9 months from completion (3 floors are up and the elevator core is up to 4 floors).

The email also mentioned the HOA. For those who have made blanket complaints about HOAs being expensive without considering what they cover, POTP's HOA specifically includes the following:

• 1Gig Internet
• gym
• pool
• water
• gas
• DirectTV
• all common area maintenance
• insurance

I'm not saying it's a bargain, but if you compare the POTP HOA fee (about $300 to $700 per month) to what you'd pay in a single family home in a similar price range for the above amenities, POTP's HOA doesn't sound too bad- especially considering that most single family homes in Phoenix already have HOA fees of around $70-$100 per month and cover next to nothing (a little common area landscaping, maybe a pool).

Impressive that it includes cable and internet. Did it say how much the HOA is per sqf?

[nickw252]

Originally Posted by PHXFlyer11

Impressive that it includes cable and internet. Did it say how much the HOA is per sqf?

It did not give a price per square foot, but a quick review on Redfin shows

• a 1 bedroom unit (around 750 sq. ft.) started under $300 per month
• a 2 bedroom (around 1,500 sq. ft.) was around $570 per month,
• a 3 bedroom unit (around 1,900 sq. ft.) was around $730 per month
• a 2,500 sq. ft. penthouse was about $950 per month

Based on my quick calculations it appears that the HOA fee is around 37 to 40 cents per sq.ft per month. However, these are just estimates from quickly viewing the listings so obviously there will be variances. Also, my original estimate of $300-$700 left out the penthouse model with the $950/month HOA (anyone who can afford a $1.2M condo in Phoenix probably isn't going to flinch at a $950 HOA fee).

[plinko]

Originally Posted by RonnieFoos

The tip of the antenna is officially listed as 489'. I'm not sure how accurate that is, but I will say that a few weeks ago when looking at downtown from an elevated view from a distance with a telescope, I did notice that the antenna appeared to be taller than Chase.

FWIW, that doesn't seem possible. Here is a view from Phoenix Baptist Hospital from 2008 in which the Westward Ho is actually closer and the antenna appears shorter than Chase.

[somethingfast]

And the mystery builds... All I know is, putting that antenna on top of Chase would give that elusive 700+ footer we've all been longing for

[PHXFlyer11]

Originally Posted by nickw252

It did not give a price per square foot, but a quick review on Redfin shows

• a 1 bedroom unit (around 750 sq. ft.) started under $300 per month
• a 2 bedroom (around 1,500 sq. ft.) was around $570 per month,
• a 3 bedroom unit (around 1,900 sq. ft.) was around $730 per month
• a 2,500 sq. ft. penthouse was about $950 per month

Based on my quick calculations it appears that the HOA fee is around 37 to 40 cents per sq.ft per month. However, these are just estimates from quickly viewing the listings so obviously there will be variances. Also, my original estimate of $300-$700 left out the penthouse model with the $950/month HOA (anyone who can afford a $1.2M condo in Phoenix probably isn't going to flinch at a $950 HOA fee).

That's not too bad at all, but they tend to go up over time.

[biggus diggus]

Originally Posted by PHXFlyer11

That's not too bad at all, but they tend to go up over time.

Yes they do, especially in elevator buildings, and you can bank on someone on the board, at some point, trying to mitigate losses to the account by removing services or cutting corners. I promise that will come up at some point.

Most single family home subdivisions have HOA fees that are paid quarterly, and they are pretty minimal cost (under $100) to cover pretty minimal services. If anyone ever tries to make the argument that HOA fees in condo buildings (read: buildings not complexes) are cheap, you don't know much about this business.

If I live in a single family home and pay these bills myself my monthly costs are roughly:

1Gig Internet $80
gym ymca is $60
pool service is about $100
water $150 for a home with a family, yard, and pool
gas perhaps $50
DirectTV $125
all common area maintenance landscaping service is around $100
insurance this is blanket insurance for the building, not for the contents of your home.

I just added up $665 worth of monthly expenses for a single-family home, and the numbers I put up there are for a rather large home at that. It isn't a stark contrast between the two, but single family home cost of living will always be cheaper, and condo complex living will always be the cheapest.

[nickw252]

No one is arguing that the HOA is cheap (or even cheaper than a single family home). The point I was making is that it is pointless to make a blanket complaint about HOA fees without considering what all is covered.

Here, at POTP, the HOA covers a lot and does not sound unreasonable.

Originally Posted by biggus diggus

insurance this is blanket insurance for the building, not for the contents of your home.

The vast majority of your homeowner's policy goes toward covering the real property. Only a small portion of it goes toward your personal property. Thus, when you live in a building that has a blanket insurance policy for the building you will only need to insure your personal property which will cost will be dramatically less than a homeowner's policy for a single family home.

[biggus diggus]

Originally Posted by nickw252

The vast majority of your homeowner's policy goes toward covering the real property. Only a small portion of it goes toward your personal property. Thus, when you live in a building that has a blanket insurance policy for the building you will only need to insure your personal property which will cost will be dramatically less than a homeowner's policy for a single family home.

Absolutely, this is true, I was just clarifying for anyone who thought read that and assumed they were insured if they paid hoa dues. I think my homeowner's insurance for contents in my condo is less than $50 a month.

[sky51]

Pictures taken on August 5 2015 of the new @51 apartments on 16th Street and Colter. The black/ yellow color scheme, the block construction, the glass walkways between buildings, the 5th floor pool, and the landscaped strip between the buildings and the street are all really cool. I love how all the new apartment projects in this part of town (@51 and Escape on 16th Street and Elevation on Central at Central and Highland) are so different from each other. Each one is architecturally unique and each one looks awesome.

[biggus diggus]

your words and your username make me think you're selling this project to us, or at least trying to.

[ASUSunDevil]

Originally Posted by biggus diggus

your words and your username make me think you're selling this project to us, or at least trying to.

I'm accepting of anyone that provides pictures with their posts.

[poconoboy61]

Originally Posted by Spitfiredude

Says who? I was there earlier today and it doesn't even look close. It looks maybe 300-350' with the antenna.

It is 489 feet with the antenna.

[Jjs5056]

Originally Posted by nickw252

Currently the Westward Ho is apartments (HUD) and not offices.

Unfortunately the article doesn't indicate what the renovations will include and what the end result will be. Is it being turned into market rate apartments? Student housing? Or is it going to continue as Section 8 housing?

OBadno was referring to the historic apartments on Roosevelt, not the Westward Ho. There isn't much to get excited about the renovation plans for the Ho. It will continue being used as HUD housing and the city actually extended what was already a ridiculously long contract, which pretty much seals its fate during our lifetime.

Much of the investment is being used to transform the ground floor into a 15,000 square foot health clinic led by ASU, which primarily serves residents of the building. At the very least, I wish the remaining ground level space would be leased out for a retail/restaurant tenant.

Instead of extending the HUD contract, the City should have been looking for ways to proactively terminate the existing agreement. Custom-built senior housing could have been developed on City-owned land - the Ho's residents would get brand new accommodations with updated amenities, and the City would get one of its most important historic buildings back. With the uninspiring renovations for the HGI at the Professional Building (historic features will only be preserved in the lobby), it could have become a real destination.

Someone mentioned a lantern- the lantern is on top of the Security Building, not the Westward Ho. The Security Building is another underutilized historic property, courtesy of the county. The first floor was originally planned for retail, but is now occupied by county services. It's a shame that two of the best looking historic buildings in prime locations downtown are wasted, and a 3rd is definitely not living up to its potential (HGI).

[Jjs5056]

I just took a look at the Arizona Center's leasing package, and the updated version shows a 22,000 square foot space on the northeast corner of Fillmore/3rd Street as being available. If this is true, that means the AMC is being downsized and a new, *street-fronting* space will now be accessed off Fillmore and 3rd.

http://arizonacenter.com/wp-content/...4pg_DTZ_V3.pdf

I really hope that this is indeed the current owner's plan; the theatre is hardly ever filled and the Fillmore/3rd Street is a prime location given the amount of apartments nearby and under construction, and the proximity to ASU and the Sheraton. While ideally, the remaining retail along 3rd would also be updated so that at least a portion of the spaces fronted the street, activating this corner will be a HUGE improvement and create a much more urban presence from the north and east. If it's a restaurant, it would be even better if they took over the wasted landscaped area near the Taylor Street intersection.

22,000 square feet is also the perfect size for a TargetExpress (avg. 20,000). I know it's far-fetched, but it would be a great location and could help spur additional residential and student housing nearby. These stores are all custom to the neighborhoods they are built in; some have groceries, a pharmacy, and apparel, while another might have dorm furniture and school-related merchandise. I think a multipurpose store like this is needed much more than a full grocery store. Being able to furnish a loft, buy clothes for work, and pick up essential household items would be a great addition to what downtown currently offers residents.

This portion of Fillmore is going to become much more of a commercial corridor as it should be. Opposite this new space is the new restaurant going into Skyline Lofts, and if both are successful, it should help the remaining retail at Skyline and within the PBC Garage at 5th/Fillmore to be leased. With 4th Street being lined with apartments from Roosevelt-Fillmore, this will make a great terminus to the neighborhood and transition to the CBD. Hopefully, ASU builds a more inspired structure on the final piece of the nursing school block. A pharmacy or GNC/health store at the bottom of a midrise building would be so much better than the rest of the site.

Now would be a great time for the AZ Center to build an 8-12 story residential component on top of the existing surface lot. I can't imagine that the owners wouldn't want to get residents on the site, as that + the hotel makes a huge difference between there and CityScape. Even with the recession, it's surprising that a proposal has never surfaced for any of the 3 empty pads on the block. An Embassy Suites would be a good addition to the corner of Van Buren/5th Street at some point, but the hotel market seems to be pretty saturated the moment, and the north parking is much more of an eyesore.

[gymratmanaz]

Jjs5056 - that is cool news on the 22,000 square feet. Street access for whatever goes in there would be great for the area. Open that puppy up some!!!! Target would be perfect there too, Lots of residents to shop close by.

You mentioned going above the parking garage. Is it built for that? Pipe dream for sure but that would be a great addition!

[combusean]

Originally Posted by biggus diggus

your words and your username make me think you're selling this project to us, or at least trying to.

Somebody trying to sell one project wouldn't be talking about the merits of other projects, and their name would probably be "at51" too.

[biggus diggus]

Interesting about the Arizona Center, looks like AMC is retaining 15 theaters, it's 24 now? Also it appears the snack bar which is never open would also be going away, hopefully something fun becomes of it, I'll see if I can get any answers on what might be happening there.