Phoenix Development News (3)

[PHXFlyer11]

Originally Posted by Obadno

Well we are in the midst of a building boom and the stock market has been shakey all summer.

They probably don't want another Mortgages LTD situation that left a 30 story cement Husk on mill for 4 years and another by chandler mall for 10.

I doubt they are worried about the stock market. The stock market was overheated after not having a true correction since 2009. The economy is stable, although not growing as quickly as we all want. In 2008/9 there was a mortgage crisis that created an economic crisis, crashing the stock market. That is not the case here. Just a stock market that's ran straight up for 6 years and is pulling back a bit with no further catalyst for high-growth to justify valuations on the horizon.

[biggus diggus]

Those apartments are almost done.

[Obadno]

Originally Posted by PHXFlyer11

I doubt they are worried about the stock market. The stock market was overheated after not having a true correction since 2009. The economy is stable, although not growing as quickly as we all want. In 2008/9 there was a mortgage crisis that created an economic crisis, crashing the stock market. That is not the case here. Just a stock market that's ran straight up for 6 years and is pulling back a bit with no further catalyst for high-growth to justify valuations on the horizon.

Im just saying, this is the biggest downtown housing project built. They are probably just being cautious

[crwhiteinaz]

Originally Posted by biggus diggus

Those apartments are almost done.

Can you be more specific on what apartments these are?

[Obadno]

Originally Posted by biggus diggus

Those apartments are almost done.

Is that LA or Phoenix

[biggus diggus]

Originally Posted by crwhiteinaz

Can you be more specific on what apartments these are?

I don't know what they are called, you guys have been talking about them a lot, in central advent

[exit2lef]

Originally Posted by biggus diggus

I don't know what they are called, you guys have been talking about them a lot, in central advent

Elevation on Central

http://www.elevationoncentral.com/

[RichTempe]

I was downtown yesterday and took a few cell phone pics of the Union on Roosevelt, Portland on the Park and Lexington Hotel refurbishment. I didn't have a lot of time or else I would have tried to get some shots of the developments going on at 3rd St. and Roosevelt as well.




Union on Roosevelt. Still mainly a hole in the ground, but some progress is being made:










Old Lexington Hotel. Looks like it's been gutted and some remodeling work is starting:





Portland on the Park (with Hotel Lexington to the right):




All the rest are Portland on the Park from different angles:

[dtnphx]

That view will be EPIC when it's done. Day-um.

[PHX31]

Here's a link to a bunch of webcams including Portland on the Park, Proxy 333, etc.

http://ueb.net/webcams.html

[PHXFlyer11]

Good to see Union with actual structural work now! Very excited to see this. Should move fast now.

Lot work continues to be done at The Edison, although utilities have not been moved yet, so real construction hasn't started.

As far as Illuminate goes, They now are above ground with their concrete column pours! First floor going up.

Proxy 33 topped out, some final wood farming being done to the top of the building.

[combusean]

So nice to see Portland II come up! Should have an impact on the skyline.

Also nice to see Union going vertical.

Anyone have shots of the Luhrs hotel tower? Proxy 333? Illuminate?

[biggus diggus]

Yes here's one



I honestly think of that every time I drive by the place.

[CrestedSaguaro]

Not really a big deal, but the new Bank of America exterior redesign looks pretty nifty. I really hope the white slats will be LED lit at night when everything is completed.

[biggus diggus]

They were on last night and they are very, very bright.

[PHXFlyer11]

Originally Posted by RonnieFoos

Not really a big deal, but the new Bank of America exterior redesign looks pretty nifty. I really hope the white slats will be LED lit at night when everything is completed.

I have been watching that building and am hoping for the same thing. The white slats are just OK looking in the daylight. I am hoping they serve the same purpose you suggested at night. That would look really cool! I've never seen a building with LED lights on the side like that.

Imagine of the lights were coordinated with motion and/or changed color.

[PHXFlyer11]

http://www.azcentral.com/story/news/loca...zed-downtown-phoenix-land-deal/32542429/

Too long for even me to read, but look at the pictures at the top, we got screwed! The literally chose the least dense and cheapest proposal.

[Freeway]

Originally Posted by PHXFlyer11

http://www.azcentral.com/story/news/loca...zed-downtown-phoenix-land-deal/32542429/

Too long for even me to read, but look at the pictures at the top, we got screwed! The literally chose the least dense and cheapest proposal.

The article is way too verbose. Just get to the point.

The people of Phoenix were not screwed. People seem to be more concerned about height than they are with the quality of the proposed development. Height does not equal quality. Who cares how tall a building is if it does nothing for the surrounding area? I know this is a skyscraper forum, but we need to stop being height whores over every development. It really makes this place look like it's suffering from some inferiority complex. Part of the concern was having a development fit in with the surrounding neighborhood. IMO, all the other proposed developments are out of scale with the rest of the neighborhood. The selected proposal will blend in with surrounding blocks and will still "activate the street" or whatever terminology urban planners are using these days.

Another concern was choosing a proposal with that relied on the least amount of taxpayer dollars and the proposal with the lowest financial risk. In this era where we're crawling out of a recession at a glacial pace, does a high risk real estate development make a lot of sense? No.

This proposal is better than what's there now. I would also prefer a proposal that has the best chance of being constructed. We don't need any building shells because some developer with some pie in the sky proposal went bankrupt. Enough. We need to focus on smaller projects that can be fully carried out.

[combusean]

The article wasn't about height and density and the "risk" they alleged with the condos was contrary to their consultant's proposals because the new condo market is untapped downtown.

It was about Nowakowski and the Cesar Chavez Foundation being corrupt, and Nowakowski not disclosing a serious conflict of interest in the RFP process that best-scored the awarded proposal. Even if it were genuinely well-scored, Nowakowski's defense that "he didn't know" that the organization that he and everyone he knows is in bed with submitted a proposal in his district is absolutely incredulous.

But the RFP was not well-scored. It presumed that this project shouldn't be built in phases and that it shouldn't include a condo component.

The whole process stunk and Nowakowski needs to be investigated.

[combusean]

Elevation on Central opened today. A friend was excited to move in.