Phoenix Development News (3) - Page 592

fawd · #**11821** Posted **Feb 6, 2018, 11:16 PM**

Quote:

Originally Posted by muertecaza

Plan Review Documents filed today:

Preliminary review for 223 units at the Central/Columbus parcel previously discussed during rezoning
Pre-application for 14-story (!!!), 198 unit project at 3rd Ave./Fillmore, 601 N. 3rd Ave., given name "Aspire Fillmore Apartments". Applicant is CCBG Architects.

14 stories at 3rd Ave./Fillmore would be awesome. I would want to live there. Couple blocks to Roosevelt, couple blocks to Crescent/Van Buren, couple blocks to light rail. Hope this one pans out.

Awesome! Density density density!

ASU Diablo · #**11822** Posted **Feb 6, 2018, 11:34 PM**

Quote:

Originally Posted by muertecaza

Plan Review Documents filed today:

Preliminary review for 223 units at the Central/Columbus parcel previously discussed during rezoning
Pre-application for 14-story (!!!), 198 unit project at 3rd Ave./Fillmore, 601 N. 3rd Ave., given name "Aspire Fillmore Apartments". Applicant is CCBG Architects.

14 stories at 3rd Ave./Fillmore would be awesome. I would want to live there. Couple blocks to Roosevelt, couple blocks to Crescent/Van Buren, couple blocks to light rail. Hope this one pans out.

Wow 14 stories at that intersection is awesome! And let's not forget the next MetroWest development right up the street is still in the works (6+ stories on McKinley/3rd Ave) and the R3 project on 3rd Ave/Roosevelt. The latter is supposed to have some sort of update at the next Feb RAA meeting. That stretch of 3rd Ave gonna look good

ASU Diablo · #**11823** Posted **Feb 6, 2018, 11:43 PM**

Behind paywall, but looks like The Capital Lofts project is on life support. Deposits have been returned but looking to get development going again

https://www.bizjournals.com/phoenix/news/2018/02/06/kristin-bickley-looks-to-bring-new-life-to.html

Quote:

The property's sale price is $1.5 million. It’s being listed by Kristin Bickley, a broker with Realty Executives who also is part of the team trying to develop the lofts project.

The property is owned by John Rea, who was teaming with California developer Saul Siege to develop the lofts project that is slated to feature 70 units at a starting price of under $200,000.

Siegel has had health issues and is no longer part of the project.

crwhiteinaz · #**11824** Posted **Feb 7, 2018, 2:18 PM**

Quote:

Originally Posted by airomero83

Behind paywall, but looks like The Capital Lofts project is on life support. Deposits have been returned but looking to get development going again

https://www.bizjournals.com/phoenix/news/2018/02/06/kristin-bickley-looks-to-bring-new-life-to.html

The property slated for the Capitol Lofts development in downtown Phoenix is for sale and is looking for a new owner and developer to bring the project to fruition.

The Capitol Lofts property sits on 1.86 acres at 10th Avenue and Washington Street on the west of end of downtown.

The property's sale price is $1.5 million. It’s being listed by Kristin Bickley, a broker with Realty Executives. who also is part of the team trying to develop the lofts project.

The property is owned by John Real, who was teaming with California developer Saul Siegel to develop the lofts project that is slated to feature 70 units at a starting price of under $200,000.

Siegel has had health issues and is no longer part of the project.

Bickley said she’s returned deposits from prospective buyers who put down money to reserve unit.

Those buyers have first rights to buy if and when the project gets going. Bickley said she still has 500 people on the wait list for the affordable project.

“I’m still receiving inquiries,” she said.

Downtown Phoenix has seen an upswing in new housing — mostly apartments — in recent years. But most of that new housing stock is on the expensive side, making the downtown submarket one of the most expensive in the region.

The project has its architectural plans in place and most of its zoning and other approvals. A new owner or potential development partner just needs to step in with the money and resources to get the downtown project moving again, Bickley said.

haux · #**11825** Posted **Feb 8, 2018, 10:25 PM**

Not much to report, so I thought I'd show a view from my apartment parking garage of the two big cranes doing their thing. These two spots are going to look really nice when the towers are finished. Also, eventually I am going to show a photo of the skyline before the Stewart crane went up and what it looks like now. I can keep up the progress from that view as the building rises.

muertecaza · #**11826** Posted **Feb 8, 2018, 11:14 PM**

Quote:

Originally Posted by haux

Not much to report, so I thought I'd show a view from my apartment parking garage of the two big cranes doing their thing. These two spots are going to look really nice when the towers are finished. Also, eventually I am going to show a photo of the skyline before the Stewart crane went up and what it looks like now. I can keep up the progress from that view as the building rises.

Nice. Now I want to see the Palmcourt crane rising right in the middle of that shot.

CrestedSaguaro · #**11827** Posted **Feb 8, 2018, 11:39 PM**

Quote:

Originally Posted by muertecaza

Nice. Now I want to see the Palmcourt crane rising right in the middle of that shot.

What's Palmcourt? Don't think I have read about that one yet.

*Edit - I just realized that's the AZ Center tower. N/M

*Another Edit - There should be 2 tower cranes in the middle of that pic in a few months. The hotel and residential. Double

Obadno · #**11828** Posted **Feb 9, 2018, 12:39 AM**

Quote:

Originally Posted by RonnieFoos

What's Palmcourt? Don't think I have read about that one yet.

*Edit - I just realized that's the AZ Center tower. N/M

*Another Edit - There should be 2 tower cranes in the middle of that pic in a few months. The hotel and residential. Double

also 20 story apt's right in front of Freeport Macmoran

TakeFive · #**11829** Posted **Feb 9, 2018, 3:31 AM**

Friday Follies

Downtown Phoenix Is On The Cusp Of Being A Food, Hospitality And Entertainment Mecca
February 05, 2018 by Dees Stribling, Bisnow National

Quote:

The turning point from the way Downtown Phoenix used to be — a bit sluggish — to the growth momentum it has now was not actually that long ago, according to the speakers at Bisnow's Future of Downtown Phoenix. As in, 2006 or so. That is when Arizona State University started making its presence felt Downtown...

Some of you might find this article more interesting than I did; it's alright.

Mike Sunnucks, PBJ has the topical article of the day.
Are volatile stocks a black swan moment after another big drop for Dow?

Quote:

Market downturns and the end of expansion cycles (i.e. recessions) don’t start with a whimper. They usually land with a resounding thud.

That is according Spencer Levy.

Who's Spencer Levy?

Quote:

He’s head of research for commercial real estate firm CBRE Group Inc. (NYSE: CBG). He was in Phoenix Thursday to talk about the state of real estate markets and the economy.

Levy said the test of the economy — including consumers, business sentiment and real estate markets — is whether the stress with stocks turns into a “black swan” event that upsets the current and long economic expansion.

One issue has been the falling value of the dollar which has both benefits and disadvantages. For example will foreigners (like China/Japan) continue buying treasuries when their value drops due to the dollar's drop? Add in the bump in deficits from tax cuts and the additional needed borrowing ie T-Bill sales has spooked the bond market a bit. That all puts pressure on interest rates with the 10-year T-Bill now close to 2.9%. There's a couple of other funky things that have added to 'volatility' but it's the unknown psychological effect on average Joe's and Juanita's that's of concern. And so it goes.

RichTempe · #**11830** Posted **Feb 9, 2018, 5:19 AM**

.

RichTempe · #**11831** Posted **Feb 9, 2018, 5:20 AM**

Quote:

Originally Posted by haux

Not much to report, so I thought I'd show a view from my apartment parking garage of the two big cranes doing their thing. These two spots are going to look really nice when the towers are finished. Also, eventually I am going to show a photo of the skyline before the Stewart crane went up and what it looks like now. I can keep up the progress from that view as the building rises.

Great pic! Do you live in Roosevelt Square?

haux · #**11832** Posted **Feb 9, 2018, 7:27 AM**

Quote:

Originally Posted by RichTempe

Great pic! Do you live in Roosevelt Square?

Thanks. Yes. It's a good location. Just moved in a year ago.

RichTempe · #**11833** Posted **Feb 9, 2018, 9:05 PM**

Quote:

Originally Posted by haux

Thanks. Yes. It's a good location. Just moved in a year ago.

I lived there for 7.5 years and really liked the location as well. My place was in building C right above what used to be Centurion/Bar Maximus for a few years, but now is SaSoBA. I think the only building that I watched going up during my time there was the OCPE/Freeport-McMoran Center. Looks like you'll have more of a chance to watch the skyline grow.

nickw252 · #**11834** Posted **Feb 9, 2018, 9:11 PM**

Quote:

Originally Posted by RichTempe

I lived there for 7.5 years and really liked the location as well. My place was in building C right above what used to be Centurion/Bar Maximus for a few years, but now is SaSoBA. I think the only building that I watched going up during my time there was the OCPE/Freeport-McMoran Center. Looks like you'll have more of a chance to watch the skyline grow.

I also lived in there on the second floor in building A (right above the coffee shop). That was back in 2010 & 2011. I didn't get to see much construction. Great location though.

biggus diggus · #**11835** Posted **Feb 9, 2018, 9:37 PM**

A fence went up around the lot at 2nd and Fillmore, maybe something is actually going to happen.

ASU Diablo · #**11836** Posted **Feb 9, 2018, 9:41 PM**

Quote:

Originally Posted by biggus diggus

A fence went up around the lot at 2nd and Fillmore, maybe something is actually going to happen.

2nd Ave next to the Circle K? If so, that fencing has been there for weeks. Last I remember, they were supposed to break ground on that NAC development last month

biggus diggus · #**11837** Posted **Feb 9, 2018, 9:44 PM**

yeah, that parcel. I hadn't noticed it until today and I don't remember reading about it.

Sorry I brought up old news.

ryanmcv · #**11838** Posted **Feb 9, 2018, 9:46 PM**

Anyone know what's going on with the vacant lot at the northeast corner of 4th St. & Fillmore (between Skyline lofts and Holiday Inn)? I walk by it every day and noticed a fence went up around the property within the last couple of days. Sorry if the answer is obvious... I can't keep up with everything that's going on downtown.

ASUSunDevil · #**11839** Posted **Feb 9, 2018, 9:55 PM**

Quote:

Originally Posted by ryanmcv

Anyone know what's going on with the vacant lot at the northeast corner of 4th St. & Fillmore (between Skyline lofts and Holiday Inn)? I walk by it every day and noticed a fence went up around the property within the last couple of days. Sorry if the answer is obvious... I can't keep up with everything that's going on downtown.

Staging for The Link?

http://forum.skyscraperpage.com/showthread.php?t=230317&page=2

ryanmcv · #**11840** Posted **Feb 9, 2018, 9:58 PM**

Quote:

Originally Posted by ASUSunDevil

Staging for The Link?

http://forum.skyscraperpage.com/showthread.php?t=230317&page=2

Very well could be. Just wasn't sure whether another project/tower was about to begin there. I'll keep an eye on it.