Quote:
Originally Posted by exit2lef
"From the Rockies to the Pacific, cities are seeking to accommodate increasing populations amid housing shortages by growing up instead of out."
The article focuses a lot on Denver but also mentions Seattle and even Sacramento. Sadly, Phoenix is not mentioned, but at this point, it shouldn't be. We've got a lot of good development going on, but it will take something higher than the Chase Tower to have Phoenix recognized for its skyline.
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Decided to give that article a read; I had heard about it. That new tallest that's sketched in is very dated news from some New Yorker's pipe dream with a thin track record that died last year.
In any case, it's not really about going tall; it's all the infill that has happened; there's also increasing pushback from NIMBY-ism bubbling up. If you like vertical development then look to Seattle and Austin. They're the high class areas. Denver, not unlike Phoenix isn't seeing much interest from the likes of the Apple's, Google's and Facebook's etc, at least not in a big way like Austin is. Google just reserved a new 35-story tower by Hines that hasn't even broken ground yet. Facebook has reserved all of a 17-story tower under construction. Apple recently announced a $1 billion development.
If you want to think in terms of trend lines that Phoenix might follow, if you go back a decade it started with 4-story Texas donuts. Soon podiums were included with projects being 6 stories, then 6-8, 8-10, 10-12 an so on. Lennar finally found their way into central Denver with a 5-story that's near completion. Their other project is half-block 18-story land barge in Five Points, an historical but previously blighted area.
Interestingly, downtown Phoenix seems to have almost as much vertical development (when you include the pipeline) as Denver.
Quote:
Originally Posted by Obadno
The last to go will be the area between the airport and the 202 which is extremely blighted.
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The biggest advantage to blighted and now would be prime time for land bankers to start accumulating half and full blocks, is it's much easier to flip once it starts. That area does have good bones, including light rail.