Projects like this seem more real than others, especially given that its outside the downtown core. I can't imagine the per acre price for land is that exorbitant, especially compared with other parcels in phx, and that to me bodes well for project success.
All in all, it's good to see Pinnonseault up to something since these projects were originally announced in addition to the "Phoenix Resort Towers" built in the Beadle building's stead on 3rd St and Earll thereabouts--that was 11 months ago!
Moreover, 5th ave and lincoln isn't that bad--it's directly across the tracks and Lincoln does curve around a bit to where it to me is a straight shot to the amenities in the core. If this were further from the tracks, that'd be one thing.
For reference, the old proposals are below.
Fifth and Lincoln
Central and Buchanan
I'm not sure about the first one--the old Central and Buchanan proposal fits better within the architecture of the area. Hope pinnonseault can fit his projects within the area and get NIMBY approval.