Phoenix Development News (3)

[Sun Belt]

Originally Posted by Mr.RE

One Camelback

What's happening here? Are they taking the building down or just an extensive remodel?

Portrait at Hance Park

Is that a foot bridge?

I like how they have planted a few new California Fan Palms to keep with the historic character. California Fan Palms are somewhat of a rare choice, given that they are slow growers unlike the more popular Mexican Fan Palm and the desert friendly Date Palm.

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Awesome update. Thanks for taking the time to capture and post what's going on in Phoenix for those of us that view from afar.

[nickw252]

Originally Posted by Sun Belt

What's happening here? Are they taking the building down or just an extensive remodel?

Remodel - Turning it into apartments.

[MAPAZ]

Now in 3D and full color!
Downtown Phoenix - New Planned High Rise Map (2019-2024) rev 5-30-19

Enjoy Friends!
MAPAZ

[MAPAZ]

https://imgur.com/a/17vxiP6

[PHX31]

Originally Posted by MAPAZ

https://imgur.com/a/17vxiP6

Awesome, thanks!

Couple questions: is central station one block too far north? Is kenect shown (might just be obscured)? And what about that fairly cool mixed use project on Adams next to Hanny's? Am I just not seeing it?

[ASU Diablo]

Originally Posted by Phxguy

Scrolling around, found out that the bar opening in the former Short Leash Space will be called The Theodore. Judging by its logo, it's somewhat based on the more adventurous of the Roosevelts'. It'll be a beer and wine bar, with a delivery date in August.

Article up on Phoenix New Times

https://www.phoenixnewtimes.com/rest...r-bar-11281705

[MAPAZ]

Thanks PHX31 for your comments. Please keep them coming.

You are correct... I accidentally put Phx Central Station towers in the middle of Civic Space Park... d'oh! They are now one block south in their rightful locations.

Kenect (in vibrant blue) is now peaking out behind Chase Tower... at a correct height of 23 floors.

The Berger mixed use to the west of Hanny's is a little clearer now... on the east side of Central Ave.

I also corrected the X Phoenix' height lower to 20 floors... as reported in the Az Republic today (Thursday).

Here it is: https://imgur.com/a/R7EgfX7

Thanks all... please keep the comments, suggestions and critiques coming.
I'll edit from time to time.
MAPAZ

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PHX31
Couple questions:
is central station one block too far north?
Is kenect shown (might just be obscured)?
And what about that fairly cool mixed use project on Adams next to Hanny's? Am I just not seeing it?

[CrestedSaguaro]

Originally Posted by MAPAZ

https://imgur.com/a/17vxiP6

I'm drooling over what the block with Link fully built out and Meow-Wolf could potentially look like.

[biggus diggus]

Rental market is heating up, so say goodbye to all those freebies and perks
Diana Olick
Published an hour agoUpdated 44 min ago


Say goodbye to the gift cards, discounts and free amenities from landlords. With rental demand heating up as home buying cools, rent prices are rising and freebies are vanishing.

Listings on Zillow’s rental website HotPads that mention at least one concession are down close to 30% from the same time last year. Just one in 100 rental listings currently show any kind of move-in special.

In addition, after growth slowed last year, rent price gains are accelerating again, up 3.1% from a year ago to a median rent of $1,530 nationally, according to HotPads. That is the highest level since August 2017.

“This potentially signals more rent growth is to come, as landlords not only reduce incentives to move but also increase prices,” said HotPads Economist Joshua Clark. “Of course, all real estate is local and deals are becoming more common in some places.”

Rent prices are gaining steam in 36 of the nation’s 50 largest metropolitan housing markets. Austin showed the highest gains, followed by Phoenix, AZ and San Jose, CA.

But some rental markets are offering more perks than a year ago, for a variety of reasons. Concessions have more than tripled in Orlando and more than doubled in Atlanta, Boston and San Jose.

Orlando’s rental market is cooling because home buyers, especially millennials, are rushing in to take advantage of its relatively affordable prices. Boston has had a low share of concessions overall, about half the national average, so small gains skew the numbers. Atlanta’s rental market is very hot, but it is seeing a lot of new construction, so supply is still outpacing strong demand, forcing landlords to up the ante.

Renters are also still likely to see concessions on the higher end, where supply is more plentiful nationally. Construction of multifamily apartments surged over the past 5 years, but largely in the luxury sector. Developers have had trouble building more affordable housing because of higher costs for land, labor and materials.

https://www.cnbc.com/2019/05/30/as-r...vanishing.html

[Sunsfan87]

I talked to someone working on the Monroe Street Abbey and they said they are hoping to be done by late fall this year; however, every time I walk by there I can’t see any progress being made so we’ll see.

[Obadno]

Originally Posted by Sunsfan87

I talked to someone working on the Monroe Street Abbey and they said they are hoping to be done by late fall this year; however, every time I walk by there I can’t see any progress being made so we’ll see.

Work is going on but its for sure slow. If I remember the plans call for multiple restaurant tenants so I imagine whats being done now is just the initial public areas which dont need as much work as the retail spots.

[muertecaza]

Demo permit issued this week for the small office building at 826 N. 1st Ave (https://www.google.com/maps/@33.4576...7i16384!8i8192) this week in anticipation of "future development."

Don't remember this site coming up before. Anyone know anything--is the building currently or potentially historic? Is there an actual project or is this just a demo to make the land more attractive to development?

[combusean]

The building is from 1976, was researching that stretch earlier.

I'm totally OK with garbage like this coming down reducing office vacancy and opening up a half block for development. The vacant lot to the north where that residential office conversion and the lot to the south all have the same owner.

[exit2lef]

Originally Posted by azsunsurfer

I noticed today that there is TI work going on at the old Tom's Tavern space at Ren Square. I don't think anything has been announced yet for that corner??

Nothing I've heard about. I took a look at the permit on display. It says "Wespac Communities," which is a construction firm, and it mentions adding a grease interceptor and two kitchen hoods. No mention of which tenant(s) these amenities might be for.

A block to the north, the food hall at the NEC corner of Adams & Central (ground floor of the US Bank building) continues to struggle. Friends Bar & Grill, with a name as generic as its menu, has been locked out by the landlord after only a few months. A place called Provisions also lasted a few months in the same space last year.

Only the little Mexican place, M'Ole, seems to do well. It's now using the entire dining room, which used to be awkwardly partitioned between Friends and M'Ole. Another place called the Monroe sounds promising, but it wasn't open when I visited at lunchtime.

[Obadno]

Originally Posted by muertecaza

Demo permit issued this week for the small office building at 826 N. 1st Ave (https://www.google.com/maps/@33.4576...7i16384!8i8192) this week in anticipation of "future development."

Don't remember this site coming up before. Anyone know anything--is the building currently or potentially historic? Is there an actual project or is this just a demo to make the land more attractive to development?

There was some indeterminate rumor that the southern end of the block between 1st and Second McKinley was going to be another grocery store+ apartments development. But it never seemed like a concrete proposal just talk.

[biggus diggus]

This is who owns that parcel (and a few around it): https://bsd.sos.in.gov/PublicBusines...essInformation

Indiana has a pretty easily searchable public records database.

Now for a fun fact: Doug is one of the principals in MetroWest.

Another fun fact: Based on the two residential addresses in that file (Winnetka and Vail) Doug is making a significant amount of money. Good for him.

[Obadno]

Locked: https://www.bizjournals.com/phoenix/...among-top.html

Uber already has a large and lasting office downtown; would be great to have 500k sqft downtown of a big company like Uber.

Uber Technologies Inc. is considering the Valley and Dallas for an expansion site, according to people familiar with the matter.

The San Francisco-based company is eyeing Arizona’s largest metropolitan area for a project that could bring thousands of jobs and require 400,000 square feet of space, according to the sources.

A representative from Uber declined to comment.

Uber already leases about 120,000 square feet of space in Phoenix, according to CoStar data. The company's 110,000 square feet at 201 E. Washington St. in downtown was the biggest tech lease in the Valley in 2017, according to a JLL Tech Office Insight report.

The two Southwest cities would both like to see a big-name Silicon Valley company like Uber added to the tech sector lineup in their region.

With Phoenix, larger tech employers include the likes of Intel, Honeywell Aerospace and Waymo, while the Dallas area includes AT&T and Texas Instruments.

The company has narrowed its list to fewer than a handful of cities and plans to make a decision by late August, a spokesperson for Uber said earlier this month.

In Texas, a possible site would be in an area near downtown Dallas for an office that would have several thousand employees, from engineers and finance executives to salespeople. The office would span Uber's businesses, from Uber Eats to developing Uber Air.

As of 2018, the company leased office facilities around the world totaling 7.7 million square feet, including its current 2.2 million-square-foot headquarters in San Francisco, according to a regulatory filing. Uber has commenced on the construction of new Bay Area offices, including a new 1.1 million-square-foot San Francisco headquarters slated for 2020.

“We believe our facilities are adequate and suitable for our current needs and that should it be needed, suitable additional or alternative space will be available to accommodate our operations,” the company said.

Uber had more than 22,000 employees at the end of 2018, consisting of 11,860 employees in operations and support, 5,459 employees in research and development, 2,993 employees in general and administrative, and 1,951 employees in sales and marketing.

In November 2018, Uber and Arizona State University, which is in the Phoenix area, announced a partnership that would allow Uber drivers and their families to receive free tuition. Uber drivers and their families can earn an undergraduate degree through ASU Online courses or take non-degree courses through the university's Continuing and Professional Education program.

[CrestedSaguaro]

Originally Posted by exit2lef

Nothing I've heard about. I took a look at the permit on display. It says "Wespac Communities," which is a construction firm, and it mentions adding a grease interceptor and two kitchen hoods. No mention of which tenant(s) these amenities might be for.

A block to the north, the food hall at the NEC corner of Adams & Central (ground floor of the US Bank building) continues to struggle. Friends Bar & Grill, with a name as generic as its menu, has been locked out by the landlord after only a few months. A place called Provisions also lasted a few months in the same space last year.

Only the little Mexican place, M'Ole, seems to do well. It's now using the entire dining room, which used to be awkwardly partitioned between Friends and M'Ole. Another place called the Monroe sounds promising, but it wasn't open when I visited at lunchtime.

The problem with the ground retail at US Bank is there just enough residential nearby outside of Monroe. If they can get Fry's residential, X Phoenix and Central Station all fully built and leased, I think the retail will do much better. They just got to be able to hold out till those get completed.

[Obadno]

Originally Posted by RonnieFoos

The problem with the ground retail at US Bank is there just enough residential nearby outside of Monroe. If they can get Fry's residential, X Phoenix and Central Station all fully built and leased, I think the retail will do much better. They just got to be able to hold out till those get completed.

Dont forget Palomar, But yeah if Barrister, the Hines project and of course X and Block 23 get built and filled all those places will have plenty of business.

[exit2lef]

Originally Posted by RonnieFoos

The problem with the ground retail at US Bank is there just enough residential nearby outside of Monroe. If they can get Fry's residential, X Phoenix and Central Station all fully built and leased, I think the retail will do much better. They just got to be able to hold out till those get completed.

What continues to amaze me is that Monroe between Central and First Ave is lively after dark with Valley Bar, Cornish Pasty Company, Centrico, and Seamus McCaffrey's. Adams between Central and First Ave is mostly either lunch-only places that close mid-afternoon or spots that are struggling to find their niche. One short block makes a huge difference in this case.