Phoenix Development News (3)

[CrestedSaguaro]

Originally Posted by biggus diggus

I can't believe this is even a conversation. A new business from a guy with a great track record is opening downtown. if it's successful and that's great for the city if it's not successful then that's bad for the city. Some of you are caught up on whether or not you personally would frequent the business.

I probably won't frequent it...I'm too old anymore, lol. But when I was younger, I used to love these kinds of clubs. I'm sure it's going to be a hit with the younger crowd and as such is a good development. Anything that fills up an empty corner in Downtown is a win in my book whether I would go or not.

[exit2lef]

Originally Posted by RonnieFoos

I probably won't frequent it...I'm too old anymore, lol. But when I was younger, I used to love these kinds of clubs. I'm sure it's going to be a hit with the younger crowd and as such is a good development. Anything that fills up an empty corner in Downtown is a win in my book whether I would go or not.

Completely agree. I remember being in my twenties and living near downtown but going to Scottsdale for this type of experience because it wasn't available within Phoenix city limits. In the same vein, when I wanted to upgrade from my starter apartment to something nicer, I had to move to North Central Phoenix. If possibilities like what we're seeing today in terms of housing and attractions had existed decades ago, I would have been much more likely to continue living downtown and spending money there.

[PHXFlyer11]

Originally Posted by biggus diggus

I can't believe this is even a conversation. A new business from a guy with a great track record is opening downtown. if it's successful and that's great for the city if it's not successful then that's bad for the city. Some of you are caught up on whether or not you personally would frequent the business.

The issue is not the club itself, it's the misuse of a GREAT building and patio. Rather than being an all-day great place to hang out and have a nostalgic feel it's going to become a club that only sees business in the evening and is otherwise dead on that corner. I'm not against a club, but to lose a great patio and place to relax and hang out sucks.

[CrestedSaguaro]

Originally Posted by PHXFlyer11

The issue is not the club itself, it's the misuse of a GREAT building and patio. Rather than being an all-day great place to hang out and have a nostalgic feel it's going to become a club that only sees business in the evening and is otherwise dead on that corner. I'm not against a club, but to lose a great patio and place to relax and hang out sucks.

Not sure if you caught it in the article, but the 2nd phase will be a restaurant and patio. So the restaurant portion will take care of the day crowd I'm sure and there will still be a patio outside. It will be great use all around.

[biggus diggus]

Originally Posted by PHXFlyer11

The issue is not the club itself, it's the misuse of a GREAT building and patio. Rather than being an all-day great place to hang out and have a nostalgic feel it's going to become a club that only sees business in the evening and is otherwise dead on that corner. I'm not against a club, but to lose a great patio and place to relax and hang out sucks.

You're making a lot of harsh judgments when it doesn't seem like you even read the article.

[TJPHXskyscraperfan]

Yep, restaurant, lounge and club, sounds good to me! Paz almost created something similar but the late night area is just too small to be an actual club. Sounds like they will have different nights for everyone which is good.

[exit2lef]

I've seen some Facebook chatter from people lamenting the loss of a place for "the community" to gather at all times of day. Unfortunately, this seemed to be one of the main problems with the DeSoto market. I liked being able to drop in for lunch or brunch, but everytime I did, I saw people who bought little or no food and beverage using the space, particularly upstairs in the mezzanine, for their study groups, book clubs, and community meetings. It's nice to have that third space feeling, but there has to be a sustainable business model in order to pay the bills.

Of course that pragmatic observation doesn't stop me from feeling a sense of loss. When we had family meals at DeSoto, my kids used to love going upstairs to claim a table and then looking down on the action below. It sound like now I'll have to tell them the building has reopened, but they'll have to wait until they're 21 and can afford VIP seating before returning to the space. At least it gives them something to aspire to when they tire of dorky dad's lectures about getting into a good college and saving money.

[Classical in Phoenix]

The asphalt is being removed at Park Central where Creighton is going.

[Obadno]

More on the Office Demand that downtown is not getting. 3.5 million square feet built this year alone with a grand total of 1 5 story building downtown.

I think we should just start emailing these articles to the Mayors office every day.

https://www.bizjournals.com/phoenix/...struction.html

Phoenix continues to be an attractive market for out-of-state office investors, and continues to see record investment transaction volume, even as volume has tapered off around the country after peaking four years ago.

According to research from Newmark Knight Frank, investment sales in the Phoenix area have shifted from suburbs like Scottsdale and Chandler to core submarkets like downtown and midtown Phoenix and the Camelback Corridor. The $47.5 million sale of the Camelback Lakes office complex was the top sale of the second quarter in Phoenix, followed by the City Square office complex, which brought in $45 million, along with the $42.34 million sale of the Phoenix Corporate Tower.

Phoenix saw its 24th straight quarter of positive absorption, with vacancy decreasing to 17.8%, according to JLL research. Tenants signed more than 1 million square feet of leases during the second quarter. Average asking rent rose to $27.18 per square foot, a 22% increase from the same time last year.

Bridgepoint Education’s 130,642-square-foot lease at the Ascend at Chandler Airport Center was the quarter's biggest office lease, according to Newmark Knight Frank research.

The Valley is on track to see 3.5 million total square feet of office product delivered during 2019, more than double the 1.4 million delivered during 2018, according to Marcus & Millichap research. Some of the biggest projects set to come online this year are the first phase of the Watermark in Tempe and the next phase of the Grand at Papago Park.

Developers delivered 546,000 square feet of office product during the second quarter, about two-thirds of which was pre-leased, according to JLL research. However, demand is still outpacing supply, with an additional 3.2 million square feet of demand in the market coming from about 66 companies in technology, financial and business services.

[Mr.RE]

I'm down to start a "citizens for new office development" coalition for downtown. Considering almost every journalist in town uses our forum for their sources, we carry a bit of weight around here

[Chestnut1]

Final building plans were submitted yesterday for the Collier Center 25 story tower and ASU Thunderbird.

[CrestedSaguaro]

Originally Posted by Chestnut1

Final building plans were submitted yesterday for the Collier Center 25 story tower and ASU Thunderbird.

About time for Thunderbird. That's been taking quite some time to move.

[Obadno]

Originally Posted by RonnieFoos

About time for Thunderbird. That's been taking quite some time to move.

Also along with thunderbird the biomed crane is actually pretty tall, this building might make a bigger impact than I had expected with it’s tall lab floor plates

[PhxMatt]

There is an article in the Commercial Executive Magazine that states Rastegar Property out of Austin Texas purchased a 26,500sq Ft “High Rise” lot at 334 N 4th Street. They are apparently planning a commercial and residential development. I am not able to post the article from my phone. I googled the address but it was vague on the exact location. The City of Phoenix owns the odd shaped lot at 4th Street and Fillmore that is currently undeveloped, however the assessors map shows that lot at 38k sq ft.

Hopefully more details will follow soon.

[muertecaza]

Originally Posted by PhxMatt

There is an article in the Commercial Executive Magazine that states Rastegar Property out of Austin Texas purchased a 26,500sq Ft “High Rise” lot at 334 N 4th Street. They are apparently planning a commercial and residential development. I am not able to post the article from my phone. I googled the address but it was vague on the exact location. The City of Phoenix owns the odd shaped lot at 4th Street and Fillmore that is currently undeveloped, however the assessors map shows that lot at 38k sq ft.

Hopefully more details will follow soon.

Good shout. Here is the article:

http://cem-az.com/rastegar-property/

And here is the lot:

https://www.google.com/maps/place/33...!4d-112.079329

[ASU Diablo]

Originally Posted by muertecaza

Good shout. Here is the article:

http://cem-az.com/rastegar-property/

And here is the lot:

https://www.google.com/maps/place/33...!4d-112.079329

Awesome! Lot is zoned for up to 550', let's see what they propose

[Sunsfan87]

Originally Posted by PhxMatt

There is an article in the Commercial Executive Magazine that states Rastegar Property out of Austin Texas purchased a 26,500sq Ft “High Rise” lot at 334 N 4th Street. They are apparently planning a commercial and residential development. I am not able to post the article from my phone. I googled the address but it was vague on the exact location. The City of Phoenix owns the odd shaped lot at 4th Street and Fillmore that is currently undeveloped, however the assessors map shows that lot at 38k sq ft.

Hopefully more details will follow soon.

I think they meant 334 N 4th Ave not 4th St. here is the link
http://cem-az.com/rastegar-property/

[Mr.RE]

Could we potentially see Arizona's first Five hundred footer? Only time will tell.

[Obadno]

Originally Posted by Mr.RE

Could we potentially see Arizona's first Five hundred footer? Only time will tell.

What a ridiculous spot for a 500 foot tower so far removed from everything.

Oh well I wont say no hahaha!

PBJ is on it too: https://www.bizjournals.com/phoenix/...high-rise.html

Rastegar Property Group, an Austin-based real estate investment firm, bought a 0.61-acre parcel at Fourth Avenue and Van Buren Street with plans to build a high-rise that has potential to be the state's tallest building.

“We had been looking in the market for a long time,” said Ari Rastegar, CEO of Rastegar. “We have been bullish on Phoenix.”

The firm spent $2.31 million on the parcel, according to real estate database Vizzda. Potential asset types for the property are still up in the air, Rastegar said, but it will be a mixed-use building.

“We are asset class agnostic,” he said of the firm’s experience developing in other states. “We’ve touched it all. There are several asset classes we like for this site.”

The site's zoning allows a building up to 550 feet, he said. If Rastegar’s building reached that height, it would be the tallest in the state, passing Chase Tower, the current record holder, which reaches 483 feet.

“We are envisioning a spectacular project, and we will try to go as high as we can,” he said, adding the development will be a “flagship” for the company.

The parcel is in an opportunity zone, but the firm has not decided if it will pursue the tax benefit by using opportunity fund money to finance the project.

The downtown parcel is Rastegar’s first Phoenix purchase, but the firm is actively seeking other opportunities in the market.

“Hopefully this is the first of many,” Rastegar said.

These out of state guys that blow in and just get to work seem to workout better and faster than the projects we hear about for years so I am bullish on this.

[exit2lef]

^Seems petty far-fetched, but the location makes more sense than Central & Camelback and other locations previously proposed for buildings taller than Chase.