Phoenix Area Low- and Mid-Rise Development Thread - Page 85

muertecaza · #**1681** Posted **Dec 4, 2020, 8:28 PM**

Quote:

Originally Posted by PHXFlyer11

Article on PBJ says something about a new bowling alley and dessert shopping coming to downtwon. I can't access it.

Here you go:

Quote:

...Phoenix-based Red Development has signed two new leases to fill prominent spaces in its CityScape mixed-use development, the company announced Dec. 1. These new leases show that there are a number of companies that are confident that the negative effects Covid-19 has had on the market won't be around much longer and that consumers will be interested in social gatherings again.

In the spring of 2021, South Carolina-based 810 Billiards & Bowling will open in a large second-level space above the CVS at CityScape. The concept that offers dining, a bar, bowling lanes, billiards tables, an arcade, a mechanical bull and live entertainment, will take over the 28,000-square-foot space that has been vacant since Lucky Strike bowling alley closed earlier this year.

Red also signed a lease with the Yard Milkshake Bar, a 3-year-old concept with a menu of extreme milkshake creations and other wild desserts. It will be moving into a 2,283-square-foot space next to Chico Malo that was once occupied by GrabbaGreen...

PHXFlyer11 · #**1682** Posted **Dec 4, 2020, 9:58 PM**

Quote:

Originally Posted by muertecaza

Here you go:

Thank you! I wasn't aware Lucky Strike closed down, but I supposed I could've guessed it had. Good to see that space get filled with another bowling alley.

Obadno · #**1683** Posted **Dec 9, 2020, 11:39 PM**

Found a pretty cool little refab project in Midtown.

https://www.loopnet.com/Listing/500-...x-AZ/19961702/

Fugly old office building being turned into a 26 unit apartment, Last update 11/18/2020, built in Plans and in Escrow.

Any of our permit and property detectives know anything about this?

Quote:

Proposed 26-unit Al Beadle designed office to multifamily conversion located in the heart of Central Phoenix. 500 E Thomas is an incredible “shovel-ready” office to multifamily conversion consisting of 26 individual units, business center and outdoor recreational area. The current three-story structure was designed by the award winning mid-century modern architect Al Beadle in 1970 and comprises nearly 20,000 sf of office space on a 30,000 sf parcel. MOD a+p, a local Phoenix design firm, has provided plans to tastefully implement modern design elements to the exterior and common areas without disturbing the original character of the structure. Current ownership has completed all the heavy lifting of the permitting and rezoning process and will provide City of Phoenix approved plans with the purchase of 500 E Thomas.
500 E Thomas provides an investor the rare opportunity to purchase an iconic Al Beadle designed building with City of Phoenix approved plans and permits to convert to a highest-and-best-use 26 unit multifamily community with both a business center and outdoor recreation area.

CrestedSaguaro · #**1684** Posted **Dec 9, 2020, 11:50 PM**

Quote:

Originally Posted by Obadno

Found a pretty cool little refab project in Midtown.

https://www.loopnet.com/Listing/500-...x-AZ/19961702/

Fugly old office building being turned into a 26 unit apartment, Last update 11/18/2020, built in Plans and in Escrow.

Any of our permit and property detectives know anything about this?

Nice find. It's been fenced off for nearly a year and I was wondering what was going on with it. Heck of an improvement!

combusean · #**1685** Posted **Dec 10, 2020, 12:12 AM**

Cue the preservationists having a fit about another outmoded building...

Obadno · #**1686** Posted **Dec 10, 2020, 12:16 AM**

More stuff:

Brochure (Includes a rendering of the Country Club Condo's:

https://images1.loopnet.com/d2/YR0ga...age%202020.pdf

http://arausa.listinglab.com/26onthomas/

CrestedSaguaro · #**1687** Posted **Dec 10, 2020, 12:26 AM**

The only thing I find negative is they weren't able to find a better way to reduce the parking lot footprint. Looks like there's about 36 spaces for 26 units. But I guess it's needed for resident parking and guest parking.

PHXFlyer11 · #**1688** Posted **Dec 10, 2020, 3:49 AM**

Great news on the Thomas project! There's a very similar conversation off of 7th street (i think... or it may be 3rd) or an old office building to apartments. Could be the same company.

PHXFlyer11 · #**1689** Posted **Dec 10, 2020, 3:52 AM**

Nevermind, it's in the brochure! I was referring to The Noble. I love the look for the street presence of the Country Club condos! Very.... Miami?

PHX06 · #**1690** Posted **Dec 10, 2020, 2:08 PM**

2nd & Fillmore is moving along pretty slowly. The developer's website (Fore Property) still claims that this will be open in March 2021. I'm not sure how that's possible when they haven't even finished the parking levels.

biggus diggus · #**1691** Posted **Dec 10, 2020, 4:30 PM**

I've noticed everything Fore is involved with moves at a glacial pace. I'm not much of an expert about area GCs but it makes me think maybe they're just a discount rate GC and developers are saving enough money the time lines aren't an issue? Just a guess.

combusean · #**1692** Posted **Dec 10, 2020, 7:37 PM**

They fund and develop their own projects, I'm guessing from previous project sales, so there's literally no rush. It's not like they have some high interest mezzanine loan to pay off as soon as humanly possible.

Like their Midtown project, the floorplate on this project is enormous, so there's that too.

biggus diggus · #**1693** Posted **Dec 10, 2020, 8:18 PM**

You're right. I googled the ownership address and it sent me back to Fore Property's HQ so shows what I know. I thought they were some B grade GC but they've developed quite a bit all over the west coast.

Probably old news but here's the development in question: https://www.foreproperty.com/listings/2nd-and-filmore

The rendering makes me laugh a little bit because you can see the building shaped like an L around the old lady's land.

combusean · #**1694** Posted **Dec 10, 2020, 8:40 PM**

It was an old man's land, then he owned it for so long he died and left it to his daughter who both foolishly held out as the two buildings went up next door.

If those kitty-corner lots (same owner) develop in my lifetime I'll be surprised.

biggus diggus · #**1695** Posted **Dec 10, 2020, 8:45 PM**

His name was Murray and he died last year. Weird old guy but nice story and he worked his butt off his whole life. Why do you think it was foolish of her to hold out? Because she's left with small slivers of difficult-to-develop land? My guess is she started a new depreciation schedule when she became the owner, having your money parked in land isn't a really bad thing.

combusean · #**1696** Posted **Dec 10, 2020, 9:03 PM**

Well, yeah, there was hypothetically a good time to sell. Sliver buildings might work in Manhattan but there? I doubt it.

How is that land depreciating? It raises in value constantly and will see ever-higher taxes.

biggus diggus · #**1697** Posted **Dec 10, 2020, 9:22 PM**

Land can't be depreciated, I was thinking the land was being used for parking but there aren't any improvements on the land.

Then it's just sitting there gaining value with very little in tax being paid. It's beating inflation assuming inflation rate will stick relatively near where it is, 2%+-. The tax bill on the NEC parcel she has was $5300 this year, not really a huge number considering it counts against your tax liability. We don't know what her income situation is but at her age offsetting losses might exist. If not she can always claim the carryover. I don't know why the lady doesn't want to sell but I don't think holding the asset is hurting her.

combusean · #**1698** Posted **Dec 10, 2020, 9:58 PM**

Thanks for explaining some of the advantages of land-banking w/parking lots, which is absolutely obnoxious with one rich curmudgeon, John Garrettson, holding like half the land downtown for parking.

ASU Diablo · #**1699** Posted **Dec 10, 2020, 11:38 PM**

Quote:

Originally Posted by combusean

Thanks for explaining some of the advantages of land-banking w/parking lots, which is absolutely obnoxious with one rich curmudgeon, John Garrettson, holding like half the land downtown for parking.

At least that monstrosity of a garage never came to fruition...

https://kjzz.org/content/464259/phoe...s-build-garage

SunDevil · #**1700** Posted **Dec 11, 2020, 2:24 AM**

Quote:

Originally Posted by Obadno

Found a pretty cool little refab project in Midtown.

https://www.loopnet.com/Listing/500-...x-AZ/19961702/

Fugly old office building being turned into a 26 unit apartment, Last update 11/18/2020, built in Plans and in Escrow.

Any of our permit and property detectives know anything about this?

I'm a bit late, but, I take (took) Thomas to 3rd St. for my daily commute for the last 12 years and I can't remember when that building was last occupied, it's been a blight for years and years.