Phoenix Development News (3)

[biggus diggus]

It changed before the 2019 season.

[xymox]

Originally Posted by TJPHXskyscraperfan

That must of changed recently. It was Quicken Loans Arena when LeBron was playing there.

Same company - different brand. Quicken Loans is pushing the Rocket Mortgage brand.

[TJPHXskyscraperfan]

Originally Posted by xymox

Same company - different brand. Quicken Loans is pushing the Rocket Mortgage brand.

Yeah, for sure. Pushing to refinance online

[PHXFlyer11]

It’s actually rather confusing now. The Quicken brand has largely been phased out. Rocket Companies (RKT) went public a few months ago and is a holding companies that includes Quicken, Rocket and many other financial services. If you read Quicken’s web site, it now pretty much just promotes Rocket Mortgage and says 98% of all their loans go through Rocket now. They are looking to be more of a fin tech player and believe their IP lies in their automated processes which create a scalable cost advantage vs their competitors.

So I don’t think there are any more advertisement for Quicken Loans out there anymore as it’s only for the 2% of their loans that for some reason or another need some special attention and can’t be fully automated.

[Obadno]

Good news for businesses beginning to move beyond Pandemic planning.

Small independent lending frim signing a lease right in Downtown.

https://azbigmedia.com/real-estate/t...ntown-phoenix/

Trinity Capital Inc., a leading specialty lender providing debt to growth-stage companies, announced today that it has signed a new lease with The Department at 1 North 1st St., Phoenix. Trinity Capital will be moving its headquarters to a new, larger office space in Spring 2021 to accommodate its continued business growth.

Specializing in loans and equipment financing, Trinity Capital recently surpassed the $1 billion mark in deployments to growth-stage companies, which are backed by technology banks, venture capital, and private equity firms. Trinity Capital will leverage its new office space to continue expanding its portfolio and become the leading technology investment hub in Phoenix. The office will include an auditorium space to host live interactive sessions with industry experts for entrepreneurs to keep up with the latest innovations in different fields.

“Moving to downtown Phoenix is an exciting next step in building a strong future for Trinity and contributing to the growing entrepreneurial ecosystem in the valley,” said Kyle Brown, President and Chief Investment Officer of Trinity Capital. “The location being right in the heart of the city also has a lot more to offer including public transportation, walkable amenities, engaging entertainment and a spirit of innovation. It’s the right spot for us.”

Moving to downtown Phoenix places Trinity Capital in the epicenter of an expanding market for startup companies, as the current trend is for innovative and growing companies to move to downtown Phoenix. The city of Phoenix has recently seen tremendous growth in tech startup companies, backed by institutional capital. This move will allow Trinity Capital to capitalize on its proximity to these developing companies, creating more opportunities to provide additional capital through both venture debt and equipment financing to companies that are looking to further extend their runway without diluting ownership.

“We are very excited to have Trinity Capital at The Department at 1 N. 1st Street,” said Bret Edson, CEO of Marketplace One. “Trinity operates an excellent business, while facilitating a strong culture and growing a talented team. They will bring great energy to the building and are exactly the type of tenants we want joining us downtown.”

“We look forward to welcoming our employees, investors and customers to our new office space next year,” said Brown.

ITs this building if anyone is wondering: https://www.loopnet.com/Listing/1-N-...x-AZ/16369207/

[exit2lef]

Originally Posted by Obadno

Good news for businesses beginning to move beyond Pandemic planning.

Small independent lending frim signing a lease right in Downtown.

https://azbigmedia.com/real-estate/t...ntown-phoenix/



ITs this building if anyone is wondering: https://www.loopnet.com/Listing/1-N-...x-AZ/16369207/

Yes, this is good to see. Not everyone is buying into the "work from home forever" vision of the future.

[PHX06]

Here is a photo I took last night of Kenect. Originally, I thought it was going to be open in November of this year. But now, according to their website, all unit types are available for lease on February 15th.

On the exterior it looks like the parking garage cladding, that one missing window, and the rooftop amenity deck still need to be completed. Not sure what that rolled-up tarp hanging off the right side might be.

[locolife]

Originally Posted by PHX06

Here is a photo I took last night of Kenect. Originally, I thought it was going to be open in November of this year. But now, according to their website, all unit types are available for lease on January 8th.

On the exterior it looks like the parking garage cladding, that one missing window, and the rooftop amenity deck still need to be completed. Not sure what that rolled-up tarp hanging off the right side might be.

I did a double take on that photo, thinking is that downtown Phoenix? Cool to see all the glass, awesome shot with the sky light up at sunset too.

[CrestedSaguaro]

Originally Posted by PHX06

Here is a photo I took last night of Kenect. Originally, I thought it was going to be open in November of this year. But now, according to their website, all unit types are available for lease on February 15th.

On the exterior it looks like the parking garage cladding, that one missing window, and the rooftop amenity deck still need to be completed. Not sure what that rolled-up tarp hanging off the right side might be.

The rolled up tarp is probably going to be a large advertisement banner when they get nearer to opening.

[CrestedSaguaro]

A Downtown Devil article on Downtown growth and the need for more amenities to keep up with the growth.

Downtown construction is booming, but can the area keep up with development?
By Elinor Tutora -12/09/2020

Development in downtown Phoenix has been on the rise, with $6 billion spent on redevelopment since 2005. These projects are continuing to grow but there are still issues creating a more livable, walkable city, according to a development expert.

Read full article at https://downtowndevil.com/downtown-c...h-development/

[IndyAZ]

As the old adage goes... retail follows rooftops. I have a large corporate retail client that has been toying with going downtown, but they are still a little skeptical there are enough residents downtown to support them. As more residential buildings continue to be built, I think more amenities and retail will follow.

[PHXFlyer11]

Originally Posted by CrestedSaguaro

A Downtown Devil article on Downtown growth and the need for more amenities to keep up with the growth.



Read full article at https://downtowndevil.com/downtown-c...h-development/

I don't believe there is a high demand for families wanted to live downtown. It's not due to lack of family style units. There still aren't a ton of professional jobs, there aren't schools in walking distance so you're not going to see alot of demand. I think condos pose a better chance for families, but even then it's a small percentage. I can tell you that living in a condo high-rise building in midtown.

The main appeal for families is that it's close to work or school. Kids and families want safe parks, safe schools, etc. Bars and restaurants are more appealing for adults. Only families that want to live an urban lifestyle and are willing to sacrifice a longer commute and many inconveniences will live downtown.

I do feel like when we are past corona we should have a chance for a City Target soon, if that concept still exists.

[TJPHXskyscraperfan]

Originally Posted by IndyAZ

As the old adage goes... retail follows rooftops. I have a large corporate retail client that has been toying with going downtown, but they are still a little skeptical there are enough residents downtown to support them. As more residential buildings continue to be built, I think more amenities and retail will follow.

For sure. Those little spots on Roosevelt west of 7th ST are all pretty much filled now with little shops. Those new shops at that redone building on Central and Roosevelt. Roosevelt has really built that walkability like say Mill Ave has and will continue to grow. I feel bad for AZ Center, really got hurt by the pandemic with no conventions and stuff. It really lacks that cool factor that Roosevelt provides. They really, really need a big retailer to get in there. I’m surprised Forever 21, Footlocker or like H&M haven’t got in there yet. Maybe we’re like a year out for that, COVID delay. Urban Outfitters has made it this long some how at Cityscape, they need more stores like that around there, the question I guess is where? The Renaissance buildings should try to get some retail on their first floor. Or maybe with Adeline and the retail that will be there, maybe they will be able to promote more retail instead of restaurants.

[TJPHXskyscraperfan]

Originally Posted by PHX06

Here is a photo I took last night of Kenect. Originally, I thought it was going to be open in November of this year. But now, according to their website, all unit types are available for lease on February 15th.

On the exterior it looks like the parking garage cladding, that one missing window, and the rooftop amenity deck still need to be completed. Not sure what that rolled-up tarp hanging off the right side might be.

Yeah, they definitely slowed down a lot after it topped out. I feel like they were supposed to open like 6 months ago.

[Salty]

Originally Posted by PHXFlyer11

I do feel like when we are past corona we should have a chance for a City Target soon, if that concept still exists.

I always felt like if The AMC at Arizona center would cut its footprint in half when they decide to renovate those theatres, they would have enough space to put an urban target right on 3rd and van buren. It’d be a good anchor for Arizona center and there’s already a parking garage if you needed a car for a larger purchase etc. I know this is all hypothetical and not realistic but it’d be a big step for making downtown a “15 minute city” and hopefully help out the Arizona center. Probably not feasible and just wishful thinking on my part.

[PHXFlyer11]

Originally Posted by Salty

I always felt like if The AMC at Arizona center would cut its footprint in half when they decide to renovate those theatres, they would have enough space to put an urban target right on 3rd and van buren. It’d be a good anchor for Arizona center and there’s already a parking garage if you needed a car for a larger purchase etc. I know this is all hypothetical and not realistic but it’d be a big step for making downtown a “15 minute city” and hopefully help out the Arizona center. Probably not feasible and just wishful thinking on my part.

I agree with you. It does seem like a good location if they could make outward facing entrances. Most of the housing is still gravitated towards Roosevelt vs. the Cityscape area, so I do think that's a logical location.

[CrestedSaguaro]

Originally Posted by Salty

I always felt like if The AMC at Arizona center would cut its footprint in half when they decide to renovate those theatres, they would have enough space to put an urban target right on 3rd and van buren. It’d be a good anchor for Arizona center and there’s already a parking garage if you needed a car for a larger purchase etc. I know this is all hypothetical and not realistic but it’d be a big step for making downtown a “15 minute city” and hopefully help out the Arizona center. Probably not feasible and just wishful thinking on my part.

It was reported sometime ago (late 2019 I think) that plans were in the works to redevelop the theaters into dine-in seating with about half the units. I image COVID probably put a good delay on that since theaters were impacted so heavily from closures and Hollywood filming delays. Hopefully once all this settles, they will still be interested in redeveloping the theaters.

[CrestedSaguaro]

Sorry guys. 15 posts about theaters vs streaming was getting a little off topic. I moved the conversation to Southwest Coffee Talk since it is an interesting conversation should you want to continue the topic: https://skyscraperpage.com/forum/sho...173766&page=75

[combusean]

How dare I get moderated by the new kid in town. You're fired Crested.

[YourBuddy]

Originally Posted by PHXFlyer11

I don't believe there is a high demand for families wanted to live downtown. It's not due to lack of family style units. There still aren't a ton of professional jobs, there aren't schools in walking distance so you're not going to see alot of demand. I think condos pose a better chance for families, but even then it's a small percentage. I can tell you that living in a condo high-rise building in midtown.

The main appeal for families is that it's close to work or school. Kids and families want safe parks, safe schools, etc. Bars and restaurants are more appealing for adults. Only families that want to live an urban lifestyle and are willing to sacrifice a longer commute and many inconveniences will live downtown.

I do feel like when we are past corona we should have a chance for a City Target soon, if that concept still exists.

I have to strongly disagree on there not being a lack of family style condo units in downtown/midtown. Over the past year my research on condos in these areas has been disheartening to say the very least. Even looking at non active listings the amount of options as a whole are a joke. There is a lack of all styles of condo units not just family. I know that Downtown/midtown Phoenix isn’t like other downtowns, but jeez what is here is extremely limited.