Phoenix Development News (3)

[azliam]

I tend to agree. Rastegar has been saying all last year that they were breaking ground on 1899 McKinney in Dallas, but their residential tower is still on hold (they say) due to the pandemic.

[Chestnut1]

I certainly could be wrong, but whenever I try and search for projects that Rastegar has completed, I come up empty. Lots of stories about property acquisition, but that's it.

[PHXFlyer11]

Yea I don’t trust that guy. Check out the web site, it’s all about trying to get doctors and others to invest into their projects through their IRAs, etc. This is not a serious company if you are trying to raise funding this way in such small amounts. Honestly reminds me of a ponzi scheme and the owner seems greasy as hell, like a used car salesmen. I have zero confidence in this ever happening.

[IndyAZ]

Originally Posted by Diamonddave

I agree breaking ground this year with no renderings planning meetings. What has the city approved?

City hasn't approved anything. I don't think they have submitted anything to date, even a fact finding. I am almost positive they don't even have a design team in place, unless its entirely made up of out of town consultants and they haven't involved the City in their conceptual planning.

I would highly doubt they break ground on anything in 2021 as it normally takes a project at least 10-12 months to go through all the design phases, plus with a large project and a first time developer in Phoenix, you normally have to add additional time.

I do know people that are involved in the Dallas project, and that is definitely a real project, but that would be the first high rise they have ever build. Everything else is small scale commercial, self-storage facilities, and townhomes.

[CrestedSaguaro]

Originally Posted by Code5

So I was on the official Instagram for Rastegar 40 weeks ago and I asked this question. They just replied to me an hour ago and said this.

So keep your eyes out for some possible future renderings. Unless I've been miffed!

I'm calling their bluff on this one. Nothing has been submitted to the City of Phoenix and this tells me this will not happen this year or maybe even next. I'm occasionally submitting records request for the the lots owned by Rastegar in hopes of getting something new. But I continually get responses that nothing has been submitted, not even a fact finding.

Also, this is going to be a 550' condo development? We all know how the condo market is in DT Phoenix. One possibility would be that they follow their Dallas project (1899 McKinney) which if built, will be short term rentals for the first 10 years and then converted into sellable condo units. However that tower has been on hold due to COVID since September. I don't see Phoenix breaking ground while their first high-rise project is on hold.

[biggus diggus]

Someone trying to sell a dream talks as though the dream is reality - more at 7!

[CrestedSaguaro]

Looking at a possible May reopening with restaurants not opening until at least fall. Lots of interior update photos:

https://www.azcentral.com/story/trav...21/4284762001/

[PHX06]

Kenect's opening got pushed back again to April 1. There was also a very significant price drop for the units, with the smallest studios now going for $1,096 and the largest 1 bed/1 bath going for $1,646 for a 16-month lease term. See below:

https://www.kenectphoenix.com/models

[Obadno]

About time,

With all of the apartments coming online and into the next several years there was just no way prices were going to remain so high downtown.

[biggus diggus]

Rents have not been holding in other saturated areas for a while (Tempe up to Scottsdale) and our higher end apartments in Biltmore have been taking a hit. I think we are experiencing fatigue. Rents went skyrocketing upward and wages did not.

The point of the story is that the thing I've been waiting for has fj ah happened. The mass build out of apartments for $60k+ incomes saturated that market badly but has helped those of us who believe in providing housing for those who need not those who want. I have better quality applicants nearly across the board because I think nearly every blue collar renter is realizing they can get by with a lot less than they have. It's very surprising how many people I've seen coming to me from much higher priced housing in much nicer areas.

[TJPHXskyscraperfan]

Originally Posted by PHX06

Kenect's opening got pushed back again to April 1. There was also a very significant price drop for the units, with the smallest studios now going for $1,096 and the largest 1 bed/1 bath going for $1,646 for a 16-month lease term. See below:

https://www.kenectphoenix.com/models

Doesn’t look like they show the square footage on their website. I’m sure they are pretty small but I wonder how small?

[Obadno]

Originally Posted by TJPHXskyscraperfan

Doesn’t look like they show the square footage on their website. I’m sure they are pretty small but I wonder how small?

For urban apartments generally- Average

For Phoenix- Microscopic

[ASUSunDevil]

Originally Posted by Obadno

For urban apartments generally- Average

For Phoenix- Microscopic

Right on trend with young professionals that are more interested in location than square footage.

These prices are great and I think Kenect will fill up fast. It's basically the upscale version of The Derby.

[CrestedSaguaro]

Some update pics. ECO and Rey are both moving along now that the wood framing is going up.

Derby is putting up the forming for the 10th floor and finally starting to add some height to the area.

Aspire is on the 14th level and starting to be fairly noticeable in the skyline coming from the West on I-10.

X Society is starting to add glass on the midportion. Meh.

Here PHX and Link look like a seriously dense urban block.

Adeline is topped, but work continues on the roof/parapet portion, so should look slightly taller when completed.


ECO

the Rey

X Society

Aspire

Derby

Here PHX and Link

Adeline

[gymratmanaz]

How tall is Aspire going to be?

[gymratmanaz]

NICE PICS Crested!!!!!!!!!

[Diamonddave]

Originally Posted by gymratmanaz

NICE PICS Crested!!!!!!!!!

Ditto I also hope Indy is right on the third tower at Link proposed to be the highest.that block would be awesome.

[CrestedSaguaro]

Originally Posted by gymratmanaz

How tall is Aspire going to be?

17 floors @240'. So just a hair taller than Stewart.

[gymratmanaz]

I totally forgot it would be that tall. For some reason, I thought it was another 5 story job. Nice surprise!!!!!!!!....at least to me.

[NYC2ATX]

cross-posting my own post from the city compilations thread:

Originally Posted by NYC2ATX

Amazing updates, you guys are making me that much more enthusiastic about Phoenix as a relocation destination as I make plans for my next move.

I have been wondering something for a long time about Phoenix's local skyscraper history, as I despair about the ongoing height limits mandated by the FAA with respect to Sky Harbor. Is the Midtown area subject to the same restrictions? And if it is not, is it not conceivable that Midtown holds outsize potential for future growth, and for towers higher than 550'? From my perspective (again the disclaimer that I am as of yet an outsider), just the area from 7th to 7th and from Thomas to Indian School Roads is as large as the current downtown core and would therefore be regarded as the single best location for Phoenix to shift its urban core towards. There are many precedents for a similar elongated urban core between a city's downtown and midtown, like New York and Atlanta, to name a few. This to me seems like the only option for a fast-growing and urbanizing Phoenix that would like to add density and create a more iconic and dynamic profile. As a skyscraper enthusiast I am always looking for "well where can they build 100-story buildings, then?" and Phoenix is no exception. I imagine many of you share that sentiment, but what are the thoughts of locals and other frequent forumers?