Phoenix Development News (3)

[phoenixwillrise]

Originally Posted by PHXFlyer11

Why would this warrant a new thread? It's not as though they are building a new tower. Definitely great news though!

Not a new thread a new topic within this thread. Never mind just figured it out thanks for the "help".

[biggus diggus]

I assume everyone in this thread is aware by now ASU and the coyotes split ties, probably means the coyotes will go on Indian land but it seems possible again they could come downtown.

[Obadno]

Originally Posted by biggus diggus

I assume everyone in this thread is aware by now ASU and the coyotes split ties, probably means the coyotes will go on Indian land but it seems possible again they could come downtown.

I know Stanton has been pushing for this. It didnt make sense to me to move them to Tempe. I hope they do a new joint stadium with the suns. But im worried this will result in them moving out of state

[Jjs5056]

Hey guys,

I am so sorry for not posting the image in my last post! I was so excited to have found it that I posted it on my work laptop and had meant to edit the post once I got home.

See below for the renderings of Central Park East. If built, this will become the best modern downtown block in Phoenix (across from the best block in general). An office + hotel highrise with structured parking as architectural detail; a midrise hotel with no above-ground parking; and a high-rise residential tower with ground floor retail and podium parking (I believe that is what I am seeing in the photo).

This site plan should be printed and slapped down for every proposal that shows 1 tower gobbling up an entire downtown parcel, because this is the way to build a truly dense, active downtown. Workers from 9-5, right when residents get home, and hotel guests of a wide range of income.

Please note that the residential is now listed as 20 stories vs. the 17 discussed by the City Council. I'll take either one!


photos upload website

[exit2lef]

This story is framed in terms of the displacement of a community garden, but there's potentially a bigger issue here. Apparently, Barron Collier has returned its land at Central & Indian School to the U.S. Department of the Interior. Those who have been around a long time may recall that Barron acquired this land as part of a complicated three-way deal involving the Indian School land, the site of the current Collier Center downtown, and some everglades land in Florida. The plan was for Barron Collier to eventually develop this site when market conditions were right. If Barron Collier has walked away from the land, then I assume Interior will sell it to someone else. That might mean an opportunity for another developer to come in and propose a project at this key corner.

http://kjzz.org/content/431470/phoen...tment-interior

[nickw252]

Originally Posted by Jjs5056

Hey guys,

I am so sorry for not posting the image in my last post! I was so excited to have found it that I posted it on my work laptop and had meant to edit the post once I got home.

That looks great. I love the curved corner on both the hotel and residential. I definitely agree that this is how city blocks should be built rather than one big tower sitting in the middle of a block.

[Obadno]

Originally Posted by Jjs5056

photos upload website

Oh wow looks awsome! There are so many goo projects waiting to get build when will some of them start to move???!?!

also, any possibility that the Central station tower will be revived in some fashion?

[nickw252]

I googled "Quicken Downtown Phoenix" and found this note on a real estate investor's webpage:

http://kenwoodmortgage.com/quicken-l...ntown-phoenix/

The site appears to be citing back to the Phoenix Business Journal, but it's possible that they have additional information.

[gymratmanaz]

ABOUT QUICKEN.... so what does 150,000 square feet look like in terms of office space? About how many floors is that comparable to?

[ASUSunDevil]

Originally Posted by gymratmanaz

ABOUT QUICKEN.... so what does 150,000 square feet look like in terms of office space? About how many floors is that comparable to?

The State Farm buildings on Tempe Town Lake hold over 10 x that amount of office space. While I'm thrilled that Quicken is looking Downtown, it's really not a huge amount of absorption.

[Obadno]

Originally Posted by gymratmanaz

ABOUT QUICKEN.... so what does 150,000 square feet look like in terms of office space? About how many floors is that comparable to?

A handful of floors in one of our downtown buildings. Depending on how big the floors are something like 4-7 Id guess

[nickw252]

Originally Posted by Obadno

A handful of floors in one of our downtown buildings. Depending on how big the floors are something like 4-7 Id guess

It depends on the size of the building. According to a Loop Net listing, the 111 W Monroe Building is about 13,000 square foot per floor, therefore it'd be more like 11-12 floors in that building.

Source: http://www.loopnet.com/Listing/19606...St-Phoenix-AZ/

However, it looks like the Chase Tower has floors that are between 14,000 and 18,000 square feet,meaning Quicken would take at least 8 floors in that building.

Source: http://www.loopnet.com/Listing/16228...ue-Phoenix-AZ/

Therefore, I could see a developer proposing a decent spec office tower so long as they can get an anchor tenant like Quicken to sign on for about 10 of the floors.

[michael85225]

Central Park East looks amazing, it's a miracle that developers are thinking of cramming that many buildings in one city block in Phoenix for a change. The hotel looks pretty cool with that curved edge, it makes me wish that Freeport was built on the other side and the two new buildings were facing Van Buren to create a neat street view for people coming into downtown. Still, I hope this makes it through along with a Central station revival. I want to see all those cranes go up.

[dtnphx]

Originally Posted by ASUSunDevil

The State Farm buildings on Tempe Town Lake hold over 10 x that amount of office space. While I'm thrilled that Quicken is looking Downtown, it's really not a huge amount of absorption.

150,000 SF of office space in submarket like downtown is HUGE! That's almost 1/3 of CityScape tower-for one tenant! Comparing a suburban built-to-suit campus like Marina Heights to existing office buildings downtown is not a good comparison. There are only three buildings downtown that can handle that much contiguous space at this point. Chase Tower is not one of them. It's between 1 North Central and Renaissance Square. One11 Monroe is just shy of 150,000 SF. That would drop vacancy rates 160-basis points to 10.5 percent. And, if that happens along with other smaller absorptions, that could be the catalyst for a developer to build.

[Obadno]

Originally Posted by dtnphx

150,000 SF of office space in submarket like downtown is HUGE! That's almost 1/3 of CityScape tower-for one tenant! Comparing a suburban built-to-suit campus like Marina Heights to existing office buildings downtown is not a good comparison. There are only three buildings downtown that can handle that much contiguous space at this point. Chase Tower is not one of them. It's between 1 North Central and Renaissance Square. One11 Monroe is just shy of 150,000 SF. That would drop vacancy rates 160-basis points to 10.5 percent. And, if that happens along with other smaller absorptions, that could be the catalyst for a developer to build.

According to LoopNet there is nothing that big available downtown. Only the new project going on north of Hance Park, the whole building is 138k sqft.

Maybe they will build something with Quiken signed on.

[ASU Diablo]

Originally Posted by Obadno

According to LoopNet there is nothing that big available downtown. Only the new project going on north of Hance Park, the whole building is 138k sqft.

Maybe they will build something with Quiken signed on.

Or RED takes notice and Block 23 becomes significantly taller to accommodate Quicken Loans.

[biggus diggus]

Originally Posted by airomero83

Or RED takes notice and Block 23 becomes significantly taller to accommodate Quicken Loans.

Or RED's new building ends up being built to suit Quicken as the only tenant?

[dtnphx]

Originally Posted by Obadno

According to LoopNet there is nothing that big available downtown. Only the new project going on north of Hance Park, the whole building is 138k sqft.

Maybe they will build something with Quiken signed on.

LoopNet is like Zillow for owner/user buildings primarily. It's a customer portal that large corporations don't use to access listings. CoStar, which owns LoopNet is the one corporations use. There are two spaces downtown to accommodate Quicken right now. They're about to sign the lease, so....

[Jjs5056]

Given the Council's obsession with converting the Warehouse District into a 9-5 business zone, could they possibly fit into the office project being proposed for the super cool storefronts along Central (at Jackson)? The former Brickchouse is also for lease, but with limited space obviously. It just seems lke all roads lead to 111 W Monroe, Luhrs, or the Warehouse District.

One cool option would be if they took the entire Personnel Building and assisted in a total restoration. That, or a true office tower (with hotel added) at Block 23 woud be my preference. Too bad they couldn't anchor a tower with the "Phoenix State College - Quicken Loans School of Real Estate" on the other floors.

Hopefully, like these others, the original Central Station will fail and a 2nd round will produce something more in line with what should be built on that site. Comaring CPE's parcel with CS shows how deficient the proposal was. A retail concourse on the 1st two levels (pharamacy, grocery, fast-casual food), bus depot on the 3rd and 4th floors, Greyhound on the 5th and 6th, and two midrises for City/County use and a hotel or affordable housing works for me.

[somethingfast]

Originally Posted by Obadno

A handful of floors in one of our downtown buildings. Depending on how big the floors are something like 4-7 Id guess

I believe Chase Tower is 680,000 square feet so 150,000 sf would be almost 1/4 of that building. Not a trivial amount of space at all.