Phoenix | Astra Towers (2 towers) | 541 FT | 44 Floors & 425 FT | 30 Floors - Page 6

Mr.RE · #**101** Posted **Aug 18, 2020, 4:31 PM**

Quote:

Originally Posted by Diamonddave

Should we be worried for this project? I woudn't like Aspirqnt would gothis far to back out.

Maybe they got their hard cost pricing back and realized the project would be too expensive to build and returns were unjustified? Given where costs are at in this market for a Type I high rise I wouldn't be surprised.

CrestedSaguaro · #**102** Posted **Aug 18, 2020, 4:33 PM**

Nothing has happened with Astra. It's only in the planning phase. Give it some time guys.

biggus diggus · #**103** Posted **Aug 18, 2020, 4:39 PM**

Quote:

Originally Posted by Mr.RE

Maybe they got their hard cost pricing back and realized the project would be too expensive to build and returns were unjustified? Given where costs are at in this market for a Type I high rise I wouldn't be surprised.

I'm with you on this. Big risk project while there's a growing pandemic and a ton of economic and political uncertainty.

IndyAZ · #**104** Posted **Aug 18, 2020, 4:49 PM**

Prior to the pandemic, this project would not have broken ground till Q1 2021 at the earliest, so the speculation that this project is delayed or cancelled is just that.

I do know people involved in this job and have not heard anything about there being a delay, like crested said, this is a large project and they take a long time to go from planning to final design and permitting. I think everyone is a little too anxious and jumping the gun on this one starting soon.

Diamonddave · #**105** Posted **Aug 18, 2020, 5:00 PM**

Thanks for the calming post Indy.

biggus diggus · #**106** Posted **Aug 18, 2020, 5:04 PM**

I fail to see anyone in this thread being "anxious" or jumping the gun.

Is this not a place to have discussion? I thought that's what I signed up for. Just because you want this building to be erected and you hope it is does not mean other members can't talk about the possibility that it doesn't happen.

IndyAZ · #**107** Posted **Aug 18, 2020, 5:17 PM**

I meant nothing negative in that post towards you or anyone else, nor did I say you can't talk about it being delayed or cancelled. Maybe it does get delayed, none of us know for sure. All I was just saying is that based on where that project stands from a design standpoint, its still a ways out from breaking ground.

There are a couple other projects that should break ground prior including McKinley, Basecamp, and Central Station, but as you noted, with the uncertainly of whats going on, any of these could potentially get delayed too.

ASU Diablo · #**108** Posted **Aug 18, 2020, 5:22 PM**

Quote:

Originally Posted by IndyAZ

I meant nothing negative in that post towards you or anyone else, nor did I say you can't talk about it being delayed or cancelled. Maybe it does get delayed, none of us know for sure. All I was just saying is that based on where that project stands from a design standpoint, its still a ways out from breaking ground.

There are a couple other projects that should break ground prior including McKinley, Basecamp, and Central Station, but as you noted, with the uncertainly of whats going on, any of these could potentially get delayed too.

Thank you for your great insights and valuable info that you bring to this board!

PHX31 · #**109** Posted **Aug 18, 2020, 6:12 PM**

Quote:

Originally Posted by IndyAZ

Prior to the pandemic, this project would not have broken ground till Q1 2021 at the earliest, so the speculation that this project is delayed or cancelled is just that.

I do know people involved in this job and have not heard anything about there being a delay, like crested said, this is a large project and they take a long time to go from planning to final design and permitting. I think everyone is a little too anxious and jumping the gun on this one starting soon.

This. It's still a very real project, it will just take a little time. And hopefully time doesn't bring bad news.

Once they get through their zoning adjustments we'll see some more movement and info we like to see. Getting approval of the zoning adjustment requests will take another couple/few months.

PHXFlyer11 · #**110** Posted **Aug 18, 2020, 6:30 PM**

Relax guys. I'm sure it's not dead. I'm also sure though that it won't move until this pandemic is over.

gymratmanaz · #**111** Posted **Aug 18, 2020, 7:03 PM**

I wish there was a better picture rendering of it. Will be amazing to see it come to fruition!

xymox · #**112** Posted **Aug 18, 2020, 8:34 PM**

Quote:

Originally Posted by PHXFlyer11

Relax guys. I'm sure it's not dead. I'm also sure though that it won't move until this pandemic is over.

Not worried about this at all. With recent job announcements and other projects - things continue to chug along here. We’re not one of the areas that people are fleeing FROM (San Francisco, NY, etc) - we are one of the areas that people are fleeing TO.

If you’ve noticed - housing prices haven’t dropped here one bit lately...

somethingfast · #**113** Posted **Aug 19, 2020, 4:14 AM**

Quote:

Originally Posted by xymox

Not worried about this at all. With recent job announcements and other projects - things continue to chug along here. We’re not one of the areas that people are fleeing FROM (San Francisco, NY, etc) - we are one of the areas that people are fleeing TO.

If you’ve noticed - housing prices haven’t dropped here one bit lately...

True but are people moving to city cores or just the burbs? That's the question. The real monkey wrench is how Covid has changed the corporate work dynamic from "must come into office" mostly to "don't come into office now" and very possibly "there is not office except for critical staff" in the future. That could be a real game-changer. I personally think all development that isn't financed and somewhat leased is dead in the water. Hope I'm wrong.

biggus diggus · #**114** Posted **Aug 19, 2020, 4:19 AM**

Anecdotal but it seems the market is hotter in the city vs the suburbs.

TJPHXskyscraperfan · #**115** Posted **Aug 19, 2020, 7:16 AM**

I think Phoenix is going to benefit both ways. Watching the news one day, a guy in Seattle with a hurting business from COVID and then the protests says, I’m moving to Arizona!!! People from like NYC, Chicago or Seattle that maybe don’t want to move to the suburbs that still want to live in the city might choose to move to the Phoenix core. If they want to live in the suburbs they have plenty of options there too. Office work might be changed forever, we were already moving towards that before COVID. I already worked from home personally and obviously don’t live in central Phoenix for work. I live here for the environment.

somethingfast · #**116** Posted **Aug 19, 2020, 2:51 PM**

All good points in above two posts. Time will tell. I do see good things for Phoenix as it benefits from the two coasts' issues. We are definitely entering a new paradigm of office space usage requirements it seems regardless.

Obadno · #**117** Posted **Aug 19, 2020, 4:36 PM**

From what I have read Most experts seem to think about 25%-33% of all Jobs can be done from home.

This is obviously different by industry, factory and warehousing cant be done from home but HR, Tech and Finance almost 100% can.

This will for sure hurt office absorption world wide. Something that was going to happen anyway but over longer slower time periods. And we haven't even started with what self driving cars will do for commutes when you can start working in your car at 7am and have an hour+ commute but who cares you are already on the clock and dont need to worry about traffic or paying attention to the road.

There will still be office demand just probably 75% less of what it was so that will take a long time to recover from. But you are also having major population swings from traditional Coastal cities to interior states, NV, UT, CO, AZ, TX etc etc again this is partly do to larger macro forces at play with regards to what parts of the country developed first etc but COVID and general political mismanagement in places like California, New York and Illinois are not helping. I think that might help cusion the blow Phoenix will feel as we are getting a steady stream of new businesses especially tech and finance moving from California.

Good thing almost none of our construction is office space but apartments, Hotels and Education.

MMDelon · #**118** Posted **Aug 19, 2020, 7:12 PM**

I have to agree. Time will tell what will happen. I am optimistic that once the pandemic is over Phoenix will back hard. I believe a lot of people are saving right now and trying to ride this thing out. People will be apprehensive at first to gather in social settings but I feel the City will be fine. Astra might get pushed back to late 2021, who knows, but I do know Aspirant wants to make it happen and I feel that it will happen.

biggus diggus · #**119** Posted **Aug 19, 2020, 7:40 PM**

I think it's a spot on assessment obadon.

MMDelon · #**120** Posted **Aug 19, 2020, 8:31 PM**

I would like to add that it has been pretty cool seeing all the development here in downtown Phoenix. I am 28 years old and have lived in the Valley my whole life. We never stayed downtown after a Suns game or Dbacks game when I was kid growing up. It was a ghost town lol It has been a joy to see a city I truly love grow and develop. A development like Astra would be huge for down town Phoenix and hopefully push for more 500+ foot residential towers for the future.