Tempe Development Thread

[asugrad]

Originally Posted by FireMedic

Can't wait, tks for info

https://images1.loopnet.com/i2/OoWNk.../112/image.jpg

[muertecaza]

Oliv, Mirabella and Westin







Farmer Arts 1 has a building permit and is under construction



Worth noting too that 100 Mill appears to be doing utility work and seems like it will soon have vertical construction

[muertecaza]

Originally Posted by muertecaza

Worth noting too that 100 Mill appears to be doing utility work and seems like it will soon have vertical construction

335' crane incoming for 100 Mill.

https://oeaaa.faa.gov/oeaaa/external...15666089&row=4

Very excited for this one to come to fruition, it has been a long time coming.

[asugrad]

Originally Posted by muertecaza

335' crane incoming for 100 Mill.

https://oeaaa.faa.gov/oeaaa/external...15666089&row=4

Very excited for this one to come to fruition, it has been a long time coming.

Wow that's a tall one! about the height of W6!!!

[asugrad]

Looking on the FAA site, the Omni crane is on there as well

https://oeaaa.faa.gov/oeaaa/external...12085826&row=8

[Mr.RE]

It appears that the Hyatt House has topped out and the 8 story parking garage nearby is well underway. Both Mirabella and Oliv are moving quick. Oliv seems to be adding a new floor every 7-10 days.

[CB1]

The Oliv Tempe website now has leasing information and etc. They also have a virtual video that shows the development once completed.

https://youtu.be/NmcTxvwXrP4

[Mr.RE]

I didn't realize the OLIV was going to have so much vegetation hanging on the side of the building. Gives an optima like look and feel.

[muertecaza]

Watermark aggressively and successfully signing retail tenants, but still apparently slow with office tenants.

https://www.bizjournals.com/phoenix/...ew-retail.html

The Watermark Tempe, a $150 million mixed-use development being built on the north side of Tempe Town Lake, has signed four more tenants in the food and beverage and health and beauty sectors.

Drnk coffee + tea and Qwench juice bar are two emerging franchise concepts from Southern California that signed leases. One offers organic lattes and teas and the other has a variety of juices and açaí bowls. Together Drnk and Qwench will occupy 2,408 square feet in the Watermark.

Utah-based Crumbl Cookies will occupy 1,353 square feet, and Phoenix-based Sugar Me Wax, a full body salon, will open its ninth Valley location at the Watermark in a 1,136-square-foot space...

The project already has signed four other retail concepts: Panini Kabob Grill, Obon + Sushi + Ramen, V’s Babershop and Dip Nail Bar...

So far, WeWork is the only office tenant to finalize a lease at Watermark.

[CrestedSaguaro]

Originally Posted by muertecaza

Watermark aggressively and successfully signing retail tenants, but still apparently slow with office tenants.

https://www.bizjournals.com/phoenix/...ew-retail.html

This really surprises me. Surely with the mass influx of residents to Tempe and DT Phoenix, the office market has to follow at some point? I mean people want to work where they live, right? Seems like office space should be starting to fill by now. What gives?

[Mr.RE]

Driving north on Rural road at apache Blvd you can really see a tunnel-like effect starting to take shape with the height rising along both sides similar to university drive. Once Phase 4 & 5 of novus start to take shape, driving in and out of tempe will be quite the view with so many cranes.

[combusean]

Originally Posted by RonnieFoos

This really surprises me. Surely with the mass influx of residents to Tempe and DT Phoenix, the office market has to follow at some point? I mean people want to work where they live, right? Seems like office space should be starting to fill by now. What gives?

Office space doesn't follow residents, it follows whether companies are willing to endlessly expand. As the Valley gets a lot of backoffice stuff from the Bay Area, people are saying tech hiring has slowed there.

Watermark isn't appreciably near the light rail as well--it's probably overbuilt for where it is. The office property across Scottsdale Rd has had a lot of difficulty getting off the ground so it's possible the lake's north side isn't where businesses want to lease.

[xymox]

Originally Posted by combusean

Office space doesn't follow residents, it follows whether companies are willing to endlessly expand. As the Valley gets a lot of backoffice stuff from the Bay Area, people are saying tech hiring has slowed there.

Watermark isn't appreciably near the light rail as well--it's probably overbuilt for where it is. The office property across Scottsdale Rd has had a lot of difficulty getting off the ground so it's possible the lake's north side isn't where businesses want to lease.

Carvana is looking for new office space in Tempe. They've filled their two HQ buildings in Tempe already and they took up space in old town recently - which is also almost full. They're growing like mad. So, who knows...maybe they take it.

But another factor into slow uptake of the office space is that either there's not enough room in there for people looking - or the rent is too high. Other considerations are the # of parking spaces available too. I'd imagine that building won't be empty for long.

[Phxguy]

https://www.phoenixnewtimes.com/arts...using-11356514

Looking like Tempe might get the next Artspace Loft project (the live/work affordable artist housing). Mesa built the first when Phoenix couldn’t put itself together and now yet again Phx is losing out on this opportunity.

Article mentions Apache and Dorsey as their expected location.

[Mr.RE]

Infosys just temporarily moved into skysong but long term plans are to move into an 60,000 SF office space at Novus next year. I'm pretty sure they have their eyes set on the 777 Novus building. I'm sure that office will lease up fast!


https://www.bizjournals.com/phoenix/...TUNUdUZtIn0%3D

Infosys Ltd., a digital technology and consulting services firm with global operations, opened a temporary Digital Technology and Innovation Center at SkySong on Friday, with plans to hire more than 1,000 employees by 2023 after it relocates to a permanent space.

Infosys already employs more than 1,000 people in Arizona who work out of clients’ offices. The new Scottsdale space, on the third floor of SkySong’s fifth building, opened Friday with 80 employees, said Ravi Kumar, president of the Bangalore, India-based company, considered one of the largest tech consultants in the world.

Infosys plans to move into a permanent 60,000-square-foot facility in the Novus Innovation Corridor by 2020. Novus is Arizona State University’s innovation zone under construction on the north side of the university’s Tempe campus.

“This is one of our six tech and innovation hubs in the U.S.,” said Kumar, who lives in New York. “We are looking for the future of digital talent and will extend partnerships with ASU and the Maricopa Community College district.”

[CB1]

Hyatt

[azsunsurfer]

Besides Watermark can we also talk about how the Grand's spec building has no tenants signed on to my knowledge? The only thing the Grand has going for them is that the Japanese bank that is in the 4 story building plans to add another building just west of it at 9 stories. Plus we have 100 Mill in the works...

[muertecaza]

Originally Posted by xymox

Carvana is looking for new office space in Tempe. They've filled their two HQ buildings in Tempe already and they took up space in old town recently - which is also almost full. They're growing like mad. So, who knows...maybe they take it.

But another factor into slow uptake of the office space is that either there's not enough room in there for people looking - or the rent is too high. Other considerations are the # of parking spaces available too. I'd imagine that building won't be empty for long.

I know Watermark is asking top top dollar--like $42/SF. More power to them if they can get it but my guess would be the asking price is keeping it unfilled.

[muertecaza]

Hilo planned to include "co-living."

https://www.azcentral.com/story/news...pe/2278938001/

[azsunsurfer]

Originally Posted by muertecaza

Hilo planned to include "co-living."

https://www.azcentral.com/story/news...pe/2278938001/

I noticed that on the floorplans for the units. I think it's for those "graduating" from the nearby student housing lol.