Phoenix Area Low- and Mid-Rise Development Thread

[KEVINphx]

Originally Posted by Obadno

Great building! Still would prefer it on one of the numerous empty/abandoned lots nearby because the existing residential is appears healthy, but I cant really complain!

THIS is HORRIBLE - those houses are approaching 100 years old and Phoenix has so very little left of this in addition to the plethora of empty ass lots and this is a net-0 for certain in my opinion.

I HATE seeing historic homes demolished let alone any in the beautiful state those are !

[PHX31]

Originally Posted by KEVINphx

THIS is HORRIBLE - those houses are approaching 100 years old and Phoenix has so very little left of this in addition to the plethora of empty ass lots and this is a net-0 for certain in my opinion.

I HATE seeing historic homes demolished let alone any in the beautiful state those are !

I'm pretty sure it's only going to be replacing the 60's apartment building. But as it has been noted it is a pretty good mid-century example in really good shape. Definitely would be preferable to one day have some development take place on already empty lots.

[Obadno]

Originally Posted by KEVINphx

THIS is HORRIBLE - those houses are approaching 100 years old and Phoenix has so very little left of this in addition to the plethora of empty ass lots and this is a net-0 for certain in my opinion.

I HATE seeing historic homes demolished let alone any in the beautiful state those are !

Its replacing a mid-century apt building not any historic homes.

[biggus diggus]

Originally Posted by Obadno

Its replacing a mid-century apt building

We'll see, like I said they just dumped a significant amount of money into that building. The sales price would need to reflect recent capital improvement investments and might cause the building cost to be too high to pencil out.

I don't really know because I don't know the owner of that building but generally speaking when someone dumps a ton of cash into a building they are going to want to see at least some of that back, otherwise it would be a pretty interesting play.

[Obadno]

Originally Posted by biggus diggus

We'll see, like I said they just dumped a significant amount of money into that building. The sales price would need to reflect recent capital improvement investments and might cause the building cost to be too high to pencil out.

I don't really know because I don't know the owner of that building but generally speaking when someone dumps a ton of cash into a building they are going to want to see at least some of that back, otherwise it would be a pretty interesting play.

I don't get it either I find it strange that they would build there with an active and decent APT building already in place.

They could move a few hundred feet down the street and have a plethora of empty parcels to work with! But it has to do with what's for sale I guess

[biggus diggus]

Originally Posted by Obadno

I don't get it either I find it strange that they would build there with an active and decent APT building already in place.

They could move a few hundred feet down the street and have a plethora of empty parcels to work with! But it has to do with what's for sale I guess

It's not Sim City, you can't just find a piece of dirt and build there.

A new developer does not care how the old building is performing. It looks like they bought it in late 2013 and that coincides with the updates which were done beginning shortly after that time, I can't find a purchase price but at that time we were probably looking at 45K or so per door and it's a 32 unit building. My educated guess is they bought it for 1.5 or so. In today's market you're going to pay close to 100K a door in that location so they would likely want 3 mil, I can't see a developer paying 3 mil for a tear down building right now.

I am even more skeptical now that I see that parcel has not even been listed for sale since 2013 and there have been several half-assed "proposals" in the past there.

[combusean]

^ 536 E Portland last sold for $1.7 million in March of 2014.

http://www.trulia.com/homes/Arizona/...oenix-AZ-85004

The sales date is confirmed by the county assessor.

$5 million an acre sounds completely overpriced for Downtown if such an animal were really to be sold for $3 mil.

[CrestedSaguaro]

I used to own and rent apartments and homes. What it comes down to is are you getting a return on what you have invested into rehabilitation of a property. Just because they have put time and money renovating an apartment complex does not mean they are making the money back in rentals. Renovation demands higher rent and they may just simply not renting out the units at a higher amount which is a financial loss.

I don't know the specifics of this apartment complex. I did however drive by it yesterday to check it out. It's not really in awesome condition. The fencing on the balconies is already showing rust through the new paint, the trim along the roof looks beat up and just covered by new paint and a few other cosmetic problems I noticed. Repainting an apartment complex just hides flaws. That doesn't mean what's underneath is not in bad shape. I also did not see anybody walking in and out of the apartments meaning there's potentially quite a few empty units.

In regards to suggestions to just develop the dirt lots down the road. The problem is the empty lot could be land-banked and may actually be more expensive than the the Lexington Court Apartment complex would be to purchase. The owners, if they are losing money, may be willing to take a hit just to recover what they have put into the property. It's a cheaper alternative for a developer.

Again, I don't know the status of those apartments. This is just based on my personal experience and this could be what's happening behind the scenes.

[biggus diggus]

Originally Posted by combusean

^ 536 E Portland last sold for $1.7 million in March of 2014.

http://www.trulia.com/homes/Arizona/...oenix-AZ-85004

The sales date is confirmed by the county assessor.

$5 million an acre sounds completely overpriced for Downtown if such an animal were really to be sold for $3 mil.

So pretty good guess.

[PhxMatt]

Wood Partners has a new Apartment proposal in the Phoenix Planning and Development office called Alta Central. it's a 4 story building wrapped around a parking garage located on Central Ave and Indianola. the corner currently houses the Macyo's resturant, the rest of the proposed site is vacant. Macayo's destroyed any significance to the current building when they remodeled it into the monstrosity it is now so I have no problem with the building coming out... I am sure I'll be verbally flogged for saying that...

[downtownphxguy12]

Originally Posted by PhxMatt

Wood Partners has a new Apartment proposal in the Phoenix Planning and Development office called Alta Central. it's a 4 story building wrapped around a parking garage located on Central Ave and Indianola. the corner currently houses the Macyo's resturant, the rest of the proposed site is vacant. Macayo's destroyed any significance to the current building when they remodeled it into the monstrosity it is now so I have no problem with the building coming out... I am sure I'll be verbally flogged for saying that...

Are you kidding!! That building is quintessential 1980's style. Stucco pop outs, fake plants. Over the top. And the colors are great. LOVE IT!! It would be a shame to lose part of our history!! Where do i go to protest?

[pbenjamin]

Originally Posted by downtownphxguy12

Are you kidding!! That building is quintessential 1980's style. Stucco pop outs, fake plants. Over the top. And the colors are great. LOVE IT!! It would be a shame to lose part of our history!! Where do i go to protest?

You could start with the Encanto Village Planning Committee on 5/2.

5. Z-19-16-4: Presentation, discussion and possible recommendation regarding a
request to rezone approximately 3.31 acres at the northeast corner of Central
Avenue and Indianola Avenue from C-3 TOD-1 (2.41 acres) (General Commercial,
Interim Transit-Oriented Zoning Overlay District One) and P-1 TOD-1 (0.90 acre)
(Passenger Automobile Parking, Limited, Interim Transit-Oriented Zoning Overlay
District One) to WU T6:7 MT (3.31 acres) (Walkable Urban Code Transect 6:7
Midtown).

The Planning Commission will consider this request on June 2, 2016.

[Obadno]

Originally Posted by PhxMatt

Wood Partners has a new Apartment proposal in the Phoenix Planning and Development office called Alta Central. it's a 4 story building wrapped around a parking garage located on Central Ave and Indianola. the corner currently houses the Macyo's resturant, the rest of the proposed site is vacant. Macayo's destroyed any significance to the current building when they remodeled it into the monstrosity it is now so I have no problem with the building coming out... I am sure I'll be verbally flogged for saying that...

I do like that macayo's as an ode to a more playful, tackier time, like jerry's drive through liquor's

but like all childish things, there comes a time to put them away

[mdpx]

You do realize that façade can come off and it could be an amazing building. I want to say I've seen an old photo, but I can't seem to find it online. Perhaps they can save part of it and build a high-rise while keeping the front façade.

[combusean]

Alta Central, NEC Central and Indianola, 225 units on 2.6 net acres, 65'
Replaces Macayos, parking, and a vacant lot.
https://www.phoenix.gov/pddsite/Documents/Z-19-16.pdf

Looks like a *really* nice building. 225 units on 2.6 net acres, leaving for an incredibly dense project.

[Obadno]

Originally Posted by mdpx

You do realize that façade can come off and it could be an amazing building. I want to say I've seen an old photo, but I can't seem to find it online. Perhaps they can save part of it and build a high-rise while keeping the front façade.

on certain websites this is known as bait (b8)

[combusean]

http://www.macayo.com/macayos-history/

shows Macayo's as it looked shortly after its opening in 1952.

[PHXFlyer11]

Originally Posted by combusean

http://www.macayo.com/macayos-history/

shows Macayo's as it looked shortly after its opening in 1952.

If the building looked like that, I'd want to keep it. But unfortunately the building is pretty ugly. And has actually been a deterrent to me going into the place, even though I love their Tempe location.

I do wish in this case they could however build in a restaurant space for them, as they are a proven commodity in that location and could active that street for a very long time. Having said that, I don't expect that retail/restaurant would realistically be built into this project.

[Jjs5056]

Lol, a 4-story single-use lowrise that is totally overparked... so typical of Wood Partners. There's clearly no desire toward making Midtown an actual livable, walkable neighborhood because this project is well short of what was envisioned for the area as a Major Urban Activity Center with heights up to 180 feet. Contrary to an Activity Center, this project actually demolishes the commercial uses that are lacking along the entirety of Central and perpetuates the cycle of projects needing more parking since residents can't find what they need in walking/train distance.

There should be very few instances where ground level retail and maximum heights shouldn't be enforced/encouraged along Central Ave, IMO. Given the historic neighborhoods' opposition to height, lots without that barrier should be fully developed. And, this piece of Central is probably the best for all kinds of commercial uses to succeed on the ground floor. Indian Steele Park is just around the corner, several restaurants are scattered nearby, there are a handful of hotels, etc. And, of course, Edison and One Lexington condos are just down the street across from Park Central, with The Station apartments just across Indian School.

[pbenjamin]

Originally Posted by Jjs5056

There should be very few instances where ground level retail and maximum heights shouldn't be enforced/encouraged along Central Ave, IMO. Given the historic neighborhoods' opposition to height, lots without that barrier should be fully developed. And, this piece of Central is probably the best for all kinds of commercial uses to succeed on the ground floor. Indian Steele Park is just around the corner, several restaurants are scattered nearby, there are a handful of hotels, etc. And, of course, Edison and One Lexington condos are just down the street across from Park Central, with The Station apartments just across Indian School.

Where is that coming from? Willo, which along with Roosevelt is pretty much the only historic neighborhood near Central south of the canal, is bordered by highrises. When a highrise project was proposed a few years ago on what is now the Lennar/Muse property, the Willo board supported it.