Phoenix Development News (3)

[combusean]

Someone posted some downtown construction updates on Reddit

https://www.reddit.com/gallery/lp8qd2

[Phxguy]

https://www.phoenixnewtimes.com/arts...QQpJOgUasMkz-U

Probably not a surprise at this point, but confirmation that Meow Wolf is no longer building a concept here in Phoenix. Or at least in downtown or the near future.

[combusean]

I don't know how True North can propose something like that and not just completely walk away from it but basically scoff at the notion of it ever happening. I really can't stand them sometimes.

[CrestedSaguaro]

Originally Posted by combusean

I don't know how True North can propose something like that and not just completely walk away from it but basically scoff at the notion of it ever happening. I really can't stand them sometimes.

I feel True North bit off more than they could chew by buying up too many lots with too many proposals in the area. With all these proposed projects looking like they are failing (Meow Wolf, Punch Bowl Social, Atari, the Yacht Club and possibly Knipe Village), I feel we are going to be left with a bunch of empty lots North of the Row.

I hope True North is able to salvage some of these project losses with new proposals such as Moon Tower.

[Phxguy]

The more things change, the more they stay the same.

Though TNS has recently stated their 12-story hotel between the Pemberton and the Local won’t happen as planned, on the bright side, they are activating the lot for temp farmer’s market uses for up to 36

TNS ongoing ventures so far:

1001 N Central
McKinley Green
Pemberton
Lucky’s Indoor/Outdoor
MonOrchid: New coffee shop, new Japanese restaurant, and Pedal Haus taproom

[CrestedSaguaro]

Originally Posted by Phxguy

The more things change, the more they stay the same.

Though TNS has recently stated their 12-story hotel between the Pemberton and the Local won’t happen as planned, on the bright side, they are activating the lot for temp farmer’s market uses for up to 36

TNS ongoing ventures so far:

1001 N Central
McKinley Green
Pemberton
Lucky’s Indoor/Outdoor
MonOrchid: New coffee shop, new Japanese restaurant, and Pedal Haus taproom

Aside from McKinley Green, most of these completed/ongoing projects are small developments. All the big stuff is falling out from under them. I would be happy if they continued with the smaller projects and hopefully just keep McKinley going and break ground soon.

[combusean]

McKinley Green was taken over by another developer like Skye Phoenix. True North is like that Lafferty guy, has a few small projects but everything else is an entitlements game like all the fly-by-night condo "developers" that also didn't build anything. No surprise that's TNS's history.

[biggus diggus]

He developed 44 Monroe. It didn't end well in many ways. Dot rally want to share but it's pretty well known so you can google it.

[PyroD]

Originally Posted by CrestedSaguaro

I feel True North bit off more than they could chew by buying up too many lots with too many proposals in the area. With all these proposed projects looking like they are failing (Meow Wolf, Punch Bowl Social, Atari, the Yacht Club and possibly Knipe Village), I feel we are going to be left with a bunch of empty lots North of the Row.

I hope True North is able to salvage some of these project losses with new proposals such as Moon Tower.

What happened to Punch Bowl Social? It seemed like they were just about done with renovations when I walked by a couple of months ago. What a huge waste if they let it fall through so late in the process.

[CrestedSaguaro]

Originally Posted by PyroD

What happened to Punch Bowl Social? It seemed like they were just about done with renovations when I walked by a couple of months ago. What a huge waste if they let it fall through so late in the process.

Cracker Barrel (their parent company) pulled the plug on all the Punch bowl Social locations. I think there was a potential buyer that may have tried to keep them going, but haven't heard anything else on that.

Edit: Just found this. They filed for bankruptcy in December.
https://www.cnbc.com/2020/12/22/punc...-business.html

[CrestedSaguaro]

Since I'm on the topic, I walked by PBS today. The building is already starting to get fairly graffitied and a broken window or 2. I sure hope someone comes along and scoops it up before too much damage is done and they have to scrap the concept.

[Prestige Worldwide]

Originally Posted by PyroD

What happened to Punch Bowl Social? It seemed like they were just about done with renovations when I walked by a couple of months ago. What a huge waste if they let it fall through so late in the process.

PBS's opening date was I believe March 24, 2020...not great timing. Wouldn't exactly blame that one on True North. Just really bad luck and then bankruptcy on top of it. All the TIs are in place, feels like someone will wind up operating it as something else similar in the next 6-12 months.

[Obadno]

I believe Punch Bowl went bankrupt closed all of their locations besides the original in Denver.

[muertecaza]

Rezoning packet for a 14-story, 159' project at SWC of Scottsdale Rd./Bell:

https://www.phoenix.gov/pddsite/Docu...Z/Z-12-21n.pdf

[CrestedSaguaro]

Originally Posted by Obadno

I believe Punch Bowl went bankrupt closed all of their locations besides the original in Denver.

Looked into it a little more. Atlanta and Austin as the only current locations operating. Denver's looks like it closed temporarily in November. I also checked on Google and strangely, Austin actually shows it has 2 locations with one that doesn't open until 4pm?

Apparently, CrowdOut Capital is the current sole ownership after Cracker Barrel pulled out. CrowdOut placed an auction bid at $32 million to take over the remaining ownership. The auction will be held on March 8th with bids from other companies due by March 3rd. So it looks like Punch Bowl is certainly not dead. Hopefully after this, phoenix will be resurrected.

Read more (beware, ad-heavy page): https://www.restaurantbusinessonline...ch-bowl-social

[PHX06]

Thanks for the warning -- that is an extremely annoying page to read.

I appreciate you digging that up, I am so glad there's still hope for it. The location is definitely looking more and more run down every time I pass by it.

[IndyAZ]

Originally Posted by muertecaza

Rezoning packet for a 14-story, 159' project at SWC of Scottsdale Rd./Bell

Nice find! Was curious how big that development was going to be based on the developer's comments about all the elements he wanted on such a small parcel. My only complaint is I thought it was going to be mixed-use, but based on the floor plans, it seems to be exclusively a condo/apartment tower without any retail/restaurant components.

That corridor is really building up, with Optima, the new 9 story Hyatt Place opening next month, and all the 6-8 story midrises, it is really growing up!

[Classical in Phoenix]

Got a text today from someone urging me to call my city council representative and tell them to vote no on the $37M tax give away to Astra. I thought Astra was beyond City council approval and we were just waiting on plan approval.

[Diamonddave]

Originally Posted by Classical in Phoenix

Got a text today from someone urging me to call my city council representative and tell them to vote no on the $37M tax give away to Astra. I thought Astra was beyond City council approval and we were just waiting on plan approval.

That's depressing news I like everyone thought we were waiting on building permits.

[CrestedSaguaro]

Originally Posted by Classical in Phoenix

Got a text today from someone urging me to call my city council representative and tell them to vote no on the $37M tax give away to Astra. I thought Astra was beyond City council approval and we were just waiting on plan approval.

It is past approval. Not sure what that's about and I didn't think they were seeking a GPLET.