Phoenix Development News (3)

[jvbahn]

Originally Posted by combusean

^ 99% sure it has yet to be removed. Seems like they're entirely reskinning the building.

There was very briefly a rendering of the building online on the architect‘s website, https://www.richard-bauer.com. They must have taken it down for various reasons (legal, planning changes), but it was spectacular. The building will have a completely new cladding, with elements that stick out to allow for balconies. Hard to describe, but if it looks anything like what I saw, the building will be stunning.

[CrestedSaguaro]

Originally Posted by Obadno

9 story hotel in that spot is garbage.

I think anything less than 300' in Downtown at this point is garbage.

[CrestedSaguaro]

Originally Posted by jvbahn

There was very briefly a rendering of the building online on the architect‘s website, https://www.richard-bauer.com. They must have taken it down for various reasons (legal, planning changes), but it was spectacular. The building will have a completely new cladding, with elements that stick out to allow for balconies. Hard to describe, but if it looks anything like what I saw, the building will be stunning.

I think the rendering is still up maybe a few pages back somewhere. It was pretty nice and would require re-cladding for it to work with what was shown on the rendering. I like the way it will look and it kind of actually resembles the mid-century style of Phoenix architecture (what I call the Jetson's era).

[biggus diggus]

Originally Posted by RonnieFoos

I think anything less than 300' in Downtown at this point is garbage.

All those new buildings that gave life to downtown phoenix in the past five years must be garbage then?

[CrestedSaguaro]

Originally Posted by biggus diggus

All those new buildings that gave life to downtown phoenix in the past five years must be garbage then?

I did not say that. I said "at this point", meaning from now and onward. No developments getting built in the last 5 years have had any problems filling up or getting business. Development in Downtown Phoenix is still being too conservative and it doesn't need to be. A 9 story hotel on that lot is as others have said...garbage. They can do twice that and they would not have any problems filling it. Downtown needs to start stepping up it's developments a little and quit playing it safe when it does not need to do so.

[stutteringpunk]

Originally Posted by Mr.RE

Here's that post from a while back for anyone who missed it. Strange that they haven't included it in any of the new articles.

[biggus diggus]

Originally Posted by RonnieFoos

I did not say that. I said "at this point", meaning from now and onward. No developments getting built in the last 5 years have had any problems filling up or getting business. Development in Downtown Phoenix is still being too conservative and it doesn't need to be. A 9 story hotel on that lot is as others have said...garbage. They can do twice that and they would not have any problems filling it. Downtown needs to start stepping up it's developments a little and quit playing it safe when it does not need to do so.

It's not about downtown being "conservative", it's about developers not seeing a big enough reward to take the risks you're asking they take. I feel this has been discussed ad nauseam but the bottom line is if developers felt comfortable building high rises full of condos and apartments they would.

Guys like Jon Vento and Doug Gannett are very aggressive and clearly they think the cost basis and risk/reward isn't where it needs to be.

[Obadno]

https://azbigmedia.com/newly-renovat...-on-new-hotel/

According to this article, AC Marriott will begin next month, So we should be seeing AC, Fillmore and Kinnect Cranes as Link and Stewart come down.

Hopefully to soon be joined by X, Collier Tower and Link 2

Arizona Center, Phoenix’s original downtown entertainment destination located at 3rd Street and Van Buren, recently completed construction on its $25 million makeover, which includes new creative office space, outdoor work stations, shopping, entertainment and casual dining. Complementing the new modern aesthetics is a new logo, website and brand identity.

“We are thrilled to debut the newly renovated Arizona Center,” said Matt Root, managing partner for Parallel Capital Partners, owner and manager of the center. “The upgrades to the center bring a whole new vibe to the heart of downtown Phoenix. As we add tenants, Arizona Center will continue to become an even bigger hub for meeting up with friends and family, entertainment, shopping and so much more.”

Improvements to the one million-square-foot multi-use center include opening up the property to surrounding streets creating a more integrated downtown experience, new modern colors, outdoor furnishings and lounge areas, modern shade structures, new landscape and water features, additional lighting and illuminated signage including a 60 ft. LED jumbotron on the corner of 3rd Street and Van Buren. Valet parking was also added as were bike racks and a stage for entertainment.

In addition to the completed property renovations, the first upscale select-service boutique hotel in downtown Phoenix, AC Hotel by Marriott, will break ground next month and is scheduled to be completed in the third quarter of 2020. The 13-story, 199-room, urban-inspired hotel will be steps from the Phoenix Convention Center and will offer a state-of-the-art fitness center, 3,400 sq ft. meeting room, European inspired breakfast and tapas service and an indoor/outdoor lobby lounge and bar that will overlook Arizona Center’s 3-acre urban park, the Grotto. Following the groundbreaking of the hotel will also be the beginning of construction on a new 31-story residential tower, Palm Tower.

With the renovations complete, Arizona Center is focusing on bringing in new tenants in 2019. So far, Kwench Juice Café moved in, Freshii, fast casual fresh and nutritious food, opened yesterday and Bosa Donuts just started construction for a tentative opening in early June. Additionally, Arizona Center has a variety of mixed-use office space which includes new tenant, Arizona State University’s Thunderbird School of Global Management. New leases are also in the works.

For retail leasing information at Arizona Center contact Brent Mallonee of Cushman Wakefield at 602-224-4437, brent.mallonee@cushwake.com. For office leasing information contact John Bonnell at 602-282-6256, john.bonnell@am.jll.com. For additional leasing information visit www.arizonacenter.com/leasing-information/.

[CrestedSaguaro]

^^^Gosh, I sure hope so. We've had a few false starting dates on AC. Granted it's because the city declined some variances sending them back to the drawing board.

By the way, if you haven't seen the renderings for AC yet, they can be found at PHX Rising (https://phxrising.city/new-project-a...rizona-center/). Should look pretty good at AZ Center.

[CrestedSaguaro]

Originally Posted by biggus diggus

It's not about downtown being "conservative", it's about developers not seeing a big enough reward to take the risks you're asking they take. I feel this has been discussed ad nauseam but the bottom line is if developers felt comfortable building high rises full of condos and apartments they would.

Guys like Jon Vento and Doug Gannett are very aggressive and clearly they think the cost basis and risk/reward isn't where it needs to be.

I get your point. And with that said, I do not think Vento would have proposed only a 9 story hotel at this location if this was their development. Current plans by Jon Vento and True North Studio have at least 3 high-rises in design around the Roosevelt Row area...an area very adverse to tall buildings. One of those if built, could be in the 300'+ range. I'll bet if this were anywhere else in Downtown, Vento would have proposed taller. As you said, those guys are very aggressive and Ro2 is VERY aggressive vision. I really hope it all gets built as planned. But I still think other developers right now are leery of the past and are overly cautious at this time when Phoenix is in a much better situation than it was 10 years ago to handle an economic downturn. I still stand by assessment that 9 stories is (I won't say garbage) a waste of a better opportunity for that space.

[biggus diggus]

I can agree with you that there's a better use for the space than a roughly 100' tall building, I just can't agree with the blanket statement that anything not xxx height is "garbage". Everything has to have synergy and work with other developments. The short buildings along Roosevelt have changed the neighborhood forever. I still remember when Roosevelt was nothing but crack heads.

[PHX31]

Originally Posted by RonnieFoos

I think anything less than 300' in Downtown at this point is garbage.

One of the big problems with that lot was that it was the parking for the Orpheum Lofts residents. I wonder how the parking situation will be retified... zero parking for the hotel? Do the Orpheum Lofts need to get an agreement with another downtown garage/lot for their residents moving forward?

[exit2lef]

Originally Posted by PHX31

One of the big problems with that lot was that it was the parking for the Orpheum Lofts residents. I wonder how the parking situation will be retified... zero parking for the hotel? Do the Orpheum Lofts need to get an agreement with another downtown garage/lot for their residents moving forward?

There was controversy over Orpheum Lofts parking over a decade ago. The units did not originally come with parking, and some residents found that unthinkable:

https://www.phoenixnewtimes.com/news...downer-6432197

Many of the attitudes expressed were rather quaint -- along the lines of "how dare any building not have its own dedicated parking!" Of course, it's common in major cities for parking to be completely unbundled with it up to the residents to find a place to store a vehicle.

Michael Johnson, who represented the area in the city council and is now trying to be elected again is quoted:

Johnson called the matter a "very serious subject" that has City Hall's attention. "I don't know of any other residential structure in Phoenix that doesn't have parking," he said, suggesting that the neighborhood's "urban" zoning may be an inadequate holdover from the days when downtown had no residents.

"I can't see building residential units without a parking structure," the councilman added. "It's almost impossible to think that would happen."

I hope his views have evolved since 2007. If an urban residential developer wants to provide parking, that's fine, but it's antiquated to think it should be required.

[fawd]

Originally Posted by exit2lef

There was controversy over Orpheum Lofts parking over a decade ago. The units did not originally come with parking, and some residents found that unthinkable:

https://www.phoenixnewtimes.com/news...downer-6432197

Many of the attitudes expressed were rather quaint -- along the lines of "how dare any building not have its own dedicated parking!" Of course, it's common in major cities for parking to be completely unbundled with it up to the residents to find a place to store a vehicle.

Michael Johnson, who represented the area in the city council and is now trying to be elected again is quoted:

Johnson called the matter a "very serious subject" that has City Hall's attention. "I don't know of any other residential structure in Phoenix that doesn't have parking," he said, suggesting that the neighborhood's "urban" zoning may be an inadequate holdover from the days when downtown had no residents.

"I can't see building residential units without a parking structure," the councilman added. "It's almost impossible to think that would happen."

I hope his views have evolved since 2007. If an urban residential developer wants to provide parking, that's fine, but it's antiquated to think it should be required.

It's not the end of the world. I had a place at 44 Monroe for 4 years and parked our secondary cars across the street in the One North tower. It's like $75 per spot, per month if I recall correctly.

[biggus diggus]

I wouldn't buy a place without parking in the building but I know plenty of people who would. I don't think it's a deal breaker at the right income level.

If I didn't provide parking at $750/mo apartments I'd be dead in the water. But at some of my nicer buildings I think I could get away with it because people would be willing to chalk up a parking space as part of the cost of their rent.

[fawd]

Originally Posted by biggus diggus

I wouldn't buy a place without parking in the building but I know plenty of people who would. I don't think it's a deal breaker at the right income level.

If I didn't provide parking at $750/mo apartments I'd be dead in the water. But at some of my nicer buildings I think I could get away with it because people would be willing to chalk up a parking space as part of the cost of their rent.

Agreed. And I could be wrong, haven't lived downtown in awhile... but I dont think anyone is getting into the DT core for less than $1K p/m..

[Obadno]

Originally Posted by fawd

Agreed. And I could be wrong, haven't lived downtown in awhile... but I dont think anyone is getting into the DT core for less than $1K p/m..

I found a couple of small studios close to 7th ave that still go for less than 1k but that isnt long for this world.

[Obadno]

https://www.bizjournals.com/phoenix/...-location.html

More good news for downtown office market.

WeWork, the New York City-based coworking giant, will take up four floors in the 101 North building on First Avenue and Adams Street. It's the company’s third location announced in the Valley.

WeWork will take up the eighth, 28th, 29th and 31st floors in the downtown high-rise. The space is planned to accommodate roughly 1,140 coworking members.

“Phoenix has been a focus of ours for a while now, and we are thrilled to be expanding into the incredible community of downtown Phoenix with our third location in the area.” Jonathan Chasse, community director for WeWork, said in a statement. “This location was an easy decision for us. There is an undeniable energy that you can feel almost immediately, not to mention the significant growth happening within the creative and tech industries here.”

The location is planned to open in fall 2019.

The company already announced plans to occupy two floors in the Watermark Tempe, a 16-story Class A mixed-use development on the north shore of Tempe Town Lake, with about 1,000 desks, as well as four floors in the Camelback Esplanade, which will include about 900 desks.

“WeWork is growing quickly and the demand for our spaces is increasing.” Chasse said. “We have seen the opportunity for growth in this market and we hope to continue growing in the months to come.”

Ryan Bartos, Andrew Medley and Kyle Seeger of JLL represented WeWork in the lease negotiations. John Bonnell, Brett Abramson and Chris Latvaaho of JLL represented ScanlanKemperBard, the property manager.

Other tenants in the building include Valley Metro, On Advertising and the Phoenix Business Journal.

The 31st floor of the building was formerly a coworking space, called Society, which opened in 2017.

[michael85225]

So I was doing a little digging on the internet and found this page that was created in March and it features a detailed model of Ro2. I gotta say that this building looks amazing and will be the most unique building in Phoenix. I'm sorry if these were posted here before but I have never seen them.
https://www.loopnet.com/Listing/2nd-...x-AZ/15350731/

[Classical in Phoenix]

Looks like they are planning for an August 2021 completion date.