Phoenix Development News (3)

[PHXFlyer11]

So no word yet on what the retail will be in the circles portion? I was really hoping for a brewery but it looks like most of the local breweries already have downtown/uptown locations planned already with Pedal Haus, State 48, AZ Wilderness, San Tan and Huss. I suppose Four Peaks is an option but I’d like to see something new. Or perhaps from Tucson or Flagstaff open a location there. Anything but a brewery would be a huge miss IMO.

[biggus diggus]

There were some workers drilling at the old crazy bin on the NEC 2nd and Garfield. One of you posted something for that lot recently.

[muertecaza]

Originally Posted by biggus diggus

There were some workers drilling at the old crazy bin on the NEC 2nd and Garfield. One of you posted something for that lot recently.

Interesting that was this one:

Originally Posted by muertecaza

Two notable plan reviews filed today.

First, 903 N. 2nd St.:

https://www.google.com/maps/place/90...!4d-112.070878





Can't find anything about owner/developer, so tempering expectations, but good to see proposals continue.

The plan review seemed very speculative but who knows

[Phxguy]

https://azbigmedia.com/cushman-wakef...or-14-million/

Interesting possibility! We've seen this before not too far south with One Lexington being converted from offices to condos.

[ASU Diablo]

Old BMO building finally sold. Hopefully, we see some action/updates on the residential shift soon.

https://azbigmedia.com/cushman-wakef...or-14-million/

[nickw252]

Originally Posted by airomero83

Old BMO building finally sold. Hopefully, we see some action/updates on the residential shift soon.

https://azbigmedia.com/cushman-wakef...or-14-million/

I feel like so much residential has gone up in Midtown that it would be best to keep that as an office.

It also doesn't seem to be a great fit to be residential as there are no balconies, no pool deck, no outdoor space, etc. It would take a lot of retrofitting to add the amenities people expect in a contemporary mid or high-rise building.

However, it is in a great location for residential being at the intersection of Camelback and Central. Easy access to the Camelback corridor, downtown Scottsdale, and downtown Phoenix.

[Obadno]

Originally Posted by muertecaza

Interesting that was this one:



The plan review seemed very speculative but who knows

Fingers crossed for another link situation that moves quick and comes out of nowhere

[Obadno]

https://downtowndevil.com/2018/04/12...h-legislature/

So they have limited the GIPLET. What does this mean for derby? If it isn’t dead completely

[biggus diggus]

Originally Posted by nickw252

I feel like so much residential has gone up in Midtown that it would be best to keep that as an office.

It also doesn't seem to be a great fit to be residential as there are no balconies, no pool deck, no outdoor space, etc. It would take a lot of retrofitting to add the amenities people expect in a contemporary mid or high-rise building.

However, it is in a great location for residential being at the intersection of Camelback and Central. Easy access to the Camelback corridor, downtown Scottsdale, and downtown Phoenix.

Easy to add balconies. Pull out window casings and recess them 4' into the building and you've created a balcony.

The lot is plenty big enough for outdoor space and a pool. Look at One Lexington for an example. The time is right to pull the trigger on this building but they've been discussing it so long without any movement that I'm doubtful it will happen.

[combusean]

Closing an office tower shifts the tenants to other buildings nearby (hopefully, at least) and in any event reduces vacancy which Midtown is plagued with.

The only thing that keeps people away from central Phoenix living is the price… This can’t quite be said about office tenants. All those new apartment buildings won’t be vacant for a long, they just won’t get the ROI that they thought. Compared to office towers that have been at 20%+ for a decade now.

[Classical in Phoenix]

Originally Posted by combusean

Closing an office tower shifts the tenants to other buildings nearby (hopefully, at least) and in any event reduces vacancy which Midtown is plagued with.

The only thing that keeps people away from central Phoenix living is the price… This can’t quite be said about office tenants. All those new apartment buildings won’t be vacant for a long, they just won’t get the ROI that they thought. Compared to office towers that have been at 20%+ for a decade now.

The occupancy is only 3.4% according to the article, but it does give one less property for potential office tenants to look at. Either office or residential there is no way a biilding should be at that low of an occupancy on that corner. I realize the group that owned it was preparing for an eventual shift to residential, or at least that was the last I heard.

[nickw252]

Originally Posted by combusean

Closing an office tower shifts the tenants to other buildings nearby (hopefully, at least) and in any event reduces vacancy which Midtown is plagued with.

The only thing that keeps people away from central Phoenix living is the price… This can’t quite be said about office tenants. All those new apartment buildings won’t be vacant for a long, they just won’t get the ROI that they thought. Compared to office towers that have been at 20%+ for a decade now.

That's true. I guess it may be a net positive to convert to residential as it will drive down residential prices (where it's expensive and there's strong demand), and reduce office supply ideally lowering the vacancy rates and possibly leading to new construction.

As I said above, it's a great location for residential.

[CrestedSaguaro]

Demo request posted for the block where the Crescent/Earl development is to be built:

*Edit: Meant to post this in the Low/Mid-rise thread if a mod wants to move it.

[CrestedSaguaro]

Four obstruction evaluations posted for 200 W. Monroe at 300' each. All the evaluations are showing for each corner of the block...NE, SE, NW and SW.

Overview

Study (ASN): 2018-AWP-8335-OE
Prior Study:
Status: Work In Progress


Received Date: 04/17/2018
Entered Date: 04/17/2018
Map: View Map

Construction Info Structure Summary

Notice Of: CONSTR
Duration: PERM (Months: 0 Days: 0)
Work Schedule:


Structure Type: Building
Structure Name: 200 W Monroe SW Corner
FCC Number:


Structure Details Height and Elevation

Latitude (NAD 83): 33° 27' 01.70" N
Longitude (NAD 83): 112° 04' 39.35" W
Datum: NAD 83
City: Phoenix
State: AZ
Nearest County: Maricopa


Proposed

Site Elevation:
1085

Structure Height:
300

Total Height (AMSL):
1385

https://oeaaa.faa.gov/oeaaa/external...62874554&row=1

https://oeaaa.faa.gov/oeaaa/external...62874552&row=2

https://oeaaa.faa.gov/oeaaa/external...62874510&row=3

https://oeaaa.faa.gov/oeaaa/external...62874281&row=4

[PHXFlyer11]

Originally Posted by RonnieFoos

Four obstruction evaluations posted for 200 W. Monroe at 300' each. All the evaluations are showing for each corner of the block...NE, SE, NW and SW.



https://oeaaa.faa.gov/oeaaa/external...62874554&row=1

https://oeaaa.faa.gov/oeaaa/external...62874552&row=2

https://oeaaa.faa.gov/oeaaa/external...62874510&row=3

https://oeaaa.faa.gov/oeaaa/external...62874281&row=4

What project is this? Are there renderings?

[Phxguy]

Originally Posted by PHXFlyer11

What project is this? Are there renderings?

Did some fishing around back to February and rediscovered the ‘deats on this project. No photos with it though.


200 W. Monroe St. is an entire city block ("Site") which is owned by 211 W. Monroe Holdings, LLC, an affiliate of Golub Real Estate Corporation ("Golub") out of Chicago, Illinois. In July of 2012, City Council authorized business terms for Golub to develop a high rise tower which would include approximately 350,000 square feet of office space...Unfortunately, due to the market and economic impacts of the recession on the office market for an office tower of this size, Golub has been unsuccessful in advancing the original plan.

Golub has been working with another Chicago development group, XSC 200 W. Monroe Acquisition, LLC, ("Developer") to acquire the site and development agreement. Golub has reached terms with the Developer to acquire the site ancd development rights to develop a dense, urban, mixed-use, high-rise development on the Site...In order to facilitate the development of the Site, staff recommends the following revised terms to be incorporated into an amended development agreement.
The project scope will be amended to be a two phase, mixed-use, high-rise project with two towers with approximately 600 residential units, 40,000 square feet of
commercial space, 1,000 structured parking stalls, and associated streetscape improvements ("Project")
The Project will be developed in two phases with each phase consisting of an approximately 275-foot tower with Phase 1, 300 rental residential units, 650 structured parking stalls, and 20,000 square feet of commercial space. Phase 2, 300 rental residential units, 350 structured parking stalls, and 20,000 square feet of commercial space...

[muertecaza]

Originally Posted by PHXFlyer11

What project is this? Are there renderings?

This is the block where Golub had a previous office proposal and now it's proposed for residential. combusean posted a Downtown Voices Coalition document that had what appears to be at least a preliminary mock-up of what the building might look like.

https://drive.google.com/file/d/1SuQ...rIOpK_SXx/view

[CrestedSaguaro]

Originally Posted by PHXFlyer11

What project is this? Are there renderings?

This is the proposed project that is located at the former Golub tower site that never got built. I don't know why 4 crane evaluations were submitted on each corners of the block though. Maybe they are playing with different proposals?

The last thing I saw was what Sean posted a few pages back...

https://drive.google.com/file/d/1SuQ...rIOpK_SXx/view

[CrestedSaguaro]

Phoenix Metro is #10 per-capita for multi-family residential development in the U.S.

By Tim Gallen
– Digital Editor, Phoenix Business Journal

Apr 18, 2018, 1:38pm


Since 2000, spending on building apartments, condominiums and other multifamily projects has exceeded $13 billion in Phoenix, according to a new report.

That's $13.1 billion to be exact, according to the report from Apartment List. That total spending is the 10th highest among all major U.S. metro areas during the period from 2000 to 2016.

Spending on multifamily construction in Phoenix was 10.5 percent of the share of residential spending from 2000 to 2016, according to the report.

Nationally, spending on multifamily construction is up nearly four times since 2010, according to the report, which looked into the increasing importance of multifamily construction in America's cities. In Phoenix, the share of residential construction spending on multifamily climbed 8 percent from 2000 to 2016.

Per-capita spending on multifamily construction in Phoenix was $300 million in 2016, according to the Apartment List report. That accounts for 18.4 percent of the total residential construction spending in the region. Among major U.S. metros, Phoenix was 10th for per-capita spending on multifamily construction in 2016. Seattle and Denver topped the per-capita list.

Since before the onset of the recession about a decade ago, the number of renters across the country including in Phoenix has risen.

Between 2005 and 2016, 91 percent of all newly formed households were renters, and renters currently occupy 87 percent of the units in multifamily properties, according to the Apartment List report.

Even in historically house happy Phoenix, the number of apartment and multifamily projects continue to go up, with new complexes and condos rising up from vacant infill lots in submarkets such as midtown and downtown Phoenix, Tempe, Scottsdale and other parts of the region. Much of that growth is attributed to the ongoing urban renewal and demand for space in walkable neighborhoods, according to the report.

While Phoenix continues to experience a boom in multifamily construction, rent continues to be relatively affordable in the Valley compared to other major markets, according to Apartment List's latest rent report.

https://www.bizjournals.com/phoenix/...g-exceeds.html

[Obadno]

Originally Posted by RonnieFoos

Phoenix Metro is #10 per-capita for multi-family residential development in the U.S.



https://www.bizjournals.com/phoenix/...g-exceeds.html

Makes sense since we will be #10 metro within the next 18 months