View Single Post
  #66  
Old Posted Jul 24, 2014, 11:36 PM
Jjs5056 Jjs5056 is offline
Registered User
 
Join Date: Jul 2011
Posts: 1,724
According to a Seattle article I read a few months back, a market rate building was 100% leased in 6 months, and this was an indication about how intensely hot their rental market is.

Christmas is only an additional 3-4 months off that 12-month figure and that's without the subjective factors of: 1) adding the term 'luxury' as mentioned, pushing buyers toward places like SkyLine first; 2) views of parking lots and South Phoenix; 3) this not being anywhere near the 24/7 environment of Seattl

Also, 44 Monroe converted to apartments long after the building was completed. How many of those renters were people like us looking at this stunning highrise, not understanding how it wasn't filling up, and wishing we could commmit/afford to buy a unit during that time period? Summit filled up at a high speed, as well, due to similar build up.

Breweries
ASUSunDevil/Hoover: You aren't alone in thinking breweries could really help the downtown economy. An article was released a few months back on how Phoenix was hoping to/trying to attract more as they felt breweries give visitors a true sense of a destination. Unfortunately, as usual, talking the talk isn't the same as walking the walk. The Madison and St. James (and connecting space) would've been an amazing redevelopment that could have incorporated a brewery, restaurant, dessert establishment, and dance club with monstrous patio for games for a Yard-like experience.

Similarly, a firm was looking at the buildings on the east side of 7th Street between Roosevelt and the already-rehabbed warehouses (one has red painted accents; the other is green and will house the Mother Brunch Brewery). Continuing to restore and attract establishments along 7th would've done as much as is possible to make it attractive at least on weekends when traffic is calmer, or by car during the week. It also would help make reuse of Garfield buildings much more attractive. But, those talks died once the Circle K demolished and took hold of the entire Roosevelt/7th intersection. As more vehicle-oriented establishments are built, places like Mother Brunch Brewery become risky ventures that seem more and more outside the 'safe zone' of downtown.

The old Tommyknockers Brewery at Buchanan/1st St has been for sale forever. The real estate company has now resorted to promoting the land itself... the surrounding buildings are all occupied, Jackson's on 3rd seems to be open again; I think it's bizarre that a ready-to-go brewery can't attract that investment so close to the sporting area. The infamous Chinatown warehouse on 3rd/Jackson, and Levine properties on 1st/Jackson or Central/Buchanan seem to have enough room and are cool enough structures in good locations, but would require a lot more work.

Lastly, I don't know if they're big enough, but if Ballpark Apartments would do the inevitable and sell their huge piece of land, I think the El Fresno and HP Partner Building on 3rd/Buchanan would make great drinking establishment/restaurant partners given the large space (hi, patio) connecting them. A super modern, or even all glass extension showing the brewery equipment would be neat.
Reply With Quote