Phoenix Development News (3) - Page 868

dtnphx · #**17341** Posted **Jun 27, 2020, 7:51 PM**

Quote:

Originally Posted by KenPhoenix222

For a City and Metropolitan Area the size of Phoenix, we seriously lack the quintessential, signature skyscraper exceeding 60 floors. Most large cities have many buildings over this size. I keep waiting for a major corporate relocation announcement or news of a major investment for such a tower, but it never comes. I realize that zoning plays a big part of that, especially in the Central Business District, along with associated restrictions imposed by FAA. However, the area to the north of Roosevelt, up to McDowell, between 7th Avenue and 7th Street - that zone, would be the perfect area for such new buildings. Also along Central Avenue to the north of McDowell. Essentially a "northern extension" of the Central Business District. It may in fact require the City to increase their height ceilings a little in some of the zoning districts in order to make a tall building happen. But to my knowledge, that area would not be subject to tight FAA height restrictions due to its distance away from the Sky Harbor flight path. While I am excited to watch downtown development and to watch the City grow, by the same token, a sea of 20 to 30 story buildings does not convey a "large city" feel or image to a visitor from another area. Phoenix needs taller buildings, but seriously lacks those kind of business investment opportunities. This is where the economic development professionals and their "attraction" models and efforts seem to be lacking. While they are doing a great job on small-scale tech job creation and small business startups, their efforts to attract major corporations with the promise of thousands of jobs are non-existent. Nonetheless, I keep waiting for the towers and the addition of corporate jobs. Phoenix is "very far behind" the norm in this category, especially given the fact that our City is about 1,750,000 people and the Metro is pushing 5,000,000 people. We should act like a large American City - we are not El Paso, Tucson or Albuquerque. We are larger than Philadelphia and Dallas. Its all in the attitude and vision for the future by those in a position of leadership - first politically, and also from a planning and economic development perspective. On the surface, this seems to be a combination of outdated, 1960's zoning without any foresight to allow the City to grow up to the next level, and a poor economic development effort on behalf of the City, which is evidenced by the fact that they are unable to attract "any" corporations into the downtown area. The numbers are there and Phoenix "looks big," but from a civic perspective, Phoenix is seriously lacking. City Hall and GPEC need to take a serious look at themselves.

Our skyline looks great and is growing. To bemoan Phoenix for not being (name your city) is a complete waste of time. Frankly, albeit for COVID, Phoenix is really coming together downtown and am really proud of how far we’ve come. You’re here, stop bitching as to what we’re not and contribute. In two years you won’t even recognize the place.

CrestedSaguaro · #**17342** Posted **Jun 27, 2020, 8:11 PM**

Phoenix's FAA height limits are not really THAT low. Areas of western downtown bordering 7th Ave allow up to 650' and most of the Central Downtown area North of Van Buren allow from 500 to 550' (such as where Rastegar is possibly going). This gives us the potential to build a Vancouver'ish skyline which would be fantastic. Midtown does allow for a much greater height, but I will keep the focus on downtown for now.

It's worth noting developers are starting to challenge the current zoning height limits (Astra, Garfield and Thunderbird) which could possibly result in height zoning modifications eventually. Will this result in 200' greater height limits? No, but I could see an increase of 30' to 50' across the board and already we can build taller than San Diego which is considered one of the better looking skylines in the country. So it's not always about super height and I am fairly happy with where we are and what's coming. No, we won't get a supertall any time soon, but I am all for a couple of 500+ footers and I think we may even see a 600 footer in the next 5 years if this trend continues.

Actually, what I think we could be heading for is a Vancouver look for Downtown and an Atlanta look for Midtown. Now that would be some skyline!

xymox · #**17343** Posted **Jun 28, 2020, 6:32 AM**

Quote:

Originally Posted by KenPhoenix222

For a City and Metropolitan Area the size of Phoenix, we seriously lack the quintessential, signature skyscraper exceeding 60 floors. Most large cities have many buildings over this size. I keep waiting for a major corporate relocation announcement or news of a major investment for such a tower, but it never comes.

- SNIP -

Phoenix will get taller buildings downtown once there's proper demand. And not before. Not because we 'should' for a city our size.

We need either businesses clamoring to be downtown en-mass - or people clamoring to live downtown. My bet is on the latter before the former - that's what's driving all the existing development going on downtown at the moment.

There's been plenty of corporate relocation announcements - but in this day and age, expecting a company of the size that would require a 60 story building to themselves is exceedingly rare. When there are expansions - Tempe is a much larger draw due to the lake and proximity to ASU. State Farm easily could have built a 600ft building downtown and put everyone there - but instead chose lakeside development where it is now. Nationwide chose to build up in north Scottsdale instead. The expansions/relocations ARE happening - but there are currently other areas that are more highly desirable across the valley for any number of reasons.

What we need is to cultivate the growing corporate HQs we have here (i.e. Carvana, Nikola, etc) and hope they grow to the point of needing such a building - vs choosing to lease multiple buildings across the metro instead. Covid will certainly play a role in how that turns out.

We've made a TON of progress over the 30+ years I've lived here. I'm no longer embarrassed to take co-workers from out of town downtown for drinks/meals. Many have even commented how alive and dense downtown is compared to what they thought it was. Ultimatel, if Astra and the Ragestar developments actually happen - and are successful - that will show the banks that its 'safe' to fund such developments here. A new 'bar' will be set and we'll see more of these pop up on the increasingly limited lots to build.

BA744PHX · #**17344** Posted **Jun 28, 2020, 1:38 PM**

Good Morning everyone, today i decided to do some research on Rastegar portfolio, I dont know if its just me, but I cant seem to find any property they have developed. Besides the obvious that they are an investment company, is it possible they purchased for a potential 550ft development just a fluff?

While looking for more information on the company I found this link selling additional properties in DT. The second link highlights developments, there are many discrepancies in the photo however there is a Tolls Brothers project located next to the Fillmore and Rastegar. Would anyone know about this project?
https://www.loopnet.com/Listing/353-...x-AZ/19550696/

https://images1.loopnet.com/i2/Zz2Q5.../116/image.jpg

azliam · #**17345** Posted **Jun 28, 2020, 2:25 PM**

Quote:

Originally Posted by BA744PHX

Good Morning everyone, today i decided to do some research on Rastegar portfolio, I dont know if its just me, but I cant seem to find any property they have developed. Besides the obvious that they are an investment company, is it possible they purchased for a potential 550ft development just a fluff?

While looking for more information on the company I found this link selling additional properties in DT. The second link highlights developments, there are many discrepancies in the photo however there is a Tolls Brothers project located next to the Fillmore and Rastegar. Would anyone know about this project?
https://www.loopnet.com/Listing/353-...x-AZ/19550696/

https://images1.loopnet.com/i2/Zz2Q5.../116/image.jpg

I thought they were planning to develop this in Dallas:

https://www.bizjournals.com/dallas/n...-rastegar.html

Mr.RE · #**17346** Posted **Jun 28, 2020, 4:54 PM**

Quote:

Originally Posted by azliam

I thought they were planning to develop this in Dallas:

https://www.bizjournals.com/dallas/n...-rastegar.html

My guess is they are planning to buy & hold the parcel, zone it for a PUD or some other type of free-form development and then sell it shovel ready to another developer. Typical business plan of a company with no track record in phoenix.

Obadno · #**17347** Posted **Jun 28, 2020, 5:10 PM**

Quote:

Originally Posted by BA744PHX

Good Morning everyone, today i decided to do some research on Rastegar portfolio, I dont know if its just me, but I cant seem to find any property they have developed. Besides the obvious that they are an investment company, is it possible they purchased for a potential 550ft development just a fluff?

While looking for more information on the company I found this link selling additional properties in DT. The second link highlights developments, there are many discrepancies in the photo however there is a Tolls Brothers project located next to the Fillmore and Rastegar. Would anyone know about this project?
https://www.loopnet.com/Listing/353-...x-AZ/19550696/

https://images1.loopnet.com/i2/Zz2Q5.../116/image.jpg

The Toll Brothers project was proposed, standard 5 story apartment building, but there was an old warehouse building on that spot that burned up about 4 years ago.

ljbuild · #**17348** Posted **Jun 29, 2020, 6:24 PM**

Quote:

Originally Posted by CrestedSaguaro

Phoenix's FAA height limits are not really THAT low. Areas of western downtown bordering 7th Ave allow up to 650' and most of the Central Downtown area North of Van Buren allow from 500 to 550' (such as where Rastegar is possibly going). This gives us the potential to build a Vancouver'ish skyline which would be fantastic. Midtown does allow for a much greater height, but I will keep the focus on downtown for now.

It's worth noting developers are starting to challenge the current zoning height limits (Astra, Garfield and Thunderbird) which could possibly result in height zoning modifications eventually. Will this result in 200' greater height limits? No, but I could see an increase of 30' to 50' across the board and already we can build taller than San Diego which is considered one of the better looking skylines in the country. So it's not always about super height and I am fairly happy with where we are and what's coming. No, we won't get a supertall any time soon, but I am all for a couple of 500+ footers and I think we may even see a 600 footer in the next 5 years if this trend continues.

Actually, what I think we could be heading for is a Vancouver look for Downtown and an Atlanta look for Midtown. Now that would be some skyline!

DOWNTOWN & MIDTOWN CONNECTED AS A CONTINUOUS DTWN, will be super awesome.
It wont look like Phoenix has TWO DOWNTOWNS.

combusean · #**17349** Posted **Jun 29, 2020, 11:51 PM**

Quote:

Originally Posted by BA744PHX

Good Morning everyone, today i decided to do some research on Rastegar portfolio, I dont know if its just me, but I cant seem to find any property they have developed. Besides the obvious that they are an investment company, is it possible they purchased for a potential 550ft development just a fluff?

While looking for more information on the company I found this link selling additional properties in DT. The second link highlights developments, there are many discrepancies in the photo however there is a Tolls Brothers project located next to the Fillmore and Rastegar. Would anyone know about this project?
https://www.loopnet.com/Listing/353-...x-AZ/19550696/

https://images1.loopnet.com/i2/Zz2Q5.../116/image.jpg

That was the 1898 Clinton Campbell house that was torn down for no reason three years ago.

CrestedSaguaro · #**17350** Posted **Jun 29, 2020, 11:55 PM**

Lots of permits submitted including final site plan for the Hanny's tower (the Edith) in the last few days. Looks like this one is starting to ramp up speed.

gymratmanaz · #**17351** Posted **Jun 30, 2020, 12:14 AM**

Nice find, Crested, which one is The Edith? height?

CrestedSaguaro · #**17352** Posted **Jun 30, 2020, 12:34 AM**

Quote:

Originally Posted by gymratmanaz

Nice find, Crested, which one is The Edith? height?

Behind Hanny's parking lot. 245'

gymratmanaz · #**17353** Posted **Jun 30, 2020, 1:15 AM**

Thanks. 245 not bad for that slice and fills out the block!

fawd · #**17354** Posted **Jun 30, 2020, 2:13 AM**

Out of all the developments currently in the works, I'm probably most excited about the Hanny's tower. HUGE for density.

And I hope they stay true to the original renderings. They were awesome with the reverse stairstep look.

Phxguy · #**17355** Posted **Jun 30, 2020, 3:07 AM**

Quote:

Originally Posted by combusean

That was the 1898 Clinton Campbell house that was torn down for no reason three years ago.

Ugh that one bugs me...the same day the Clinton Campbell House was on the chopping block at City Hall, the pink liquor store in Melrose was fought with pitchforks to remain. Today, it’s still sits empty while a turn of the century Victorian turned to dust.

Makes me nervous about the 2-story Victorian on 2nd Ave, south of the O’ Neil Project.

Classical in Phoenix · #**17356** Posted **Jun 30, 2020, 2:15 PM**

Quote:

Originally Posted by fawd

Out of all the developments currently in the works, I'm probably most excited about the Hanny's tower. HUGE for density.

And I hope they stay true to the original renderings. They were awesome with the reverse stairstep look.

Yeah, I have been excited about this one since it was first announced. I thought the RFP had a construction start date of 6/3, but obviously that passed. Good to see final plans submitted. Hopefully, they will break ground in the near future.