Phoenix Development News (3)

[PHX31]

Originally Posted by mdpx

Check out the Tucson Development Page for three proposed projects that are much more imaginative that the ones we're seeing up here. They're kinda cool. Scroll down...
http://forum.skyscraperpage.com/show...87835&page=277

I don't see how that's anything better than anywhere else. But hopefully they'll pick one that eventually comes to fruition.

[westbev93]

Originally Posted by vwwolfe

I thought the Brophy Towers were proposed for the lot where Elevation is being built.

You are correct. Before it was going to be Brophy Towers (and Metro Lofts before that). You may recall that Brophy Towers was at one point planned to be the tallest building in the State at 50 stories. The developer also wanted to recreate Rockefeller Center and put an ice rink in.

Ah, the good old days when you could get Mortgages Limited to lend money for, quite literally, the stupidest ideas imaginable.

[biggus diggus]

Originally Posted by PHX31

Really? Less than $1,100 at Roosevelt Square for a 2/2? My co-worker has lived there for at least 7 years now and they just raised her rent again (they also have the last couple of lease renewals). I want to say it's just less than $1,000 for her 1/1.

Yup, they are advertising 2/2 for $1,079. Regardless of whether you can actually get that rate it doesn't really matter, that will get people in the door, tour the community, get approved then "oh hey, sorry, we rented our last $1,079 unit yesterday, we have one available now that's actually nicer and it's $1,250" and people will take it at that point because they've been hooked.

Bait and switch works, it brings up the rental rates, and it helps with sales.

[combusean]

2/2 in Roosevelt Square for that price is nuts, if that's the case.

I remember living in a 2/2 in Arcadia Villa for $1000/month 10 years ago, granted a lot of utilities were included, but what's sadder is that the price at Arcadia Villa has since dropped.

I'm hoping either of these rents aren't indicative of any long-term trend.

[combusean]

Originally Posted by westbev93

You are correct. Before it was going to be Brophy Towers (and Metro Lofts before that). You may recall that Brophy Towers was at one point planned to be the tallest building in the State at 50 stories. The developer also wanted to recreate Rockefeller Center and put an ice rink in.

Ah, the good old days when you could get Mortgages Limited to lend money for, quite literally, the stupidest ideas imaginable.

I LOVED the design of that tower so much I had it printed out and framed. Sad it was never built.

[nickw252]

Originally Posted by biggus diggus

Yup, they are advertising 2/2 for $1,079. Regardless of whether you can actually get that rate it doesn't really matter, that will get people in the door, tour the community, get approved then "oh hey, sorry, we rented our last $1,079 unit yesterday, we have one available now that's actually nicer and it's $1,250" and people will take it at that point because they've been hooked.

Bait and switch works, it brings up the rental rates, and it helps with sales.

I lived in Roosevelt Square in 2010 in a 1/1 loft in the front building and I was paying around $1,100 per month with nothing included. The price didn't bother me, what did bother me though was that it was a Stick built building that didn't have a lot of sound deadening between the floors. I could hear my upstairs neighbor walking around in heels on her concrete floor.

[biggus diggus]

Originally Posted by combusean

2/2 in Roosevelt Square for that price is nuts, if that's the case.

I remember living in a 2/2 in Arcadia Villa for $1000/month 10 years ago, granted a lot of utilities were included, but what's sadder is that the price at Arcadia Villa has since dropped.

I'm hoping either of these rents aren't indicative of any long-term trend.

everything has dropped lately in the apartment market.

[RichTempe]

Originally Posted by PHX31

Really? Less than $1,100 at Roosevelt Square for a 2/2? My co-worker has lived there for at least 7 years now and they just raised her rent again (they also have the last couple of lease renewals). I want to say it's just less than $1,000 for her 1/1.

I moved out of Roosevelt Square in November 2014 after 7 years and was paying $1120 for a 2nd floor 1/1 with a downtown view. Had I renewed it would have gone to $1175. Things have really crashed in a short period of time if a 2/2 is now going for less than $1100.

[biggus diggus]

Like I said last year the 2/2 floor plans were starting at roughly $1,500.

[poconoboy61]

Originally Posted by vwwolfe

I thought the Brophy Towers were proposed for the lot where Elevation is being built.

Oops, you're right. For some reason I was under the impression that the proposal was for the lot I referenced on Indian School. It would have been very interesting if that proposal had come to fruition. Oh well. The proposals we're getting now are a lot more on scale with what Phoenix has historically been used to. We can't get buildings above 5 floors without a lot of negative feedback from neighborhood groups. I can only wonder about the backlash from neighborhood groups if 30-50+ story apartment towers started springing up like they are in Houston.

[biggus diggus]

You guys were asking about the new metal clad development on 3rd Street north of Thomas, leading me to do a little research and post that I believed it was going to be a restaurant and or catering business. I don't remember when that was but it was in the last couple of months... See this article posted today:

http://www.phoenixnewtimes.com/resta...hoenix-7511320

[dtnphx]

Westward Ho to Undergo Over $14 Million in Renovations

The landmark Westward Ho building in downtown Phoenix is set to undergo a full renovation. Cathedral Development Group and its affiliates, historic owners of the building, acquired $14,138,600 in new debt yesterday with Berkadia Commercial Mortgage to fund the remodel. Arizona State University has signed a 15-year lease to occupy 15,000 square feet of the first floor to be used as a wellness clinic. DL Norton is contracted to handle the development.

The 289-unit tower has been a monument of Downtown Phoenix since its construction in 1927, when it was considered the tallest building in Arizona. The building has since been converted into HUD housing.

http://vizzdanews.blogspot.com/2015/...4-million.html

[Obadno]

Originally Posted by PHX31

I saw this, which I think is awesome.
http://azbigmedia.com/featured/abi-s...-reuse-project

I've always loved that building but for some reason never thought it was originally apartments historically. The existing modern silver oval sign on the side of it has always been very off-putting and maybe contributes to my thinking that it has always been offices. Either way, I love the fact that there will be another historic apartment building in Roosevelt.

Awesome! I just walked past that place last week with a date and said that it would be cool if some of these old places were apartments or houses instead of offices.

Maybe im in a coma and this is all an elaborate internal wish fulfillment delusion.....

[nickw252]

Originally Posted by Obadno

Awesome! I just walked past that place last week with a date and said that it would be cool if some of these old places were apartments or houses instead of offices.

Currently the Westward Ho is apartments (HUD) and not offices.

Unfortunately the article doesn't indicate what the renovations will include and what the end result will be. Is it being turned into market rate apartments? Student housing? Or is it going to continue as Section 8 housing?

[exit2lef]

Originally Posted by biggus diggus

You guys were asking about the new metal clad development on 3rd Street north of Thomas, leading me to do a little research and post that I believed it was going to be a restaurant and or catering business. I don't remember when that was but it was in the last couple of months... See this article posted today:

http://www.phoenixnewtimes.com/resta...hoenix-7511320

Nice to see some cool places opening on Third Street to break up the monotony of office buildings. This sounds like it will be next to China Chili.

[poconoboy61]

Originally Posted by dtnphx

Westward Ho to Undergo Over $14 Million in Renovations

The landmark Westward Ho building in downtown Phoenix is set to undergo a full renovation. Cathedral Development Group and its affiliates, historic owners of the building, acquired $14,138,600 in new debt yesterday with Berkadia Commercial Mortgage to fund the remodel. Arizona State University has signed a 15-year lease to occupy 15,000 square feet of the first floor to be used as a wellness clinic. DL Norton is contracted to handle the development.

The 289-unit tower has been a monument of Downtown Phoenix since its construction in 1927, when it was considered the tallest building in Arizona. The building has since been converted into HUD housing.

http://vizzdanews.blogspot.com/2015/...4-million.html

Good to hear. I've always wondered if the Westward Ho signage at the top of the building was ever illuminated? I think it would be cool and kind of add a retro feel to the skyline if that was part of the improvement. In any case, I'm happy to hear that there is still interest in preserving this building and not letting in fall into disrepair like it did in the 1970s.

[KevininPhx]

Originally Posted by westbev93

You are correct. Before it was going to be Brophy Towers (and Metro Lofts before that). You may recall that Brophy Towers was at one point planned to be the tallest building in the State at 50 stories. The developer also wanted to recreate Rockefeller Center and put an ice rink in.

Ah, the good old days when you could get Mortgages Limited to lend money for, quite literally, the stupidest ideas imaginable.

I'm sure someone said the same thing to whoever built Rockefeller Center. Metro Lofts was nuts in a totally amazing way. It pains me that it was never built. If anything remotely close to it is ever built here, I'll be the first one to buy one.

Off topic. Someone from ArtHaus called me yesterday to invite me to their sales center. You know, standard stuff. But it sounds like they've sold a few units and have several deposits on others.

[RichTempe]

Originally Posted by dtnphx

Westward Ho to Undergo Over $14 Million in Renovations

The landmark Westward Ho building in downtown Phoenix is set to undergo a full renovation. Cathedral Development Group and its affiliates, historic owners of the building, acquired $14,138,600 in new debt yesterday with Berkadia Commercial Mortgage to fund the remodel. Arizona State University has signed a 15-year lease to occupy 15,000 square feet of the first floor to be used as a wellness clinic. DL Norton is contracted to handle the development.

The 289-unit tower has been a monument of Downtown Phoenix since its construction in 1927, when it was considered the tallest building in Arizona. The building has since been converted into HUD housing.

http://vizzdanews.blogspot.com/2015/...4-million.html

Hopefully some of that money will be used to remove the hideous 280' antenna on top. It's not part of the original building and its only function now (besides being an eyesore) is to be a monstrously unpleasant looking cell tower. I doubt anyone's phone reception would be impacted much if the ugly thing came down.

If they could get rid of the giant rotating Valley National Bank sign on top of the Professional/Monroe Building, there's no reason to keep an unattractive, mostly non-functional antenna on the Westward Ho. On the other hand, it does compliment all the asphalt and vacant lots that surround it.

[PHX31]

/\I used to agree, but someone once on the board pointed out that the antenna is now historic in it's own right. I kind of think it's a cool earlier mid - century part of the building now. If it came off I wouldn't care but I also kind of like it now.

[vwwolfe]

Yeah, I believe that antenna was used to broadcast the first Television broadcast in Phoenix.