Phoenix | Derby | 240' | 21 Floors

[ASU Diablo]

Originally Posted by fawd

Matt is in for a rude awakening.... finally. The guy needs to come back down to realityville.

Derby project is far from dead. Been saying it for months.

Screw Matt...let's get this baby going!

[Obadno]

Originally Posted by airomero83

Screw Matt...let's get this baby going!

I dont understand his position, he was one of the first people to take a risk on downtown and openly admits that the neighborhood was full of hookers and heroin addicts 10 years ago but they opened a nice place anyway.

you would think somebody that has that ability to see the potential in the area would be delighted for this kind of development. He doesn't make any sense to me.

[ASU Diablo]

Originally Posted by fawd

Matt is in for a rude awakening.... finally. The guy needs to come back down to realityville.

Derby project is far from dead. Been saying it for months.

fawd - any updates/news you can share??

[fawd]

Originally Posted by airomero83

fawd - any updates/news you can share??

Not really. Litigation is ongoing.

[CrestedSaguaro]

Originally Posted by airomero83

fawd - any updates/news you can share??

Not sure what Fawd has, but I can add that the 5' McKinley street abandonment hearing was continued to July 11th. I don't know if the abandonment was approved or not. I'm hoping for some news to come out soon!

[Phxguy]

Not sure if this is old news but 5' abandonment has been achieved. My source? A Facebook post from 'Urban Phoenix Project' but I can't fathom why they would post this if it weren't accurate.

I copied the text from their FB post below

The Derby apartment project (2nd St/McKinley) has obtained a 5-foot abandonment of McKinley, allowing them to shift their building slightly forward (but not into the existing right-of-way due to a public access easement placed onto the abandonment). This was driven by a need to keep their crane from overhanging the adjacent parcel since the two property owners could not reach an air-rights agreement.

The Derby's final remaining hurdle appears to be the lawsuit filed against them by the Goldwater Institute and Angel's Trumpet.

Hopefully they can get past that and begin their project, because downtown needs more housing in order to achieve a critical mass of residents and stabilize prices. This is also the project that we all achieved the 5% reduced rents in as a part of the GPLET agreement. We feel it is important to see that agreement become operational to help set the precedent for future projects.

[Obadno]

Originally Posted by Phxguy

Not sure if this is old news but 5' abandonment has been achieved. My source? A Facebook post from 'Urban Phoenix Project' but I can't fathom why they would post this if it weren't accurate.

I copied the text from their FB post below

The Derby apartment project (2nd St/McKinley) has obtained a 5-foot abandonment of McKinley, allowing them to shift their building slightly forward (but not into the existing right-of-way due to a public access easement placed onto the abandonment). This was driven by a need to keep their crane from overhanging the adjacent parcel since the two property owners could not reach an air-rights agreement.

The Derby's final remaining hurdle appears to be the lawsuit filed against them by the Goldwater Institute and Angel's Trumpet.

Hopefully they can get past that and begin their project, because downtown needs more housing in order to achieve a critical mass of residents and stabilize prices. This is also the project that we all achieved the 5% reduced rents in as a part of the GPLET agreement. We feel it is important to see that agreement become operational to help set the precedent for future projects.

God the owner of angels trumpet is a real piece of work. I still have faith this will be built.

[ASUSunDevil]

Originally Posted by Obadno

God the owner of angels trumpet is a real piece of work. I still have faith this will be built.

Me too. Can't wait to never drink a beer there again!

[exit2lef]

Originally Posted by Phxguy

This was driven by a need to keep their crane from overhanging the adjacent parcel since the two property owners could not reach an air-rights agreement.
[/I]

I saw that post as well. The pettiness of the issue mentioned above is astounding, but the abandonment / easement combination on McKinley sounds like a good workaround.

[CrestedSaguaro]

Originally Posted by exit2lef

I saw that post as well. The pettiness of the issue mentioned above is astounding, but the abandonment / easement combination on McKinley sounds like a good workaround.

The abondment was approved at the last hearing. Glad to see not everyone sees it Matt's way.

As for the GPLET lawsuit, I potentially see Derby going the route of the Stewart and building without it if the lawsuit rules in favor of Goldwater/Angels. The developers seem pretty determined to get this built.

[Obadno]

Originally Posted by RonnieFoos

The abondment was approved at the last hearing. Glad to see not everyone sees it Matt's way.

As for the GPLET lawsuit, I potentially see Derby going the route of the Stewart and building without it if the lawsuit rules in favor of Goldwater/Angels. The developers seem pretty determined to get this built.

They were already doing site prep, that is a lot of money spent already to be derailed by a relatively small lawsuit.

[biggus diggus]

I don't think it's a small lawsuit, the value of the GPLET is quite high but I think you're right there's too much invested to jump ship now.

[muertecaza]

Originally Posted by biggus diggus

I don't think it's a small lawsuit, the value of the GPLET is quite high but I think you're right there's too much invested to jump ship now.

Yes--estimate in the litigation of the value of the GPLET is $8.44m, definitely not small. And from the City's perspective the stakes of the litigation are even higher, as the lawsuit asks the Court to declare the City's use of GPLETs unconstitutional.

As for the GPLET lawsuit, I potentially see Derby going the route of the Stewart and building without it if the lawsuit rules in favor of Goldwater/Angels. The developers seem pretty determined to get this built.

Worth noting too that nothing in the litigation should bar Derby from going forward with construction even while the lawsuit is pending if they wanted to. Goldwater/Englehorn don't ask to enjoin construction, just enjoin performance of the GPLET lease between Derby and the City.

[biggus diggus]

Correct, they are not taking the direct "you can't build this here" route, they're trying to cut off the builder's life-line so they can't build.

[exit2lef]

My guess, based purely on speculation and not inside knowledge, is that if the GPLET goes away, the project may still go forward but without 5% of it being devoted to affordable housing.

[ASU Diablo]

Originally Posted by exit2lef

My guess, based purely on speculation and not inside knowledge, is that if the GPLET goes away, the project may still go forward but without 5% of it being devoted to affordable housing.

at this point who cares? But i totally agree with you and I hope that does happen actually.

[CrestedSaguaro]

Derby's website has finally changed their status from "Under Construction" to "Coming Soon", lol. However, yesterday Transwestern added Derby to their Projects page. So, at least there's something tiny to report.

Link to projects page (under multi-family)
http://www.transwesterndevelopment.c.../projects.html

[Obadno]

Originally Posted by RonnieFoos

Derby's website has finally changed their status from "Under Construction" to "Coming Soon", lol. However, yesterday Transwestern added Derby to their Projects page. So, at least there's something tiny to report.

Link to projects page (under multi-family)
http://www.transwesterndevelopment.c.../projects.html

I still have faith, you dont get to the point of moving dirt and then pull out over a minor lawsuit. There is already a lot of money invested int his project.

[CrestedSaguaro]

Originally Posted by Obadno

I still have faith, you dont get to the point of moving dirt and then pull out over a minor lawsuit. There is already a lot of money invested int his project.

I believe it's going one way or the other. I would assume they are holding out until the lawsuit is over to see if they can still muster a GPLET. If not, they will build a la the Stewart...and I hope they add 10 stories to the project for the headache!

[Ballister]

Originally Posted by RonnieFoos

I believe it's going one way or the other:

You don't say?