Phoenix Development News (3) - Page 464

biggus diggus · #**9261** Posted **May 10, 2016, 10:21 PM**

There are no current plans to redevelop the lot but the owner does not want to have north facing windows on the lot line therefore limiting his options later.

PHX31 · #**9262** Posted **May 11, 2016, 3:41 PM**

Quote:

Originally Posted by biggus diggus

There are no current plans to redevelop the lot but the owner does not want to have north facing windows on the lot line therefore limiting his options later.

So is this a property rights issue for the Angel's Trumpet lot, or is it a property rights issue for the Derby lot? Who should get their way here?

dtnphx · #**9263** Posted **May 11, 2016, 4:16 PM**

So much for a cooling apartment market....

Citrine Apartments sell for almost $94M in highest price per unit ($301,000) deal ever

http://brewaz.com/hot-news/citrine-a...nit-deal-ever/

biggus diggus · #**9264** Posted **May 11, 2016, 4:29 PM**

Quote:

Originally Posted by PHX31

So is this a property rights issue for the Angel's Trumpet lot, or is it a property rights issue for the Derby lot? Who should get their way here?

I am staying out of this one! Just providing some basis for conversation between you all, it seemed a little slow in here.

combusean · #**9265** Posted **May 11, 2016, 7:39 PM**

Quote:

Originally Posted by dtnphx

So much for a cooling apartment market....

Citrine Apartments sell for almost $94M in highest price per unit ($301,000) deal ever

http://brewaz.com/hot-news/citrine-a...nit-deal-ever/

California real estate prices for a secondary submarket in Phoenix is a sign things have overheated.

nickw252 · #**9266** Posted **May 11, 2016, 8:05 PM**

Quote:

Originally Posted by combusean

California real estate prices for a secondary submarket in Phoenix is a sign things have overheated.

Whoa $301k per door is expensive for a submarket in Phoenix. I sense a bubble in the high-end multi-family market.

PHX31 · #**9267** Posted **May 11, 2016, 8:45 PM**

Quote:

Originally Posted by combusean

California real estate prices for a secondary submarket in Phoenix is a sign things have overheated.

North Central Phoenix (I'd include 44th St/Camelback in North Central PHX) is extremely hot and desirable right now (tangibly, due to the amenities, location, and popularity of the area). At least we're not talking about Chandler or Gilbert for prices like this.

biggus diggus · #**9268** Posted **May 11, 2016, 8:49 PM**

Haven't I been telling you guys that for months?

If you aren't nearing construction completion, have a buyer lined up, and headed for home it's too late for you.

PhxMatt · #**9269** Posted **May 11, 2016, 9:25 PM**

According to the DeRito leasing website Walgreen's is going into a space at Tapestry at Central.

dtnphx · #**9270** Posted **May 11, 2016, 9:43 PM**

Quote:

Originally Posted by combusean

California real estate prices for a secondary submarket in Phoenix is a sign things have overheated.

Actually, that's not the case in sales (perhaps in construction). It means that the lease up rate is outstanding and that the income potential on the project is off the charts. That's how investors look at a multifamily project like this. Why? Because of it's location it will always be a cash cow and the overall value of the infill property is bolstered by it's location and high rent demand. As stated elsewhere on this page, if this were Chandler with all that available land, it is one thing to claim overpriced, but not in the Camelback Corridor. BTW, the second-most paid for a multifamily property at over $299K per door in the past 4-5 months was a development next to Sumo Maya at Lincoln & Scottsdale Rd. Next to it, a very high end retail project is slated to go there with the approved $2 billion Ritz Carlton Resort just next to that. Location matters.

biggus diggus · #**9271** Posted **May 11, 2016, 9:46 PM**

Quote:

Originally Posted by dtnphx

Actually, that's not the case in sales (perhaps in construction). It means that the lease up rate is outstanding and that the income potential on the project is off the charts. That's how investors look at a multifamily project like this. Why? Because of it's location it will always be a cash cow and the overall value of the infill property is bolstered by it's location and high rent demand. As stated elsewhere on this page, if this were Chandler with all that available land, it is one thing to claim overpriced, but not in the Camelback Corridor. BTW, the second-most paid for a multifamily property at over $299K per door in the past 4-5 months was a development next to Sumo Maya at Lincoln & Scottsdale Rd. Next to it, a very high end retail project is slated to go there with the approved $2 billion Ritz Carlton Resort just next to that. Location matters.

You' correct in the long term, but I the short term combosean is right I think.

exit2lef · #**9272** Posted **May 11, 2016, 9:48 PM**

Quote:

Originally Posted by PhxMatt

According to the DeRito leasing website Walgreen's is going into a space at Tapestry at Central.

I've noticed signs for it when walking or riding the train past Tapestry. It's called "Community by Walgreens" or something like that. It's a smaller format urban store that Walgreens has been trying out in other cities, and I'm glad Phoenix is going to get one. I'm even happier that the ground floor retail space in Tapestry finally has another tenant after almost a decade of being vacant.

exit2lef · #**9273** Posted **May 11, 2016, 9:52 PM**

Quote:

Originally Posted by PHX31

So is this a property rights issue for the Angel's Trumpet lot, or is it a property rights issue for the Derby lot? Who should get their way here?

I suspect it may be pre-emptive. If the owners of Angels Trumpet ever decide to sell their land, the possibility of a lawsuit by the Derby's owners could limit the potential for high-rise development on the site. The Derby's owners might claim that blocking the views of north-facing apartments would diminish the value of its building. By taking legal action first, maybe the Angels Trumpet owners hope to change the Derby's design so that the loss of views never becomes an issue.

PHX31 · #**9274** Posted **May 11, 2016, 9:58 PM**

Quote:

Originally Posted by exit2lef

I suspect it may be pre-emptive. If the owners of Angels Trumpet ever decide to sell their land, the possibility of a lawsuit by the Derby's owners could limit the potential for high-rise development on the site. The Derby's owners might claim that blocking the views of north-facing apartments would diminish the value of its building. By taking legal action first, maybe the Angels Trumpet owners hope to change the Derby's design so that the loss of views never becomes an issue.

Yeah, exactly. So who gets precedence to sue and/or limit the other?

vwwolfe · #**9275** Posted **May 11, 2016, 10:40 PM**

Quote:

Originally Posted by PhxMatt

According to the DeRito leasing website Walgreen's is going into a space at Tapestry at Central.

It's pretty much just a Pharmacy Window. No retail to speak of.

PhxMatt · #**9276** Posted **May 12, 2016, 1:06 AM**

Quote:

Originally Posted by vwwolfe

It's pretty much just a Pharmacy Window. No retail to speak of.

Figured it would just be a pharmacy, it's still a positive thing for the area and fills a space that has been vacant for way to long.

pbenjamin · #**9277** Posted **May 12, 2016, 1:23 AM**

Can somebody point me to some information on the Walgreen's?

mdpx · #**9278** Posted **May 12, 2016, 6:43 PM**

Even though this has been reported already, they do point out that Macayo's would build across the street. That's new news. The SW corner of Indian and Central is horrible so new development would be welcome there.

Breaking: Apartments eyed for Macayo’s Aztec pyramid Central Avenue restaurant site

The owners of Macayo’s Mexican Kitchen are looking to sell their restaurant on Central Avenue in midtown Phoenix to Atlanta-based Wood Partners.

The Atlanta-based developer is looking to build new apartments on the property just south of Indian School Road.

The iconic restaurant has a distinctive exterior modeled after an Aztec pyramid. The Central Avenue location opened in 1952.

Macayo’s would sell the property to Wood and then develop a new restaurant across the street.

The apartment development would total 225 apartments on 3.3 acres at Central and Indianola avenues, according to city documents.

Wood is a large national apartment developer. That includes some complexes in central and downtown Phoenix.

Nick Wood, a prominent Phoenix land-use attorney with Snell & Wilmer LLP, is representing Wood Partners in the potential redevelopment, according to city documents.

The Phoenix New Times first reported the story this morning.

We are waiting for comments on the redevelopment from Wood Partners and Macayo’s.

Macayo's founder Woody Johnson is rumored to have invented the chimichanga back in 1946, when Macayo's first opened.

Macayo's currently has more than 1,100 employees and 12 locations.

The restaurant recently spent $40,000 on renovating its Mesa location, which opened in 1970.

biggus diggus · #**9279** Posted **May 12, 2016, 6:55 PM**

According to the new times article I am reading they don't intend to occupy a new build at the SWC of Indian School and Central:

“Rest assured, we intend to move to the south side of Indianola off Central but cannot comment on the specific timing and details of the project yet.”

http://www.phoenixnewtimes.com/resta...tments-8287825

PHXFlyer11 · #**9280** Posted **May 12, 2016, 6:59 PM**

Quote:

Originally Posted by biggus diggus

According to the new times article I am reading they don't intend to occupy a new build at the SWC of Indian School and Central:

“Rest assured, we intend to move to the south side of Indianola off Central but cannot comment on the specific timing and details of the project yet.”

http://www.phoenixnewtimes.com/resta...tments-8287825

So basically into the old FEZ location.