The actual good news here, I think, bolded.
High-rise apartment tower would undo Obama stimulus improvements to Phoenix station
Back in 2009, the Obama administration sent $5 million to the city of Phoenix and the Valley Metro transit agency to rehab and modernize the Central Station bus and light rail stop in downtown Phoenix. The money was part of post-recession American Recovery and Reinvestment Act stimulus program.
Now, the federal stimulus improvements to Central Station at Van Buren Street and Central Avenue might have to make way for a $72 million, 34-story apartment tower.
The city of Phoenix has picked Chicago-based Smithfield Properties for a Central Station redevelopment after soliciting development proposals for the transit station site.
Smithfield is proposing a 476-apartment, 390-foot building at the downtown site. It would be one of the tallest buildings in the state. A parking garage also would be built as part of the new development.
Metro light rail trains and Valley Metro buses still will run through the station.
Phoenix spokeswoman Sina Matthes said the city is working with the developer to salvage and reuse some of the stimulus funded improvements at the station.
“Through the development process, the city will work with the developer to salvage and reuse the improvements made on the site.
The city is currently in negotiations regarding the items that will be salvaged and reused,” Matthes said.
Smithfield principal Bill Smith declined to comment on the project and its impact on the existing Central Station.
“We have no comment at this time,” he said.
Mark Stapp, a real estate professor and industry expert at the W.P. Carey School of Business at Arizona State University, said Central Station is a valuable piece of downtown real estate that can accommodate a high-density development.
“The more you can add multifamily the better off you are,” said Stapp.
The bus and light rail station is across the street from Arizona State’s growing downtown campus. Downtown boosters want to attract more housing to the central business district for ASU students and young professionals. That will help downtown shake its historical image of being a ghost-town after the workday ends, and attract more retail, restaurants and bars. Stapp said station property “is way too valuable” just for transit.
Stapp said
the development’s prospects are aided by the fact that the Central Station land is publicly owned and the city wants the project.
Mike Sunnucks writes about residential and commercial real estate.
http://www.bizjournals.com/phoenix/n...07345&page=all