Colliers/Golub Preconstruction Thread: Four New Towers in Downtown Phoenix! - Page 6

HX_Guy · #**101** Posted **Jun 29, 2012, 7:17 AM**

What I don't get is why do they have a front setback? Why not move the whole thing forward, like 1CPE, Cityscape or 44 Monroe, and then you could leave the other half of the block for future development.

Also, when I see that aerial renderings, for some reason it reminds me of developments at Biltmore. This would look right at home there.

Tylerrrr · #**102** Posted **Jun 29, 2012, 7:40 AM**

Quote:

Originally Posted by nickw252

If they're going to do above ground parking then it needs to be like 44 Monroe or the Freeport McMoran building. In those buildings the parking structures blend in with the facades of the buildings and add architectural elements. This building looks like its being eaten by the massive parking garage.

Couldn't agree more!

Quote:

Originally Posted by HX_Guy

What I don't get is why do they have a front setback? Why not move the whole thing forward, like 1CPE, Cityscape or 44 Monroe, and then you could leave the other half of the block for future development.

But if they do have to build a huge, exposed parking structure, I would rather have it sit back with a grass lot for now. There's already 3 huge 5 story parking garages that go right up to VB. those things kill that street for me :/ I sit outside of crescent and wish there was a small office building, or really anything other than the view of that parking garage across the street.

Love how 44m and the Freeport building hide all that space with a... good urban design. Go figure.

combusean · #**103** Posted **Jul 1, 2012, 6:15 PM**

And here come the subsidies for 200 W Monroe

Quote:

AGENDA FOR FORMAL MEETING
TUESDAY, JULY 3, 2012, 1:00 P.M.
COUNCIL CHAMBERS, 200 WEST JEFFERSON
PHOENIX, ARIZONA 85003

...

ITEM 50
DISTRICT 8
ORDINANCE S-39053 - DISPOSITION AND REDEVELOPMENT AGREEMENT WITH 211 MONROE HOLDINGS, LLC

Request to authorize the City Manager, or his designee, to enter into a Disposition and Redevelopment Agreement (DRA), leases, easements, and other agreements as necessary (collectively, the "Agreements") with 211 Monroe Holding, LLC, or its City approved nominee (collectively, "Developer"), and for the City Controller to accept funds for the development of a high-rise, mixed-use, office tower located on the southern two thirds of the block between Second and Third Avenues and Monroe and Van Buren Streets (the "Property").

The Developer, the owner of the Property, in response to the City's advertisement requesting mixed-use development proposals, will develop a mixed-use, high-rise, office tower consisting of not less than 21 stories with approximately 350,000 square feet of Class A office space, amenities, and approximately 900 structured parking spaces (the "Project"). The Project will be constructed on the Property with the Developer landscaping the northern third of the block until future development opportunities arise.

Under the proposed business terms, the Developer shall pay a performance deposit, in the amount of $10,000, payable 30 days after Council authorization (Authorization Date) of the terms. Within 6 months from the Authorization Date, the Developer shall enter into an DRA with the City. Developer will be required to commence construction on the Project within 36 months from the Authorization Date and obtain a Certificate of Occupancy or Certificate of Completion for the Project within 24 months from the commencement of construction.

Upon the satisfaction of certain requirements, including the timely submission by Developer, City approval of a current environmental report for the Property and the receipt of a Certificate of Occupancy, the Developer will convey the Property to the City at no cost. The City will enter into a 25-year lease with the Developer which will include rent payments beginning at $10,000 in the first year and increasing to $150,000 in year 25. Pursuant to current state law, the improvements will be eligible for Government Property Lease Excise Tax (GPLET) treatment with the first 8 years of GPLET abated. At any time during the term of the lease, the Developer will have the option to repurchase the property for $50,000. All proceeds from the lease, performance deposit, repurchase, or sale of the leasehold shall be deposited in the Downtown Community Reinvestment Fund. At the end of the lease term, current state law requires the City to reconvey the Property and its improvements to the lessee.

The Developer is not permitted to sell, assign, or otherwise transfer its interest in the property or leasehold interest without prior approval by the City unless the transfer is to an affiliate of the Developer. Upon the first sale or transfer of its interest in the property and/or the leasehold interest, the Developer shall make payment to the City as follows: years 1-5 $300,000; years 6-10 $250,000; years 11-15 $200,000; years 16-20 $150,000; and years 21-25 $100,000. The Developer commits to provide approximately 3,500 square feet of office space, rent free, for use by a collegiate public education institution, such as Arizona State University, or for use as an incubator space for an emerging business enterprise, as defined by the City, for the duration of the lease. Developer also commits to provide parking for Orpheum Theatre events that occur on Friday nights, Saturdays, and Sundays during the term of the lease, which parking shall be paid for by the event patrons.

All deadlines for performance benchmarks can be modified at the City's sole discretion. The Agreements may contain such other terms and conditions as the City deems necessary or appropriate.

Financial Impact

There will be no impact to the General Fund as a result of entering into these contracts.

This item is recommended by Mr. Cavazos and the Community and Economic Development Department.

combusean · #**104** Posted **Jul 1, 2012, 6:27 PM**

And some contract gobbledygook for the tower on 1st St and Washington contains some more information about that project...

Quote:

DISTRICT 8 AUTHORIZATION TO AMEND AND RESTATE CONTRACT NO. 121451 – CITYSCAPE AGREEMENT FOR BLOCK 23

Request authorization for the City Manager, or his designee, to amend and restate City Contract No. 121451, Disposition and Redevelopment Agreement ("DRA") with Phoenix CityScape Investments, Inc. (the “Developer”) and for the City Controller to accept and disperse funds for the development of a high-rise, office tower located on Block 23 located between First and Second and Washington and Jefferson Streets (the “Property”). This amendment would replace the existing contractual obligations under City Contract No. 121451 – DRA (as amended by City Contract No. 121451 – DRA – 001) and City Contract No. 61142 with respect to Block 23 with new contractual obligations as detailed in an Amended and Restated Disposition and Redevelopment Agreement (“Amended DRA”).

As a result of the economic conditions of the past four years, the Developer has requested an amendment of the DRA, approved in 2007, to modify the terms and conditions for both the Developer and the amount of City participation in the revised project. The Developer is proposing a revised development plan for Block 23 that will include: removal of the existing underground parking garage, redevelopment of the north half of the Property with a 27 story high-rise, mixed-use, office tower and redevelopment of the south half of the Property into a new surface parking lot (the “Project”). The Developer intends to develop a mixed-use, high rise project of at least 250,000 square feet with subsurface parking (the “Phase II Project”) on the south half of the Property within the next nine years when future development opportunities arise.

The Project will include approximately 500,000 square feet of Class A office space, approximately 1,072 structured parking spaces contained in four (4) above grade and four (4) below grade parking levels, 12,500 square feet of commercial retail space and the redesign, paving, landscaping, irrigation, sidewalks, and other surface improvements for the south half of the block. The Developer commits to utilize high-quality architectural design and finishes that will compliment adjacent downtown buildings, enhance the pedestrian experience through streetscape improvements and shade along the perimeter of the city block.

Under the proposed new business terms, the Developer shall enter into the Amended DRA with the City within six (6) months from the date of Council authorization of the terms (the “Authorization Date”). Within eighteen (18) months of the Authorization Date, the Developer shall submit for and receive approval of the Preliminary Site Plan package. The Developer will be required to commence construction on the Project within twenty-eight (28) months from the Authorization Date and obtain a Certificate of Occupancy (“C of O”) for the Project within fortyeight (48) months from the Authorization Date.

Upon obtaining a C of O for the Project, the Developer will convey the fee title Project improvements to the City at no cost and the City will enter into a seventy-five (75) year lease which will include rent payments beginning at $50,000 in the first year and increasing to $497,796 in year 75. If the Phase II Project is completed by June 30, 2017, the Developer will have the right to enter into a seventy-five (75) year lease which will include rent payments beginning at $50,000 in the first year and increasing to $497,796 in year 75. If the Phase II Project is completed between July 1, 2017 and December 18, 2023, the City will enter into a twenty-five (25) year lease for the Phase II Project with rent payments beginning at $50,000 in the first year and increasing to $144,830 in year 25. Pursuant to current state law, the improvements will be eligible for Government Property Lease Excise Tax (GPLET) treatment with the first eight (8) years of GPLET abated. The Amended DRA will contain an option to repurchase the project phases for $50,000 each. If the Phase II Project is not under lease by December 18, 2023 the Developer is required to repurchase the property at a market rate appraised value formula as defined in the Amended DRA. Furthermore, the Developer will provide the City twenty percent (20%) of the Net revenue from the public and special event parking from the surface parking lot on the south half of the Property after recovery of twenty percent (20%) of the costs of demolition of the underground parking structure. Upon C of O and concurrent to the execution of the lease, the City will purchase from the Developer 200 structured below grade parking spaces for $5,000,000. The 150 spaces will be open and available to the public as unreserved spaces for public use at all times. The Developer will lease these 150 spaces from the City and make parking lease payments to the City at $10,000 beginning in the first year and increasing to $380,000 in year seventy-five (75). During the term of the parking lease, the Developer will have the option to repurchase the 150 spaces and terminate the lease through a descending schedule beginning at $5,000,000 in year one and $50,000 in year twenty-six. The Developer shall oversee a mutually approved management company for the parking on the Property.

The Developer is not permitted to sell, assign, or otherwise transfer its interest in the property or leasehold interest without prior approval by the City unless the transfer is to an affiliate of the Developer. All proceeds from the lease or repurchase shall be deposited in the Downtown Community Reinvestment Fund. At the end of the Lease term, current state law requires the City to reconvey the Property and its improvements to the Lessee. The Developer, at its sole cost and expense, shall indemnify, defend and hold the City harmless from and against any challenges to the City’s execution of or performance of the Amended DRA. The Agreements may contain such other terms and conditions as the City deems necessary or appropriate.

Financial Impact

Funding is available in the Downtown Community Reinvestment Fund to fund the $5,000,000 purchase of public parking in the spring of 2015. There will be no impact to the General Fund as a result of entering into these contracts.

This item is also recommended by Mr. Cavazos and the Community and Economic Development Department.

http://phoenix.gov/webcms/groups/int..._on/083249.pdf

nickw252 · #**105** Posted **Jul 3, 2012, 3:30 AM**

I dont know developer language. What does the issuance of the Cityscape Authorization to Amend mean? It sounds like a better building than the Golub tower.

Phxguy · #**106** Posted **Jul 3, 2012, 5:21 AM**

Pretty much the same thing, just summing it all up.
http://www.azcentral.com/business/ar...-downtown.html

plinko · #**107** Posted **Jul 3, 2012, 6:50 PM**

And now for the Goldwater Institute to step in? Protect freedom! Think of the children!

Anyway...

Why not require the southern end of the site to be landscaped like the other block instead of allowing another god awful surface lot?

PHX31 · #**108** Posted **Jul 3, 2012, 8:12 PM**

Quote:

Originally Posted by plinko

And now for the Goldwater Institute to step in? Protect freedom! Think of the children!

Anyway...

Why not require the southern end of the site to be landscaped like the other block instead of allowing another god awful surface lot?

Money. Didn't the article mention that the City will get a portion of the revenues generated by the parking?

reguru · #**109** Posted **Jul 9, 2012, 7:07 PM**

Article from Chicagorealestatedaily.com regarding Golub office tower to be constructed downtown.

http://www.chicagorealestatedaily.co...ut-up-for-sale

Vicelord John · #**110** Posted **Jul 9, 2012, 7:17 PM**

You obviously, in some way or another, have an interest in this development.

Sepstein · #**111** Posted **Jan 11, 2013, 12:19 AM**

I assume since no post have been made in last 6 months that there is no new news on these projects?

gymratmanaz · #**112** Posted **Jan 11, 2013, 4:47 AM**

Just you posting and making us think something new was here......

N830MH · #**113** Posted **Jan 11, 2013, 2:46 PM**

Quote:

Originally Posted by Sepstein

I assume since no post have been made in last 6 months that there is no new news on these projects?

No, nothing news lately. We haven't hear any news for more than 6-months.

OZ1970 · #**114** Posted **Feb 2, 2013, 8:02 PM**

Does anyone have any recent information on these new towers? Are they FOR SURE going to be built??? I know we really don't know for sure until we see concrete being poured and cranes moving but I was just curious since I have not seen any new info for a while...thank you!

OZ...

PHX31 · #**115** Posted **Feb 3, 2013, 3:04 AM**

I think the OP, renone, may be the only person at this point that has any information. I wonder if his company has made a decision on where to lease. Renone, any update? Will you have to change your username someday soon?

nickw252 · #**116** Posted **Feb 3, 2013, 4:03 AM**

reguru had good info on the Golub tower. He hasn't posted anything lately though.

nickw252 · #**117** Posted **Apr 27, 2013, 3:08 AM**

I noticed the 200 W Monroe website is down. Should anything be read into that?

http://www.200wmonroe.com/

If the Golub project doesn't get built it certainly won't be a loss. It was basically a whole city block devoted to an enormous parking garage. And there may have been some office in there too...

FitnessPower · #**118** Posted **Apr 30, 2013, 5:56 PM**

I actually like the look of the towers, would add some more height to downtown, but yeah the garage kinda kills the whole thing.

I still would like to see the project happen along with some tweaks to remove the garage from sight (surround it with apts and retail shops)

reguru · #**119** Posted **May 7, 2013, 5:41 PM**

Quote:

Originally Posted by reguru

Just ran across this website advertising the new Golub Office building planned for 2nd Ave and Monroe. Great looking building. Wish it were taller, but a great addition to the western skyline of DtPhx. Check out the outdoor track on the upper level.

http://www.200wmonroe.com/

I was curious if there had been any updates on the Golub project at 220 W Monroe. I went to the website and noticed it has been taken offline. Groundbreaking was to have started by now. I hope it's not completely off, however I know many of you did not care for the design and lack of ground floor retail. I feel it could have jump started some activity in that quiet area of downtown and would have been much better than the empty parking lot over there now. I have to say, for all the people on here complaining about developers lack of ground floor retail, I see alot of these "ground floor" spaces sitting empty and unrented. I am disappointed that some of these larger projects are not coming to fruition very quickly as compared to other cities like Austin, San Antonio, and Denver. I hope some of the larger proposed projects begin to break ground. On the bright side, the upper levels of the Hotel/Apartments at Cityscape look some better than the lower portion and ASU is moving forward with some expansions.

nickw252 · #**120** Posted **May 7, 2013, 7:52 PM**

I think people on here prefer quality projects over quantity. I would like more projects going forward but I did not like the design of this building. I also disagree with your statement that it would bring life to a quiet part of downtown. Rather, I feel that it would guarantee that that area remain a dead zone as the building was designed to accommodate vehicles rather than pedestrians and street life.