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I posted a comment about the geographic error. We'll see if it gets fixed. |
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From what I can tell, Collier had a $34m note to the Government as a result of the land swap. Collier defaulted in 2012, and tried to give the Government a deed in lieu and just walk away from the property (because the property was apparently worth much less than the balance on the note). Apparently part of the deal was that Collier had an obligation to put up government bonds as additional collateral if the property ever fell below 130% of the value of the note. Government sued for specific performance of this obligation. Unclear from the opinions what the terms of the settlement were, but interesting stuff (for those that find this kind of stuff interesting). |
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The understanding was Barron Coller Co. made it clear from the start that the site was a long-term hold (minimum of 20-25 years). The plan was for office, which wasn't good then and isn't a good use now for that area. I'd love the city to extend the park to the corner with tons of trees and maybe a water feature at the corner. It would go a long way in that area. Hopefully the owners of the Bayless site on the NW corner get off their fat asses and redevelop that. It's been sitting like that for decades.
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Looks like Union Market is having problems. Behind a pay wall and I'm on my cell phone. Can somebody post the full article?
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Best line from the article:
"A lobby sign saying 'Any day now' has been up for the past few months." This has been in "coming soon" status for about two years. |
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Light rail was a long way off, and the highrise code actually had intensity bonuses for interior pedestrian malls instead of street front retail. We've learned from it since and moved on with better planning. The new apartment tower should improve that block a lot either way. |
The Phoenix Business Journal recently posted an article named "New 200-room, 15-story hotel coming to Arizona Center".
Correct me if I'm wrong, but wasn't there an already proposed condominium high rise at that same corner of 5th and Van Buren? The article mentions another 31 story residential tower slated for construction in 2018, but I wasn't sure if it was referring to The LINK at 3rd and Pierce St. Did the ~30 story condos not get approved for the Arizona Center site? |
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They got new owners in 2015 and have ramping up an expansion, the mall renovations are going on right now and they have started prepping the site for the 31 story condo tower at the corner of 5th and Van Buren. The Hotel which was also planned is about half a block to the north on the other side of the APS building on a grassy area between the office tower and the center's parking Garage. This article is the announcement of the actual brand going in and its a nice urban-themed marriot so this is great news. It looks like they'll be doing a bigger better version of the Hampton inn/apartment Tower development on Central and Polk a few blocks away. |
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To be fair between AZ center, Colliers and Cityscape in 2008 there simply wasn't the population or draw to support all the retail, that has changed and by 2020 when all of these new units are open downtown is going to bustle. |
They didn't have an anchor tenant for either AZ Center or the Mercado when they opened, the latter lacked parking so did even worse.
The hotel tower and apartments have long been cited as the missing piece. Very nice to see how fast the new owner is moving. Stupid GGP for scratching their ass so long. |
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Ground broke this week on PHXs new controversial 19-story high rise. Story to come #cronkitenews https://t.co/lzzA8NUwxt
Does anyone know anything about this? The original tweet said this was an office building that would tower over everything next to it. |
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She must be confusing it with Derby. |
THE LIST:
High rise Block 23- 17 story apartments under construction Block 23- 9 story office under construction the Link - 29 story apartment UNDER CONSTRUCTION Central Park East- 17 stories apartments and 11 story hotel under construction The Stuart- 21 story apartment under construction Derby- 21 story apartment - construction on hold for litigation AC Marriot 15 stories - Proposed The link - 25 story apartment proposed The link 20 story apartment proposed Barrister- 32 story apartment proposed Residences at Collier - 25 story proposed Arizona Center- ~30 story Condos planning BMO 2nd tower- 22 stories Rumored Central station- ~30 stories A man can dream! Low Rise Broadstone Roosevelt- Under Construction Hance Park Apartments and Office- Under construction Small project next to Broadstone - under Construction Ally's on roosevelt (I cant remember the name) Under Construction Grow House 2.0 - Under Construction Central and Willeta- under Construction Arizona Center Remodel - Under construction ballpark Apartments - apparently revived The Filmore - Planned The Church- Planned Native Connections - Planned Roosevelt and 3rd ave- Planned McKinley Row- Planned ASU Biomed Phase 1- Planned Enhance Phase 2- Planned Enhance Phase 3 Planned McKinley and First ave project ( with Grocery) - Planned Hance Park Update- Planned Parking Structure 1st street and Jefferson- Planned Early stages Spaghetti Factory lot RFP for Central & Adams Light Rail Capitol Mall and South Central Extensions Updating the list |
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