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So by music venue opening in warehouse district you mean investors losing money in the warehouse district.

Well we can only hope that doesn't happen. Which it probably will.
Here's the only description of it....

Downtown Phoenix, AZ Dogfish, a club-style live music venue, will soon open in the Warehouse District on First Street south of the tracks. So which bands would you like to see play this joint?

Off of Downtown Phoenix on Facebook this past Thrusday.

Stopped by 44 Monroe yesterday with HX. There are 14 owners and now another 14 leases for renters. They are booked fairly solidly with potential renter appointments. I think that place is going to fill up fairly easily. The prices and quality is really good!!!

Quote:

Originally Posted by gymratmanaz (Post 5189162)

Do you know what the range is for rent?

It was quoted on the 44 monroe topic. I don't feel like finding it, but you can read about it there.

Prices were around 1200 for a one bedroom.

Midtown loses Microsoft

.
Microsoft has opened an office at Tempe Town Lake.

The company has taken the top floor of Hayden Ferry Lakeside II, the 12-story building at 60 E. Rio Salado Parkway.

About 150 sales, marketing and service employees have moved from Phoenix Plaza, at 2929 N. Central Ave., into 23,535 square feet in Tempe, 1,500 square feet larger than their Phoenix space.

Four other tenants recently signed leases for the building as well. Details aren't being disclosed, but Bryan Taute, senior vice president of CB Richard Ellis, indicated that the soft commercial market helped promote the deals.

The tenants wanted to upgrade their facilities, and they took advantage of landlord willingness to negotiate.

"Even though, for example, Microsoft probably could have renewed for less than they're paying at the new facility, it's less than they were probably previously paying," Taute said.

"It was an opportunity to take advantage of the market and upgrade their facilities. That's probably true for all tenants."

The four other recent leases:

- Citrix Online, subsidiary of Citrix Systems of Goleta, Calif., will occupy 19,919 square feet and will expand its space when it moves in May from Fountainhead Corporate Center. Citrix Online provides the Web conferencing tool Go To Meeting, among other products.

- The New York-based Guardian Life Insurance Co. moved its sales office in November from Airport Technology Center, at 44th and Van Buren streets in Phoenix. It took 8,092 square feet.

- Financial advisers Ronald Blue & Co. of Roswell, Ga., located from Mesa Financial Plaza in December. It occupies 7,842 square feet.

- Solium Capital LLC moved its U.S. headquarters from Southfield, Mich., in August into 6,740 square feet in Tempe. Solium Capital provides software for stock-plan administration.

The building's occupancy stands at more than 90 percent.

The building's owner, New York-based Sumitomo Corp. of America, was represented in the deals by Taute and Brad Anderson, also of CBRE.

Hayden Ferry Lakeside II is part of a mixed-use project of 1.6 million square feet of office, retail and residential condos.

Built in 2007, the building was awarded the Energy Star label in 2010 by the U.S. Environmental Protection Agency.

Read more: http://www.azcentral.com/community/t...#ixzz1Frn5gmeH

Its a small thing, but anything is nice in this economy:

Quote:

Little Ellis Island

Author: Susie Steckner
PRINT Issue: February, 2011, Page 42

Photo courtesy Martha + Mary, top; arnold eggers, below

The old Smitty’s store in Phoenix (below) is now Yourland (above), a mixed-use project that includes U.S. citizenship services.

A PHOENIX DEVELOPER/ARTIST IS TRANSFORMING A KEY PIECE OF REAL ESTATE SOUTHEAST OF DOWNTOWN INTO A MINI ELLIS ISLAND.

We all know the line about your land and my land. But did anyone ever envision it resting under a strip mall near 16th Street and Buckeye Road in south-central Phoenix?

Yourland is a sprawling adaptive reuse project turning a collection of vacant buildings into an urban hub mixing business, art and community space. The first phase is under way this year with construction of the United States Citizenship and Immigration Services building, a much-needed anchor tenant for the economy-stalled project.

Yourland, first unveiled in 2007, is the brainchild of Phoenix developer and artist Sloane McFarland, whose family has owned the property for 100 years. If the name sounds familiar, it should: McFarland took old lemons and made redevelopment lemonade with Welcome Diner, Pane Bianco and LUX coffee.

“Our project is a long-term project. The vision that we have is for generations to come, not just the short term,” McFarland says.

Yourland stretches over roughly 17 acres and sits adjacent to Phoenix Sky Harbor International Airport’s Rental Car Center. The centerpiece of Yourland is the historic Smitty’s Big Town grocery store, the first in Phoenix and a precursor to the superstore conceived by pioneering retailer Clyde B. “Smitty” Smith. The site also includes an old car wash and other buildings.

In 2008, McFarland’s development firm, Martha + Mary, leased a portion of the Smitty’s building for a new United States Citizenship and Immigration Services facility, which is overseen by the Department of Homeland Security. The project calls for a 50,000-square-foot center, slated to open in June, where people will receive green cards, get sworn in as United States citizens and more. McFarland says a friend has referred to Yourland as a “little Ellis Island.”

“It kind of brings full circle some of the theme we’re working on, in terms of it being called Yourland,” McFarland says.

Getting financing for the first phase of the project, with its roughly $12 million citizenship and immigration center, was a major victory. “Our whole focus in the last year has been financing,” McFarland says. “The financial markets have been so tough.”

McFarland’s focus is now on phase two. He envisions a 1,000-person event venue, office and retail spaces, and restaurants. McFarland owns the popular Welcome Diner Downtown and also hopes to serve the country’s newest citizens apple pie at a Yourland Welcome Diner.

McFarland, who has had one-man exhibitions at the ASU Art Museum and Scottsdale Museum of Contemporary Art, also envisions art installations among the businesses and community spaces.

Yourland has a fan in Don Keuth, president of the Phoenix Community Alliance, a nonprofit economic development organization for the region. PCA is behind the Discovery Triangle, a public-private effort to boost urban life in the Downtown, Tempe and Papago Park area. Yourland fits squarely with that work. “It’s in a good location, and his vision to be very mixed-use about it is really intriguing,” Keuth says.

Both Keuth and McFarland note that adaptive reuse is critical in urban areas. McFarland says, “We have a heart for urban infill and working with the existing buildings… and really bringing new life to them.”

Quote:

Originally Posted by bwonger06 (Post 5189491)

Prices were around 1200 for a one bedroom.

Thanks Bwonger.

Thanks for posting that Hoover. Although I knew about Yourland, it's been off my radar for a while. I like the Little Ellis Island theme and that a commercial property owner takes such pride in his community.

Looks like Starwood Hotels and Resorts Worldwide is moving it's Phoenix corporate office from 24th St & Camelback to Scottsdale Quarter. Sucks for Phoenix.

http://www.azcentral.com/business/ne...ood-times.html

Not the most exciting news but it sounds like Downtown may be getting some new construction...

http://phoenix.gov/PUBMEETC/1018.html#Item4

Quote:

This report requests that the Housing and Neighborhoods Subcommittee recommend City Council approval to loan and disburse up to $3,000,000 in HOME Investment Partnerships (HOME Program) funds to The Lofts at McKinley LLC pursuant to terms and conditions that are consistent with the City’s Affordable Housing Loan Program and Underwriting Guidelines. Funds will be used in the new construction of The Lofts at McKinley, a 60-unit new construction apartment complex for seniors located at 809 North 5th Avenue in Phoenix, City Council District 7.

THE ISSUE

The Lofts at McKinley new construction project is a 60-unit multifamily apartment complex serving seniors ages 55 and older with 40 one bedroom units and 20 two bedroom units in a three-story urban loft building with a subterranean parking garage. The proposed project will be a 100 percent affordable community serving very-low and low-income seniors “between 40 percent and 60 percent” of Area Median Income ($18,650 - $28,020 for a family of one). The project will be developed by Gorman & Company and the Downtown Phoenix Community Development Corporation. The project has received a 2010 award of Low Income Housing Tax Credits (LIHTC) from the Arizona Department of Housing.

The developer also proposes that three of the units be fully accessible and set aside as permanent housing for physically disabled seniors. The project will have an agreement in place with Arizona Bridge to Independent Living (ABIL) to provide services to these residents.

The total project cost is estimated at $14,300,000. The developer plans on utilizing $8,000,000 in 2010 LIHTC equity; up to $1,500,000 in State of Arizona Housing Trust Funds; a deferred developer fee; and private financing to leverage the City’s $3,000,000 HOME Program fund commitment. The City’s HOME Program award is contingent upon the project completing an environmental review and receiving an approved Release of Funds from the U.S. Department of Housing and Urban Development (HUD).

OTHER INFORMATION

Gorman & Company Inc. is a for-profit developer formed in 1984 and based in Wisconsin with affordable multi-family housing projects in five states. They have constructed more than 3,000 apartment units. The Lofts at McKinley will be its first LIHTC project in Phoenix.

HOUSING IMPACT

Affordable rental housing is generally defined as housing provided to individuals or families between 40 percent and 60 percent of the annual Area Median Income ($18,650 - $28,020 for a family of one). The approval of funding for the new construction of The Lofts at McKinley Apartments project will assist the Housing Department in furthering its mission of providing affordable housing for very-low income seniors in Phoenix.

RECOMMENDATION

This report requests that the Housing and Neighborhoods Subcommittee recommend City Council approval to loan and disburse up to $3,000,000 in HOME Investment Partnerships (HOME Program) funds to The Lofts at McKinley LLC pursuant to terms and conditions that are consistent with the City’s Affordable Housing Loan Program and Underwriting Guidelines. Funds will be used in the new construction of The Lofts at McKinley, a 60-unit new construction apartment complex for seniors located at 809 North 5th Avenue in Phoenix, City Council District 7.

So it sounds like this will be sort of a min version of what the Westward Ho is. I'd prefer Downtown get more construction that was cheap apartments for young folks, city workers, artists, etc. but hey, this looks like it'll fill in a parking lot and dirt lot, so we shouldn't complain.

^ Exactly, and in just 12 short years, I'll be able to live there. Woohoo! :)

--don

We need some more housing that is geared towards people who make 60-80% of the median income. The middle classes get screwed time & time again. The rich can afford to live downtown as can the poor. The middle class will always move to the 'burbs as long as there is no housing built specifically for them.

Quote:

Originally Posted by HooverDam (Post 5191446)

Not the most exciting news but it sounds like Downtown may be getting some new construction...

http://phoenix.gov/PUBMEETC/1018.html#Item4

So it sounds like this will be sort of a min version of what the Westward Ho is. I'd prefer Downtown get more construction that was cheap apartments for young folks, city workers, artists, etc. but hey, this looks like it'll fill in a parking lot and dirt lot, so we shouldn't complain.

It will replace that crappy complex and its parking lot that started as a 4plex in 1952 and was walled off completely in 1968 as an office building. I seriously wonder what the hell people were on when they "rehabbed" it. It's been vacant for years...the guy that did my condo conversion on 4th Ave has owned it since 2006. It was originally supposed to be a 3-story affordable complex through the ASU stardust center for affordable housing, so apparently a few years later it's moving forward in some fashion. I remember the plans back then were supposed to preserve the setbacks and trees in front...apparently that's no longer the case according to a variance I saw posted there.

The NW side of Downtown already has a good selection of apartments for the middle class. On 4th Ave alone they've recently renovated two apartment complexes and the rents are pretty reasonable. (D'Art and 631 N 4th Ave). Reid Butler mentioned a couple years ago that most people who live in his complex on 6th Ave make under $20k. I doubt that situation has improved much since.

Rio Salado is building a >2 story Adult Education Center on its property. Haven't seen anything more about it.

Wow. I would expect one of those towers to have gone for $163 million, not the whole complex.

That's the benefit of dealing with a company in bk during a down market.

Maybe the low price will mean they have some funds to invest in upgrading some things or at least kicking out the kitschy tourist shop.

Depending on the current office leases in the two towers, that's a downright heist. That's basically what the original build cost was...in 1990.

According to the article, the APS tower is 100% leased by them and the other tower is 88% leased.

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