The vacancy rates in mid-town are more driven by tenants moving to new class A space more than any specific issues with parking I believe. When the recession hit concessions and move-in rates at 24th and Camelback (for example) were hard to beat. Isn't most vacancy in downtown also in older buildings as opposed to CityScape. Scottsdale Airpark also has significant vacany presumably from dated buildings more than from parking.

Mike Sunnucks, Phoenix Business Journal painted the reality yesterday in his headline:
"East beats West: All new office construction happening in East Valley, Scottsdale — none in West Valley, Phoenix"

Mike Sunnucks also had a mixed bag companion piece:
"Phoenix vacancies still high but larger office spaces harder to find"

The East Valley has taken most of the air of downtown's balloon. This not new info or a surprise but it is today's reality.

Some day in a future not that distant the wonderful new freeways will become once again a congested mess. Downtown Phoenix will have its day and time.

Affordable land and direct access to the Light Rail.

90 units isn't that substantial. It looks mediocre in design, but at least it includes some retail.

Even though these are decent, I have higher expectations for Downtown residential. The Denver midrise's that TakeFive posted yesterday are what I'd like to see Downtown.

What a crazy question?! This neighborhood 10 years ago was very shitty. But like other neighborhoods downtown, the whole point of development is to take these shitty neighborhoods and develop them into affordable, denser communities where people want to live. Your logic would have just left Roosevelt row as it is. Whether through gentrification (whether you like that or not) or infill on empty lots and abandoned buildings, the whole point is transforming shitty into liveable.

This neighborhood is prime for development. These buildings sit right between the east/west LRT lines. It just sits right on the border of the edge of downtown (7th street). Imagine 10 years from now if the areas between Van Buren to north and Jefferson to the south and from 7th street east to the I-10 are filled with low-rise dense single and multi-use housing. Imagine an affordable area close to DT, with the prime access to LRT.. This could pan out for a very non-shitty neighborhood.

BTW... since LRT, this corridor has been pushed aggressively by the city for development. Former Mayor Gordon' "Opportunity Corridor" does have a long, long way to go esp since its neglect during the recession. These three buildings are good signs that it isn't dead.

Some archive reads ... http://archive.azcentral.com/arizona...ngton1020.html

I suppose I just meant that im surprised these lots along 11th were developed before the area around Roosevelt Point.

That's good info. I have little idea about such things, especially in Phoenix.

It all relates to how companies want to allocate square feet per employee. I originally read about it at the Puget Sound Business Journal where they were writing about the new trend of closer to 350 SF per employee as oppose the the traditional 500 SF per employee. They were speculating partly because of Seattle's own tech growth and specifically Amazon who is looking to build/occupy up to 10 million square feet by the end of the decade. There wasn't any specific examples of buildings or how much parking they had or were planning however.

It's also why I think Phoenix should work to improve not only their transit but streetscapes that connect neighborhoods. Make downtown more attractive as a place to live as well as work and the rest should take care of itself.


An ideal place to TOD cluster? Works for me.

Well this is one way to help lower the office vacancy rate...more foot traffic in midtown area.

Exclusive: Class A office building at Central and Camelback could be converted to apartments
Mike Sunnucks
Phoenix Business Journal
http://www.bizjournals.com/phoenix/n...ntral-and.html

:haha: To funny not to post. I just have to go to today's Phoenix Business Journal where Francine Hardaway gives me the inside scoop on Colorado.

"Get ready for the marijuana industry in Arizona"
LOL, I did do a brief post concerning Denver's 4/20 event which basically stated that hotel reservations were up 60% over last year.

Don't follow this much; all I know is that the near downtown warehouse market which was rather drab from dated buildings quickly became a hot ticket. Presumably this is a "millennial friendly" thing but I couldn't say how much this is contributing to downtown's popularity. :koko:

Just read this as well. Good news! There are so many great restaurants in that immediate area with St. Francis, Federal Pizza, Joyride, etc and the Uptown Plaza renovation will be great.

The existing offices will have to move elsewhere nearby, further decreasing the vacancy rate. I hope this happens. Really loving what I'm seeing out of midtown lately.

Looks like more retail coming to Skyline Lofts...The Fratella Sausage Co. and Growler Fill. A sausage and beer restaurant with an outside bocce ball court. Nice!

http://www.azcentral.com/story/enter...mmer/26097425/

http://www.gannett-cdn.com/-mm-/60a8...z-original.jpg

I'm happy just to see any retail at all in Skyline Lofts, but this does sounds like a good place.

A friend is a commercial broker and was telling me about this on Saturday. I didn't believe him, and I still don't feel confident it will come to fruition, but it would be neat if it does. He said he was working with BMO to find new offices, so it does sound real that they are moving...

We had a very nice Mother's Day brunch at St. Francis. My (now) 21 year old thought it was great. He also loves Postino.

Anyway, with respect to mid-town, I've been waiting and wondering....
Denver has had great success with several dated office building that were converted to apartments or a hotel. One taller building was converted to a Kimpton Hotel and apartments.

There are two projects off of 3rd St. that I haven't seen mentioned. One is just south of Osborn. Not sure if it's medical offices or retail/restaurant. Nice new metal buildings.

The other is closer to McDowell, it looks like there is a concrete elevator shaft that is 4 stories up now. Definitely apartments.

Finally, an old office building on Third and about Thomas was gutted. Only the frame remains. Looks like a remodel. MAYBE a condo conversion? Not sure.

Agreed. I've never heard and out of market tenant look at midtown parking ratios and say they're too low*, what I have heard is local brokers repeating "oh there's no parking in midtown." Which of course, is utter nonsense. However, most people, especially commercial real estate brokers, aren't particularly smart, creative, insightful or well read. They hear someone say "there's a parking issue" and they parrot it, they read one headline that says that, and they go with it.

The buildings in midtown are class B and C space mostly. That's the issue. We've failed to grow the type of economy that requires high rise office space, thus we play continual musical chairs between the Class A buildings, and the Class B and C structures mostly lay fallow.


*that doesn't mean this doesn't happen, I just haven't heard it.

This is good news. Two thoughts:

1. Lets hope the current tenants, especially BMO Harris stay in the Central Ave/lightrail corridor and we don't lose them to Scottsdale or wherever.

2. As the property re-develops I hope they can work out w/ Valley Metro to abandon the old drive through ATM area just south of the tower. If Light Rail is ever going to go East or Northeast, it would likely need to turn at an angle there, like it does going Northwest bound.

Though maybe it can make the right turn right onto Camelback. It seems able to make those tuns downtown, so maybe it would be fine.

The first one is located on a lot where they recently tore down a relatively non-descript MCM building. The new buildings look pretty decent, but it's almost like a commune/complex, it's a little scattered about on the lot. Probably just going to have a huge parking lot in the center.

The second one is the Native American Connections development on Virginia/3rd Street. We have talked about it before. http://www.nativeconnections.org/hou...er-development

The third one you mention was new to me too. I just saw the shell last week and was wondering what was going on.

This is not exclusive to any one group of people or profession, rather it is human behavior in general.

And at 19th Ave/Camelback which comparable.

Let's hope the BMO building conversion creates an interest for the SW Corner by the light rail station. Another condo building with ground floor retail would be nice. The entity that owns it is Cornerstone at Camelback LLC.

I don't now BMO's company culture you'd hope they would stay within a few miles for there employees sake and all the available space in buildings nearby.

But I wouldn't be surprised if they moved to some shiny new office off price or the Chandler Airpark.