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ASU Diablo Nov 9, 2023 4:27 PM

Approved Phoenix bonds could accelerate development near downtown, Rio Salado
 
Good news about the Phoenix Bonds that recently went to voters. Also, I would love for this to really kickstart development near Rio Salado.

https://www.bizjournals.com/phoenix/...spark-asu.html

Quote:

Several major economic development opportunities and jobs could come as a result of the overwhelming support the city of Phoenix received this week from voters for a fresh $500 million in general obligation funds.

All four of Phoenix's general obligation bond measures were seen as passing by a wide margin as of 6 p.m. on Nov. 8, according to unofficial election results posted by the city. The bonds were pitched to voters as instruments to support public safety, community services, arts, economic development and housing across Phoenix.

About $38 million of those funds will be designated for economic development and education opportunities in three key corridors in the city. It's the first GO Bond Phoenix residents have voted on since 2006.

"These are three of the most promising areas in the city of Phoenix, and having voter support to move forward will be catalytic," Mayor Kate Gallego told the Business Journal in an interview on Wednesday. "We believe a small amount of bond funding will catalyze significant private sector investment and support the work that the business community and residents are already doing."

Rio Salado riverfront
Activating riverfront development opportunities along the Rio Salado is one of the top priorities for the city's economic development GO bond funds. This will add to the federal funds dedicated to a larger plan to revitalize dozens of miles along the Salt and Gila Rivers.

Over five years, the city estimates it will use $23.5 million to acquire about 20 acres around the river and for predevelopment work that could help prepare the sites for development across a mix of uses.

This could result in an additional investment of up to $100 million from private companies, 350,000 square feet of new retail, restaurant, entertainment or hotel space — and hundreds of new jobs, city staff previously said in a presentation about using the bond for the land acquisitions.

For more economic development news, sign up for one of Phoenix Business Journal's free daily newsletters.

"Phoenix exists as a city because of our riverfront," Gallego said. "We hope to make some investments that will catalyze more private sector work along the riverfront to make it a more active live, work, play area."

Without the city leading development in the area the vacant sites could be turned into just industrial buildings, the city previously said. A new project could be similar to a proposed food innovation center that's currently under construction in south Phoenix along the Rio Salado.

Infrastructure to support ASU med school
Another $12 million in GO bonds will go toward infrastructure and public building improvements to support Arizona State University's multimillion-dollar proposed medical school in downtown Phoenix.

"It will focus on engineering and medicine so we can have the high technology training of the future," Gallego said. "Phoenix is already a leader in medical devices and wearable technology but this will help us go to the next level."

Gallego said the project could also help increase the number of doctors in the Phoenix community. Recently, a consortium led by Greater Phoenix Economic Council was awarded a federal grant to become a future technology hub focused on medical device manufacturing.

Development near Sky Harbor
The city has also earmarked about $2.5 million to acquire anywhere from 15 to 50 properties near the Phoenix Sky Harbor International Airport, also known as the "spark area." The city has been acquiring land in the area for 50 years for noise mitigation due to its proximity to the airport.

Phoenix is looking to buy small or large nearby parcels of land in order to build up larger assemblages of land for future development. The area is generally located east of 7th Street, west of 16th Street and south of Jefferson Street.

Potential private developments in the area could include new services, cultural centers and corridors, sports and entertainment centers, hotels, markets and food options or business incubators.

Phoenix City Council recently approved a development agreement with Exact Sciences Corp. to make way for a proposed 250,000-square-foot cancer-detection facility on 17 acres in the same area, just west of the airport.

Gallego said other community projects that will be funded through the GO bonds could also contribute to the growth of the city, including a new fire station in north Phoenix near Taiwan Semiconductor Manufacturing Co.'s growing facility.

In addition, the city plans to spend $60 million in GO bond funds on housing, human services and homelessness.

Obadno Nov 9, 2023 5:15 PM

Quote:

Originally Posted by ASU Diablo (Post 10077453)
Good news about the Phoenix Bonds that recently went to voters. Also, I would love for this to really kickstart development near Rio Salado.

https://www.bizjournals.com/phoenix/...spark-asu.html

Quote:

Development near Sky Harbor
The city has also earmarked about $2.5 million to acquire anywhere from 15 to 50 properties near the Phoenix Sky Harbor International Airport, also known as the "spark area." The city has been acquiring land in the area for 50 years for noise mitigation due to its proximity to the airport.

Phoenix is looking to buy small or large nearby parcels of land in order to build up larger assemblages of land for future development. The area is generally located east of 7th Street, west of 16th Street and south of Jefferson Street.

I can't get over how blatantly corrupt this is, 50 years of the airport buying up poor homes because of "Noise" now the city will sell it off to developers at a premium.

My goodness. :haha::haha::haha:

Obadno Nov 9, 2023 5:16 PM

Can anyone copy the text here: https://www.bizjournals.com/phoenix/...ic-impact.html

Appears to be about more retail downtown.

muertecaza Nov 9, 2023 5:25 PM

Quote:

Originally Posted by Obadno (Post 10077549)
Can anyone copy the text here: https://www.bizjournals.com/phoenix/...ic-impact.html

Appears to be about more retail downtown.

Not much in specifics, it's mostly recapping an economic impact study. Some of the relevant stuff:

Quote:

Downtown Phoenix is expected to see a rise in employment and an increased demand for commercial space in the next five years, according to a new report.

The city's downtown core added substantial growth in residents and commercial development — as well as an estimated $21.1 billion in overall economic impact in 2022, demonstrating ongoing activity from residents, workers and businesses despite a slowdown during the Covid-19 pandemic.

[...]

Just this year, it was host to the World Series and Super Bowl activities. It's also seeing growth in residential and hotel offerings while the city is working to expand and create a central entertainment district in downtown Phoenix and bring more events to the region such as a Formula E race.

[...]

The lack of workers in the area could be offset by residential growth. As a result of ongoing development in the area, downtown Phoenix supported more nearly 24,000 residents in 2022 — a large uptick from the 10,000 residents downtown had in 2014.

Nearly 4,000 multifamily units are currently under construction with another 2,000 in the planning stages. If these units are all leased, the population of downtown will have more than tripled since 2009, according to the economic study.

To support the growth of workers and residents, downtown Phoenix could also see more than 260,000 square feet of new retail or commercial space in the next five years. Last year, downtown Phoenix had 108,000 square feet of retail under construction.

“Looking toward the future, we need to continue the policies that have made downtown successful, which include strategic business development, partnerships with universities, an increase in retail, and considering new and inventive means to attract both market rate and affordable housing,” said Mike Ebert, managing partner, Red Development and board chair, Downtown Phoenix Inc., in a statement.

As far as a fiscal impact to local government, the report estimates that the state, county and city saw a direct $397.7 million impact and an overall $635.1 million impact in 2022 from downtown Phoenix construction and non-construction activities.

combusean Nov 9, 2023 6:17 PM

Quote:

Originally Posted by Obadno (Post 10077545)
I can't get over how blatantly corrupt this is, 50 years of the airport buying up poor homes because of "Noise" now the city will sell it off to developers at a premium.

My goodness. :haha::haha::haha:

Not quite ... The FAA has rules about this which is why so much of the land west of the airport is still vacant.

Code5 Nov 10, 2023 4:06 AM

Quote:

Originally Posted by ASU Diablo (Post 10077453)
Good news about the Phoenix Bonds that recently went to voters. Also, I would love for this to really kickstart development near Rio Salado.

God, I wish they would make a Riverwalk/ boardwalk type development like they've got in San Antonio. Constant river flowing, tons of shade, tons of walkways and development and retail. Would be a dream.

somethingfast Nov 10, 2023 2:20 PM

Quote:

Originally Posted by Code5 (Post 10078102)
God, I wish they would make a Riverwalk/ boardwalk type development like they've got in San Antonio. Constant river flowing, tons of shade, tons of walkways and development and retail. Would be a dream.

They could...but they won't. Too obviously perfect. Phoenix doesn't do perfect downtown sorry.

exit2lef Nov 10, 2023 2:35 PM

Quote:

Originally Posted by somethingfast (Post 10078236)
They could...but they won't. Too obviously perfect. Phoenix doesn't do perfect downtown sorry.

This wouldn't even be downtown. The San Antonio Riverwalk runs through the heart of that city. The Rio Salado, on the other hand, is two miles south of downtown Phoenix. It's kind of an apples-and-oranges comparison.

somethingfast Nov 11, 2023 12:25 AM

Quote:

Originally Posted by exit2lef (Post 10078256)
This wouldn't even be downtown. The San Antonio Riverwalk runs through the heart of that city. The Rio Salado, on the other hand, is two miles south of downtown Phoenix. It's kind of an apples-and-oranges comparison.

Yeah true but the point remains - why does Phoenix continue to lack any coherent vision for DT? Rhetorical question...

Obadno Nov 11, 2023 4:11 PM

Quote:

Originally Posted by somethingfast (Post 10078721)
Yeah true but the point remains - why does Phoenix continue to lack any coherent vision for DT? Rhetorical question...

Because there is no history or love of the city, people love the region but not Phoenix itself.

If you want a "city" vision and patronage we are starting from scratch.

locolife Nov 12, 2023 4:55 PM

Quote:

Originally Posted by somethingfast (Post 10078721)
Yeah true but the point remains - why does Phoenix continue to lack any coherent vision for DT? Rhetorical question...

What kind of vision are you looking for? I think this is what the city has in mind, more or less. Seems pretty clear to me.
  • Bioscience core, between 3rd and 7th street, North of Van Buren to Roosevelt
  • Roosevelt arts/nightlife, Roosevelt between 7th street and 3rdAve
  • Major events/sports, Jefferson 1st street to 7th (Chase Field, FootPrint, Convention Center)
  • Transportation hub, Central/Van Buren
  • DT West Arts District, Van Buren to Adams 1st ave to 4th ave. Orpheum, Comerica, Crescent, Van Buren
  • ASU core, Van Buren to Filmore from Central to 3rd Street
  • Warehouse district, Jackson street and South, from 4th to 1st street

combusean Nov 12, 2023 7:37 PM

I think development will start to come with the light rail. Nobody really thought about the Hance Park area and developers gravitated towards it because of the good land in that area. There's already going to be a stop for the Audobon Center so that should start drawing people in on lots adjoining the river itself.

Obadno Nov 13, 2023 4:26 PM

I fully support the revelation of the river I think it’s a great idea but it’s not going to have the same results as in Tempe.

North Tempe was already the premier neighborhood so the river being filled just helped it along. The river down in phoenix is out of the way and has always been an industrial area. There aren’t even historic bones to build off and it isn’t even an old emote industrial area but an active and growing industrial area

So again I think it’s good as just a regional park kind of thing but we aren’t about to have a repeat of the Tempe waterfront. At least not anytime soon. Keep in mind even in Tempe it was almost a decade before serious lakefront development got started

MiEncanto Nov 13, 2023 6:01 PM

Quote:

Originally Posted by Obadno (Post 10079840)
I fully support the revelation of the river I think it’s a great idea but it’s not going to have the same results as in Tempe.

North Tempe was already the premier neighborhood so the river being filled just helped it along. The river down in phoenix is out of the way and has always been an industrial area. There aren’t even historic bones to build off and it isn’t even an old emote industrial area but an active and growing industrial area

So again I think it’s good as just a regional park kind of thing but we aren’t about to have a repeat of the Tempe waterfront. At least not anytime soon. Keep in mind even in Tempe it was almost a decade before serious lakefront development got started

This is a generous take. There's a chance it could be a complete flop. Heck we can't even hardly get the warehouse district to take off. And you think Broadway to University is where developers are going to invest?

combusean Nov 13, 2023 7:52 PM

The warehouse district is fine. It has tech companies and hotels with more on the way. It only hasn't taken off if you want it to be an entertainment district, but the market has decided that's not the direction it will take.

It's definitely not unrealistic to think any one of those lots near the river could turn over once the light rail is right there. Once the Alta brand finds something there the overall area will kick off--they have historically built something cheap (surface parked) as the pioneer in an area.

MiEncanto Nov 13, 2023 11:17 PM

Quote:

Originally Posted by combusean (Post 10080021)
The warehouse district is fine. It has tech companies and hotels with more on the way. It only hasn't taken off if you want it to be an entertainment district, but the market has decided that's not the direction it will take.

It's definitely not unrealistic to think any one of those lots near the river could turn over once the light rail is right there. Once the Alta brand finds something there the overall area will kick off--they have historically built something cheap (surface parked) as the pioneer in an area.

I'm not talking about entertainment. The warehouse district hasn't added a major employer in years. The whole goal was to attract a handful of major HQs or at least subsidiaries but they continue to choose other parts of the valley. Downtown has mostly been losing legal and accounting firms without a major addition.

Sure, perhaps Alta or others may build a few stick and stucco 4 story apartments along the south central line... that's pretty underwhelming stuff and a drop in the bucket from a development perspective. The river in the Phoenix section simply does not run through a section of town that is poised for investment.

I would rather the City invest funds on a proper downtown square. The surface lot west of the Suns arena should be ED'd and repurposed for a beautiful public square surrounded by iconic buildings that drive attention and people to downtown.

combusean Nov 13, 2023 11:19 PM

^ ... they spent something like $100 million on that public square already, and it's called Civic Space Park.

DesertRay Nov 14, 2023 3:32 PM

Possibilities
 
Quote:

Originally Posted by combusean (Post 10080167)
^ ... they spent something like $100 million on that public square already, and it's called Civic Space Park.

As someone who grew up here, I can see the frustration at not having a focal point, but I honestly like the more organic growth that has happened. When I was younger, downtown was a burnt-out shell--a State Fairgrounds, a few tall buildings that emptied out at 5 pm on Sunday, and a sad few reminders that we're really just a lot of houses connected by surface streets and the Black Canyon Freeway. Hell, the Zoo, Legend City, and Big Surf were the only things to look forward to.

Fast forward thirty-five years, and we have Hanse Park (which has hosted concerts like Aerosmith), Bank One....er Chase Field, a nicely revamped Suns arena, tons of housing that has popped up around light rail, a busy and growing downtown ASU. Civic Space Park, and the Arizona Center were "the future," and pale in comparison. Not sure what the riverbed will bring, but I'm guessing if they can get housing in the mix, the trails will be very popular for bikers and runners. Right now, the Indian Wash greenway is the only unbroken trail to train on. This is WAY more important than a riverwalk like San Antonio has (good for tourism shots, but not especially useful for the locals to live around). With the light rail station, I can imagine a lot of folks stopping by the Audubon center to take nature walks, go biking, or train for a marathon.

combusean Nov 14, 2023 4:07 PM

The river needs a lot of help to become the world-class amenity (I really hate saying that but there is potential here). The area directly surrounding Central where they've pumped water and actually have a riparian environment is amazing. But if you go past that it's utterly scorched and desolate. I hardly felt safe out there during the day time, at night... no thanks.

Draining the retention pond on the east side of the lake and fixing some of the cement plants could do a lot to make water actually flow, but the riverbed still needs a lot of help to make it more green and inviting. This is the kind of thing that Downtown could benefit from significantly by being close enough to it, much like Tempe has but in a different take (which I more prefer fwiw).

Obadno Nov 14, 2023 4:59 PM

I did not realize that the new Phoenix PD hq would be a 180 million dollar renovation!

Some Renderings: https://www.azcentral.com/story/news...s/71349396007/


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