Someone did their homework and posted some rather disconcerting news about vacancy rates and rents in the new residential towers downtown.

https://old.reddit.com/r/phoenix/com...t_prices_have/

This is a good thing rents have ballooned totally out of control.

Why would somebody pay 2500 downtown when they can pay 1850 in a nicer neighborhood in Scottsdale?

This correction is absolutely necessary.

Wow. That is pretty shocking. Now, rates absolutely skyrocketed the last few years so some coming down is certainly in order....

I have been looking into apartments recently as I was hoping to move at the end of the year - from what I've seen prices have dropped considerably. We asked all the apartments we toured with about occupancy rates, and most of them are within 15%. I think moontower was the fullest at somewhere around half or so, but skye was at 8%, and Ave Sky was also around the same amount full. Moontower is a beautifully constructed apartment complex, their amenities are top notch and it is obviously well taken care of. In my opinion Greystar are some of the best maintained and built properties around, their quality is very good. I was not aware of this collapse in price, but with so many units going up for the prices they were at, I don't think the phoenix market was able to support the prices at this time. Skye was at 2700+ for a large one bedroom at 800sqft, dropped to $2300 and 8 weeks free since the beginning of the year. The leasing agent seemed new, but he told me that he wouldn't quote me on price since I wasn't looking to move in until after summer as he felt they would be even lower by then.

There’s also no incentive to stay in downtown Phoenix at the moment. There’s not enough retail and entertainment that gives you a true downtown feel that most ppl want when moving to downtown. Phoenix has come a very long way but they really got to emphasize retail to keep people living in downtown.

It's good to know that with more units coming online, the supply will only increase more. I do hope the lower prices draw people in though, it might give developers who haven't broken ground some pause if they don't think they'll pencil out.

No incentive? Have you been down there on any given weekend? Place is popping.

Sure, it could use more retail and grocery in particular but retail is changing.

Downtown is popping and it’s lively but I can see why people don’t want to live in downtown Phoenix long term because there isn’t a lot of variety as far as retail shopping, grocery stores, and entertainment to warrant the high cost of rent. I’m positive that when more retail comes downtown that families and young adults will stay long term. I’m very bullish on downtown Phoenix but they need to prioritize getting more retail and entertainment. It sounds like by the end of the year we should know more about the entertainment district but that could take years to develop.

Revised proposal for new Biltmore Fashion Park tower heads to city for review
 

Well, looks like they changed their plans and pulled from it being entirely office and now will be mixed-use. Also, at least we will get some additional height, from 140' to 165'.

https://www.bizjournals.com/phoenix/...hion-park.html

The Abby
 

Believe it or not I have some information that the long-awaited Abbey is opening soon (ish) for events, shows and just general use!

Sometime int he next several weeks the news will probably slowly leak out. But its going to be a venue for events and small shows as well as host a coffee shop and a Bar/Restaurant that will be open to the public outside of special events. :cheers::cheers::cheers:

What is the height limit for the Biltmore area? I always thought it was 150'ish?

Remind me what The Abbey is?

The old church that partially burned down.

http://www.monroestreetabbey.org/

There is a base height limit of 140', then 165' with a bonus last I checked.

Great article summarizing current downtown projects with updated photos

https://dtphx.org/2024/02/28/get-to-...ntown-skyline/

Might have something to do with this software.

My daughter works for Axon. As far as she knows there's been no talk of a move to Downtown Phx, but there has been a mention of a possible out-of-state move if this Scottsdale thing doesn't come to fruition(while keeping a presence in Arizona.

I believe she said at least 60% of their building is for manufacturing products, so that might be part of why DT Phx wouldn't be consideed.

My daughter lives in an apt in the Biltmore area. We took a few tours in some of the DT Phoenix apts last month.

They are starting to offer incentives for new residents, but for the money, each of them had some inherent flaws in their apartment design and layouts that kept her from making a move just yet. The amenities in most, were awesome, though.

I noticed there is a remarkable amount of construction going on by St Luke's. Harmony at the Park has been under the radar but they're really pushing forward with this somewhat unexpected pocket of high density.

I see the huge blocks south of McDowell and west of 56th ST fenced off with skirting, but I can't tell what is going to be built. Are they tearing down the existing buildings? The skirting almost looks like something involving entertainment.