How is the Chase Bank departure going to hurt downtown? Do we know how many employees are leaving downtown?

the new campus is 4000 total employees with *some* are from chase tower but I think the majority will be new hires, plus the construction hasn't even begun so those people wont be moving for a year +

Is sale of Phoenix-owned Sheraton hotel dead?
 

I read somewhere else that they are still going to have a presence (albeit smaller) so that they can justify keeping the "Chase" name on the building. Whatever happened with Quicken Loans and their move to downtown as well??

Some updates regarding sale of Sheraton. Hopefully this closes soon but it's not looking good.

http://www.azcentral.com/story/news/...sale/99791030/

So, I would assume this is to be the phase 1 tower at 29 floors?

Also, I would hope this is far enough South that the RAA will keep their noses out of it? :shrug:

The Flowers building on Roosevelt has been stripped of its stucco and is completely brick except for the mural facing 5th st. This is the first sign of progress for the Row since they burned down...I mean, since the Think! House mysteriously burned down. 5th st feels so dead now that they took over a few homes and the Flowers building. What's the timeline of this project? I heard Chamberlin wants to open a taco shop in the Flowers building by May.

Actually there's been quite a bit of framing done on the back of the Flowers building for a couple weeks, they're expanding the back of it.

According to Facebook the Westward Ho is reopening its "historic apartments." In not sure what this entails, if it means that its current or aspiring residents get to move into renovated rooms or if it means what it sounds like and the Ho is opening to actual people. Anyone have an idea?

https://www.facebook.com/EvansChurchill/

I don't see they are renting these... I think they're just inviting people to view the remodel. I don't think anything else has changed.

Looking at this announcement, I think it means that a renovation has occurred. I don't think it means it's opening to "actual people" (I assume that means tenants outside the current low-income elderly demographic). The Ho's role as affordable housing for that population is locked in via a contract with HUD. I don't know the expiration / renewal date, but I believe it's a long time in the future.

https://scontent-lax3-2.xx.fbcdn.net...66&oe=599B0133

The Churchill PHX
 

A coming soon sign has been posted for "The Churchill PHX" (NEC of 1st St and Garfield) and says coming Fall 2017. It listed website address below:

http://www.thechurchillphx.com

Quick question, where is Chase moving to? I've been trying to find out but cant find anything on it. Thanks

Chase campus
 

http://www.bizjournals.com/phoenix/n...landing-4.html

"Chase (NYSE: JPM) will land the big campus at the Discovery Business Campus at Elliot Road and the Loop 101 freeway. The bank will be shifting a number of jobs from the Chase Tower in downtown Phoenix to the new Tempe campus."

Gallo Blanco Café to Open this Summer
 

I can't wait for this to open up in June and will bring some life to the Garfield Neighborhood. And right across the corner will be the new Welcome Dinner place!

http://downtownphoenixjournal.com/20...e-open-summer/
http://downtownphoenixjournal.com/wp...-2-667x500.jpg

I'm glad to see that they are locating in a redevelopment/infill location (relatively speaking) within the 101 loop rather than some huge campus off in Gilbert or something.:tup:

Change to block 23 requirements
 

I'm not sure if this was posted elsewhere and being 5 days old now, might be old news.

http://www.phoenixnewtimes.com/arts/...hoenix-9219082

City approved Red's request for "greater market flexibility" removing the requirement for residential on block 23.

Lets see how this all pans out. The project officially breaks ground this Thursday, April 13. Its nice to see that all the excavation is now complete and there don't appear to be any hurdles there.

That's unfortunate if they do indeed remove the 300 units or so planned for the development. The article must've been updated because that's not how it read a couple of days ago.

Like I said before and I said months ago, there are simply too many apartments being built at the same time and they are too similar to one another. Anyone who is breaking ground on an apartment building right now is taking an enormous risk, I'm sure they are intelligent enough to realize the chances of failure and are going to make a very calculated decision.

1988 was a funny time that any savvy developer may remember, apartments were giving away months of free rent, plane tickets to Hawaii, waiving security deposits, and free furniture just to get people in the doors. Anyone with a conservative mind is going to stray from the possibility of being part of that if it returns, which looks possible.

If they indeed scrap the apartments, would half the block then remain surface parking? Or be left as a pad like the Collier Center for some unspecified and uncertain future?

Is this perhaps the reason Barrister also halted construction?

If everyone remembers the Valley has gone 8-10 years of barely delivering any apartment units at all to the market. Well below what was normal for even "bad" years. We will come to a saturation point (especially if job growth doesn't keep up with demand) but I think we still have some time to go before we get to that point. Rents are still rising. This boom is just about making a market correction.

That's certainly a possibility, there are others making noise that this bubble is bigger than the one in 2006. I don't think any extremes good or bad are likely, I just think the market will correct and there will undoubtedly be guys who jumped in too late, RED probably is taking the cautious approach to not be one of them.