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I tend to agree. Rastegar has been saying all last year that they were breaking ground on 1899 McKinney in Dallas, but their residential tower is still on hold (they say) due to the pandemic.
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I certainly could be wrong, but whenever I try and search for projects that Rastegar has completed, I come up empty. Lots of stories about property acquisition, but that's it.
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Yea I don’t trust that guy. Check out the web site, it’s all about trying to get doctors and others to invest into their projects through their IRAs, etc. This is not a serious company if you are trying to raise funding this way in such small amounts. Honestly reminds me of a ponzi scheme and the owner seems greasy as hell, like a used car salesmen. I have zero confidence in this ever happening.
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I would highly doubt they break ground on anything in 2021 as it normally takes a project at least 10-12 months to go through all the design phases, plus with a large project and a first time developer in Phoenix, you normally have to add additional time. I do know people that are involved in the Dallas project, and that is definitely a real project, but that would be the first high rise they have ever build. Everything else is small scale commercial, self-storage facilities, and townhomes. |
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Also, this is going to be a 550' condo development? We all know how the condo market is in DT Phoenix. One possibility would be that they follow their Dallas project (1899 McKinney) which if built, will be short term rentals for the first 10 years and then converted into sellable condo units. However that tower has been on hold due to COVID since September. I don't see Phoenix breaking ground while their first high-rise project is on hold. |
Someone trying to sell a dream talks as though the dream is reality - more at 7!
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Sheraton Renovation Update
Looking at a possible May reopening with restaurants not opening until at least fall. Lots of interior update photos:
https://www.azcentral.com/story/trav...21/4284762001/ |
Kenect's opening got pushed back again to April 1. There was also a very significant price drop for the units, with the smallest studios now going for $1,096 and the largest 1 bed/1 bath going for $1,646 for a 16-month lease term. See below:
https://www.kenectphoenix.com/models |
About time,
With all of the apartments coming online and into the next several years there was just no way prices were going to remain so high downtown. |
Rents have not been holding in other saturated areas for a while (Tempe up to Scottsdale) and our higher end apartments in Biltmore have been taking a hit. I think we are experiencing fatigue. Rents went skyrocketing upward and wages did not.
The point of the story is that the thing I've been waiting for has fj ah happened. The mass build out of apartments for $60k+ incomes saturated that market badly but has helped those of us who believe in providing housing for those who need not those who want. I have better quality applicants nearly across the board because I think nearly every blue collar renter is realizing they can get by with a lot less than they have. It's very surprising how many people I've seen coming to me from much higher priced housing in much nicer areas. |
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For Phoenix- Microscopic |
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These prices are great and I think Kenect will fill up fast. It's basically the upscale version of The Derby. |
Some update pics. ECO and Rey are both moving along now that the wood framing is going up.
Derby is putting up the forming for the 10th floor and finally starting to add some height to the area. Aspire is on the 14th level and starting to be fairly noticeable in the skyline coming from the West on I-10. X Society is starting to add glass on the midportion. Meh. Here PHX and Link look like a seriously dense urban block. Adeline is topped, but work continues on the roof/parapet portion, so should look slightly taller when completed. ECO the Rey X Society Aspire Derby Here PHX and Link Adeline |
How tall is Aspire going to be?
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NICE PICS Crested!!!!!!!!!
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I totally forgot it would be that tall. For some reason, I thought it was another 5 story job. Nice surprise!!!!!!!!....at least to me. :)
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cross-posting my own post from the city compilations thread:
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