Wish it would be more than 8

Long as its built and eliminates another parking lot downtown - that's progress. More pressure to build taller on the remaining lots...

I sure hope so. The thing is, there are plenty of empty parking lots in a lot of other cities. Yet, they still build taller.

I know, I know...we don't have the office market for taller. That means nothing to me. NOTHING!! :notacrook:

8 and a great hotel brand sounds perfect. I'll worry about height once the other 50 or so vacant lots Downtown are mostly developed.

Ton of new development news today...but the most noteworthy...

Scottsdale developer wants to build state's tallest tower in Phoenix

$350M project would include residential, hotel and other uses

By – Senior Reporter, Phoenix Business Journal
Geoffrey Jacobs wants to build the tallest building in Arizona — to the tune of $350 million.

Jacobs, a partner with Aspirant Development LLC and principal of the Empire Group of Cos. in Scottsdale, is in preliminary talks with the city of Phoenix to build a $350 million project that will include a tower that could be 525 feet — taller than Chase tower, which sits at 483 feet.

"We're going in for site plan approval later this year," said Jacobs, who just opened the $80 million apartment project The Stewart this spring and is about to break ground on Aspire Fillmore a few blocks away.

The $350 million project would cover 2 acres on Second Avenue between Van Buren and Fillmore streets in downtown Phoenix.

Plans call for building a 400-unit luxury apartment tower, a 230-key hotel, 200,000 square feet of office space, 40,000 square feet of retail space and collaborative housing similar to the concept of X Phoenix, a $150 million, 19-story apartment tower being built by Chicago-based Property Markets Group Inc. on the southwest corner of Second Avenue and Van Buren.

Collaborative housing, also known as co-living space, is becoming more popular in urban ares of the country, including New York, Los Angeles, San Francisco and Chicago. It provides a housing opportunity for people who want to live in in an urban environment but who can't afford a large apartment.

"It's an offshoot of student housing, geared toward people who want to live in a collaborative environment," Jacobs said.

They would have more roommates and common areas within a living space, he said.

The project is near Arizona State University's downtown Phoenix campus and also will be near ASU's 400-bed, $130 million student housing facility being planned along First Avenue south of Fillmore Street.

It's too early to determine the exact number of stories the project will be, Jacobs said.

"We are working on a number of items that will ultimately determine total number of stories, but the main tower, which would be the hotel and the luxury residential, would be somewhere between 43 and 48 stories," Jacobs said.

He said it's also too early to determine rental rates for the luxury apartments and the more affordable co-living units.

"It's too early in the game," he said. "We probably won't break ground until the third quarter of 2020. A lot has to happen between now and then."

This project is still so early that it hasn't been named and doesn't have completed architectural renderings, Jacobs said. But he hopes to have them within the next two or three weeks from Chicago architect SCB.

"SCB does a lot of dense, mixed-use, stacked projects like this one," he said. In Tempe, SCB designed Tooker House, a $120 million dorm for engineering students at Arizona State University.

Jacobs said he hasn't finalized a lending partner on this project, and is also looking into opportunity zone funding.

"We're talking to lenders and equity partners now," he said. "Financing at this point is still to be arranged."

His 254-unit Aspire Fillmore tower that is soon to break ground recently received $67.3 million in construction financing arranged by Los Angeles-based George Smith Partners.

Scott Meredith, senior vice president of George Smith Partners, said he's interested in the Phoenix market.

"The market in Phoenix overall is very strong," Meredith said. "There's plenty of capital to be deployed to new developments. It's humming along."

Jacobs said the Aspire Fillmore apartment community should be breaking ground any day now.

"We're waiting on permits," he said. "It will be breaking ground literally any day."

https://www.bizjournals.com/phoenix/...N6aGoifQ%3D%3D

Whoah this is pretty awesome if it comes to fruition.

Nice to see confirmation that ground breaking for Aspire Fillmore should occur any day now!

Edit: linking the image of where the new tallest building may go, looks to be the parking lot just south of The Lofts at Fillmore

https://i.imgur.com/Qs4CMNrh.jpg

Wow this is what we've all been waiting for, Folks! 43 to 48 stories would look massive in the skyline. Also, seems like their 17 story aspire fillmore should break ground here soon, Exciting times :cheers:

So there is a possibility we could have 2 500+ footers going up in a year or so! Awesome news indeed!! :cheers:

If this shapes up 2020 could be quite a year for the valley, a new tallest to go along with us breaking 5 million and becoming a top ten metro, not to mention a doubling of the downtown density with all the projects currently underway and about to be.

Fact Finding Plan Review
 

I believe this is the fact finding plan review for this proposal: https://apps-secure.phoenix.gov/PDD/...ype=PlanReview

A few weeks ago it was the developer from Austin buying a property on 4th Ave with the potential to be the state’s tallest, now this?!?! Man, this summer is heating up!! What a difference this end of downtown from Monroe to Fillmore/2nd Ave to 5th Ave if everything is built in the coming years.

Every time a market reset has been approaching we have heard about plans for more and more grand buildings. It's generally the peak before the fall. Hope this time proves different for you all.

I mean...so what, even if all we get is whats already broken ground recession for 1-3 years and just think of what will get built in mid and lat 20's.

Phoenix is a totally new city compared to what it was in 2007, its got a whole different momentum behind it. Even when the inevitable recession does come I would be very surprised to see it hit as hard and last as long as the last one for us, and regardless of what might be the cause we are much better equipped to handle it than before.

I don't care either, my livelihood does not depend on continued growth. I'm simply suggesting some may want to temper both their expectations and their excitement.

You've been saying this for a long time now and I think at some point you should maybe let your guard down

Nice write up on the rejection of toll brothers lame design for Indian and Central.

Looks like people are starting to get some vision in this town:

https://phxrising.city/village-commi...ndian-central/

What I said would happen is already starting to. Some of the complexes around downtown are giving away up to 6 weeks rent. ������♂️

edit: I originally typed 18 months mistakenly. What I read was "one and a half months free rent" and my brain went to 'one and a half term' and then led on to one and a half years... honest brain fart.

I've been seriously thinking about selling my house and renting because I think a recession is going to hit in the next year. I could bank my equity and use it to buy again on the low end.

Please show me which ones I know some people that would love 1.5 years of free rent.

https://www.abc15.com/news/region-ph...19-report-says

"PHOENIX — Apartment rents in Phoenix continued to climb faster than anywhere else in the U.S. during the first half of 2019, according to a report from RentCafe .

The mid-year assessment shows Phoenix rents rose 5.8% during the first six months of the year."

Pretty weird for rents to go up if apartments cant fill

I feel as though you're trying to corner me into an argument. All I said is too temper your expectations because in the past when ever we have begun seeing multiple over the top, outlandish, or record setting proposals pop up a correction has been on the horizon. Then I said I hope this time it isn't. Why are you turning it into an argument and trying to make someone wrong/right?

It's just discussion, kid. There doesn't always have to be an argument.