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-   -   Phoenix Development News (3) (https://skyscraperpage.com/forum/showthread.php?t=173764)

MiEncanto Oct 19, 2023 5:48 PM

Toronto is wild. WTH is going on there?

PHX31 Oct 19, 2023 6:27 PM

Quote:

Originally Posted by MiEncanto (Post 10062996)
Toronto is wild. WTH is going on there?

They are putting up condo towers all over Toronto, not just in the CBD. It's hard to tell, but the Phoenix number seems to just be the downtown area.

YourBuddy Oct 19, 2023 7:53 PM

Just saw Michael Crow on IG with the Mayor announced that the ASU health medical schools will all be headquartered in downtown.

combusean Oct 20, 2023 12:15 AM

That announcement did not seem convincing at all. Kicking off the ASU core was great for downtown but I wonder if Phoenix's bonding capacity should be spent on a poorly thought out Michael Crow pet project. If it's the same format as 2006, the bond question will include a huge chunk for ASU, and that pretty much gobbled up all of the city's discretionary spending.

ASU Diablo Oct 20, 2023 4:51 PM

Quote:

Originally Posted by ASU Diablo (Post 10060475)
Re: the 4th Ave project, looks like the zoning hearing is this Thursday so curious to see whether it gets approved or City makes the developer go back to the drawing board and incorporate Taylor Paseo into the design.

Does anyone know if the rezoning passed? I check City of Phoenix page but results haven't been posted yet for yesterday's meetings.

Obadno Oct 20, 2023 5:17 PM

Quote:

Originally Posted by combusean (Post 10063327)
That announcement did not seem convincing at all. Kicking off the ASU core was great for downtown but I wonder if Phoenix's bonding capacity should be spent on a poorly thought out Michael Crow pet project. If it's the same format as 2006, the bond question will include a huge chunk for ASU, and that pretty much gobbled up all of the city's discretionary spending.

You seem very down about the whole thing! What gives? ASU has been trying to get a medical program going for years that's why they originally partnered with Mayo years ago.

Its a program from scratch it will take a long time to grow into a major thing.

phoenixwillrise Oct 20, 2023 9:21 PM

Poorly Tought out????
 
Quote:

Originally Posted by combusean (Post 10063327)
That announcement did not seem convincing at all. Kicking off the ASU core was great for downtown but I wonder if Phoenix's bonding capacity should be spent on a poorly thought out Michael Crow pet project. If it's the same format as 2006, the bond question will include a huge chunk for ASU, and that pretty much gobbled up all of the city's discretionary spending.

What are your talking about with this poorly thought out statement? Also 12 million is chump change compared to what Crow will raise and the state of AZ will provide for a Med School. So putting ASU in downtown Phoenix was great but a Med School isn't. What?

combusean Oct 21, 2023 10:46 PM

I found Crow's explanation of what this is going to be less than convincing. But I didn't realize ASU was only asking for $12M.

combusean Oct 23, 2023 1:48 AM

I was also misinformed about the total bond package size. This forum hasn't covered the Phoenix bond issue but the details are here.

https://www.phoenix.gov/bondsite/Doc...ty_Council.pdf

This totals $500 million, which is much less than the $880 million package that was issued in 2006, about $200 million of which went to ASU downtown.

The bond is small compared to the past but having looked over the details I recommend people vote for it.

ASU Diablo Oct 23, 2023 4:18 PM

Quote:

Originally Posted by ASU Diablo (Post 10041825)
Looks like we are finally getting an update on the Sargeant / Oldaker House. Agenda item for tonight's RAA General Meeting. I'll see if I can hop on.

I've never heard of Live Forward but this is the same development group behind 100 Willeta and also some interesting projects noted on their website that I haven't seen before.

https://www.liveforward.build/

Was able to find the meeting minutes for this but they are really hard to follow. Looks like MetroWest failed (obviously) at relocating the home to the city owned lot at 5th Ave (next to The Teapot). The plan is to save the home, rehab it, and activate it. It will remain on-site but will be moved 15-20 feet (cost will be 7 figures). My guess is to maximize the space to allow the activation of the lot. There was a site plan that was referenced but have no idea how to obtain. Plan is to keep it on the National Historic Register.

https://docs.google.com/document/d/1...Kt7s3glrs/edit

Quote:

Originally Posted by ASU Diablo (Post 10063822)
Does anyone know if the rezoning passed? I check City of Phoenix page but results haven't been posted yet for yesterday's meetings.

Results posted on the site. Doesn't look like a decision was made (353 N 4th Ave project) and hearing continued to Dec 7th meeting.

MiEncanto Oct 23, 2023 6:29 PM

Quote:

Originally Posted by combusean (Post 10065178)
I was also misinformed about the total bond package size. This forum hasn't covered the Phoenix bond issue but the details are here.

https://www.phoenix.gov/bondsite/Doc...ty_Council.pdf

This totals $500 million, which is much less than the $880 million package that was issued in 2006, about $200 million of which went to ASU downtown.

The bond is small compared to the past but having looked over the details I recommend people vote for it.

The bond is small by design. They have seen the success of school bond programs, which run every 4-6 years in smaller amounts so they look less overwhelming to the voters and the bond costs are feathered in so as to not create huge tax increases all at once but slower ones over time. Boil the frog etc. Madison Elem easily passes a $100m bond every 4 years and no one knows or cares what it's for. Hell they're running out of uses for it just building random stuff like a world class theatre for a K-8 district. Good for them I suppose.

I expect questions 1 and 2 will pass easily with 3 and 4 passing with smaller majorities. Then I think CoP will be back out for another $500m package in 4 years.

azcats Oct 23, 2023 8:18 PM

Quote:

Originally Posted by MiEncanto (Post 10065669)
The bond is small by design. They have seen the success of school bond programs, which run every 4-6 years in smaller amounts so they look less overwhelming to the voters and the bond costs are feathered in so as to not create huge tax increases all at once but slower ones over time. Boil the frog etc. Madison Elem easily passes a $100m bond every 4 years and no one knows or cares what it's for. Hell they're running out of uses for it just building random stuff like a world class theatre for a K-8 district. Good for them I suppose.

I expect questions 1 and 2 will pass easily with 3 and 4 passing with smaller majorities. Then I think CoP will be back out for another $500m package in 4 years.

That's right - lot of it is waste. Just as you say...the voters look at it (if just standing in the ballot box) and think - maybe not so bad. If they take the time to read the detail report - and each line item - they may feel differently. Over time it all adds up...with the bonds from the past...this one...to the one(s) coming up again in the future. The people paying for it are the homeowners when they get their property tax bill. Even renters will indirectly pay: the property owner will have to raise his rents - because of increase in his expenses. I don't think the timing is good - with high inflation - high increases in everything ...and the near future is uncertain.

ASU Diablo Oct 24, 2023 7:01 PM

Historic Phoenix building previously owned by county slated for mixed-use project
 
PBJ always playing catch up!

Some newer renderings in the article and additional details regarding the facade of the historic building.

https://www.bizjournals.com/phoenix/...ial-tower.html

Quote:

A historic building in the heart of downtown Phoenix will be converted into new retail space as part of a larger mixed-use development.

Denver real estate services firm Aardex Corp. plans to renovate the single-story structure — known as the Pratt-Gilbert Building — and turn it into nearly 30,000 square feet of new retail and restaurant space at the southwest corner of Madison Street and Central Avenue.

The project's second phase could yield a new 14-story residential tower with 245 units on the southern portion of the lot and an additional 7,200 square feet of retail along Central Avenue.

The residential tower will replace a 20,844-square-foot office building on the site. Plans for the second phase are still being finalized and could change based on stakeholder and community feedback, according to the developer.

Aardex executives told the Business Journal they expect to deliver the renovated historic building by Q4 2024 and have a goal to complete the rest of the project by the end of 2026.

The project will mark the company's first in metro Phoenix. It originally acquired the office building on the southern portion of the site in 2021 and purchased the 1 W. Madison St. building after it was listed for sale in 2022.

"We're trying to do our best to activate that area in what we see as the next stage of downtown," said Caleb Hebel, a principal at Aardex Corp.

Hebel said they are working on activating the sidewalk around the property to attract more people to the central part of downtown and into the Warehouse District south of the site. It will also be located a few blocks from the planned $100 million Phoenix Suns office headquarters and practice facility for the WNBA’s Phoenix Mercury.

How historic building will change
The Pratt-Gilbert building was completed in 1913 and listed on the Phoenix historic property register in 2001. Maricopa County previously owned and used the building, which could have also been used as an auto shop and car dealership office, Hebel said.

Hebel said they are planning to remove the stone veneer that's currently covering the outside of the building and return it to a representation of its original condition with store-front windows or garage doors.

Part of the alley between the north and south portion of the property will also be activated while the building's basement could turn into a retail use such as a speakeasy. The overall building may be used for private dining, event space, office and other retailers depending on the tenants.

Nick Wood, a partner at Snell & Wilmer, which is representing Aardex, said the developer will apply for a façade easement to the building, which will protect it from demolition for 30 years.

The architect for the Pratt-Gilbert Building, to be called 1 Madison, is Ajanta Design. Willmeng Construction is the general contractor for the first phase. Hebel said they are finalizing construction costs for the project.
https://media.bizj.us/view/img/12626...-110323-am.png

https://media.bizj.us/view/img/12626...-110333-am.png

https://media.bizj.us/view/img/12626...-110341-am.png

https://media.bizj.us/view/img/12626...-110404-am.png

https://media.bizj.us/view/img/12626...-110313-am.png

combusean Oct 24, 2023 7:52 PM

I thought that second pic was a court annex. Of all the buildings you don't want yours to blend into.. a beige and brown courthouse (however thicc and otherwise well designed it is regardless) is probably not how they should do it.

ASU Diablo Oct 26, 2023 2:45 PM

Phoenix midtown tower could transform into 'urban resort oasis'
 
Quote:

Originally Posted by ASU Diablo (Post 10060482)
I'm not sure if that's totally correct? I reviewed permits and the project # listed for the tower renovation (MF & Hotel) is completely different from the 6-story apartment project being built on the parking lot. This project is called "Modera Midtown at PunchCard".

I may be wrong...

Looks like I was right after all :cheers:

They are proposing a NEW building directly to the North...but only at 40 feet high! What is that, 4 floors? Also, looks like the proposed apartment building to the East is on hold, bummer.

https://www.bizjournals.com/phoenix/...otel-2023.html

Quote:

The Phoenix Financial Center — a midcentury office tower with distinctive slots resembling vintage computer punch cards — could be taken off the office market permanently.

New York City-based Left Lane Development is planning to acquire and transform the mostly empty building into a boutique hotel with residential and retail uses — while a second structure complete with a rooftop deck and spa is proposed to rise at the site.

The vertically-integrated real estate firm, which specializes in hotel and multifamily development, adaptive reuse and historic activation, also plans to develop a second, smaller structure on the north portion of the property with new amenities. A second building was originally planned at the site, but was never built.

The iconic 18-story structure and its two 9,000-square-foot rotundas in midtown Phoenix have operated as office space since they were developed in the 1960s at the northeast corner of Central Avenue and Osborn Road, just across from the former Park Central mall.

The property, now referred to as the Punchcard Building, is home to a few tenants, including restaurant group Upward Projects and architectural firm Shepley Bulfinch in the rotundas, but the tower has remained mostly vacant since a number of government agencies left the building years ago.

Jon Bloomberg, a partner at Left Lane, said the Punchcard building has shallower floor plates that will be easier to convert to residential and hotel uses.

His team has been working for the past year with the current owners on the next stage for the historic building, a project that will be the company's first in metro Phoenix.

"How often can you find 3 and half acres, a few-hundred-thousand [square] foot, unbelievably beautiful building that needs a new vision? That doesn't exist in many places," he told the Business Journal.

Punchcard Building's next life: Hotel rooms, multifamily units
Left Lane will convert the tower into 192 hotel rooms and 144 multifamily units with event space, retail and restaurants. The second building, once developed, is expected to stand 40 feet tall and compliment the hotel and residential with meeting space and rooftop deck amenities such as a pool and spa.

"The way we like to think about this is as a complex, so this is going to be like an urban resort oasis — that's the feeling we want," Bloomberg said. "We're excited to bring something really cool to the market."

Bloomberg said the second building, although it won't be the same height as the existing tower, will match the design and architecture of the first building. The company wants to deliver the overall project in one phase.

Left Lane is currently working through the pre-application process with the city of Phoenix and is at least a year away from starting material work on the project, Bloomberg said. The timeline and budget are still being determined and finalized.

Left Lane is investing $1.5 billion to acquire, convert or develop projects in the next five years through its GP Fund II. The projects include the Phoenix property as well as others in Savannah, Georgia; Memphis, Tennesse; Pittsburgh and Providence, Rhode Island; according to its website.

Why Punchcard Building owners pivoted from office to hotel
For the past few years, Phoenix-based developer Ironline Partners has worked with the owners of the Punchcard Building, the Geddes family, to refresh the historic property into a modern midcentury concept.

Ironline renovated space such as the 18th floor for potential office tenants with plans to turn the overall site into a mixed-use project. This included updated indoor and outdoor amenities such as a 1-acre park for events and plans for a separate, ground-up apartment complex on the east parking lot.

But they have run into some hurdles.

Mill Creek Residential was under contract to buy the lot east of the Punchcard Building for the multifamily project, but because of the capital market conditions the company has paused on developing the $100 million, 335-unit apartment complex and are no longer acquiring the lot, according to Tim O'Neil, president of Ironline.

"We had a very good experience with them, they completed full entitlements and construction drawings. We are still collaborating and looking for a way for that to be the ideal win-win development project on the east side of the property," he said.

Ironline had also considered building a second structure for a potential hotel on the northern part of the site while continuing to renovate the Punchcard Building for primarily office uses.

But O'Neil said it no longer made economic sense to renovate the office space piece-by-piece and that it would work better to renovate the building all at once.

"The collapse of office, whether it's overstated or not, is certainly a real thing. [It's] exponentially difficult and dangerous for vintage properties because restoring them is so complicated and so expensive," O'Neil said. "Our building, while inefficient because of the cool quirky parts of it — not being geometric — makes it really difficult to restore. It actually presents good bones and infrastructure for hospitality."

After consulting with other experts, they ultimately decided to pivot from developing an office-anchored project to a modern, amenitized hospitality and food and beverage concept for the Punchcard Building.

Punchcard Building sale expected to close in 2024
Through a mutual connection, O'Neil said they met Left Lane Development as they were thinking about other uses for the tower. The two companies are actively collaborating through the planned sale and are in discussions for continuing their involvement after that, O'Neil added. The sale is expected to close in late 2024.

"It seemed like there was a shortage of their version of hospitality in the central corridor despite there being some great operators," O'Neil said. "Something that is this boutique and bespoke."

The project is also ideally located next to a light rail station and the burgeoning Park Central mixed-use development, which is now home to Phoenix's third bioscience corridor.

The transformation of the tower will add to a handful of office conversions in the Valley while also removing approximately 300,000 square feet from the office sector in Phoenix.

Developers have been increasingly looking to reuse struggling buildings across the U.S. by turning them into hotel or residential uses as the office sector continues to feel the impacts from the Covid-19 pandemic.

Although experts don't expect this trend to pick up steam in Phoenix because many Valley office buildings don't meet the criteria for ideal conversions, the Punchcard could be one of the largest and high-profile conversions in the region if completed.

The former Phoenix Financial Center was built by Phoenix real estate developer David H. Murdock and designed by W.A. Sarmiento, an architect famous for his modern bank designs.

The third phase of the project was slated for a sister office tower but this was never built. The lot to the east of the existing buildings was once planned for a shopping center that also never came to fruition.

Obadno Oct 26, 2023 4:43 PM

I like this development, and the update for the historic building looks great despite my shitting on it earlier :runaway: Hopefully it gets an equally nice restaurant to fill it!

azsunsurfer Oct 26, 2023 5:50 PM

Mill Creek Residential was under contract to buy the lot east of the Punchcard Building for the multifamily project, but because of the capital market conditions the company has paused on developing the $100 million, 335-unit apartment complex and are no longer acquiring the lot, according to Tim O'Neil, president of Ironline.

Wow, so that apartment project is dead.

Obadno Oct 26, 2023 6:54 PM

Quote:

Originally Posted by azsunsurfer (Post 10068098)
Mill Creek Residential was under contract to buy the lot east of the Punchcard Building for the multifamily project, but because of the capital market conditions the company has paused on developing the $100 million, 335-unit apartment complex and are no longer acquiring the lot, according to Tim O'Neil, president of Ironline.

Wow, so that apartment project is dead.

Doesn't it say below that they are now working with a new developer?

locolife Nov 4, 2023 6:32 PM

Grabbed a few pics last night.

https://i.imgur.com/3N5a6YR.jpeg

https://i.imgur.com/Z7kKrPS.jpeg

Obadno Nov 6, 2023 3:30 PM

What a shitshow! Kind of reminds me of west 6th left unfinished for years looming over mill avenue back in like 2007-2010

https://azbex.com/planning-developme...ivership-sale/

Quote:

A number of legal and logistical hurdles are complicating the completion and the sale of the One Camelback development at Central Avenue and Camelback Road in Phoenix.

The project is one of the few large-scale office-to-apartment projects in Arizona, and construction has been a prominent fixture since it was announced in 2019. The project plans to convert the 215KSF BMO Harris office tower into 163 high-end apartments.

In June, developer Camelback Owner LLC defaulted on its loan from lender Delphi Financial Group. Delphi is owed more than $68M. Maricopa County Superior Court Judge Scott McCoy appointed Mike Wilson of Wilson Property Services as a receiver in the matter.

Delphi filed a notice of trustee’s sale, and an auction has been set for Nov. 21 at 10 a.m. Delphi wants to keep the date, while Wilson wants to extend the sales process and is interviewing potential listing agents. Wilson filed a marketing plan that showed an extended sales process that would identify possible buyers and close on the property.

Given the current state of the market and the fact that One Camelback’s construction is only 85% completed and currently on hold, the sales process would almost certainly be long and complicated.

Further complicating matters is the existence of several mechanic’s liens and lien foreclosure actions filed against the project. Three contractors have filed a motion that their liens be consolidated into the receivership case to ensure their claims have priority for repayment when the development is sold. There are reportedly another 12 mechanic’s liens totaling nearly $1.5M that have been filed.

Wilson has asked at that Nov. 21 sale be delayed.

Delphi has filed a notice saying it has no plans to cancel the auction and has said no agents have been retained and no specific plans have been proposed. It wants to go ahead with the sale on Nov. 21 as planned. Delphi claims that the longer the property sits with no further construction, the more its value diminishes.

The matter was referred to Commercial Court Oct. 18. As of Oct. 30, no decision has been announced. (Source)


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