Originally Posted by biggus diggus (Post 7131960)

It always comes down to CAP rate, so a bunch of old leases at lower rents mean less than a couple new leases at a high rate.

If I have five spaces for rent and I rent four of them at $21/ft then I have positive cash flow, and that's good right? but if I rent three spaces at $26/ft then I can show a prospective buyer that my average rent is $26/ft and I have a few vacancies due to what is generally written off as a normal vacancy rate.

Commercial real estate and residential rental markets are different in that sense (I'm counting apartment buildings as commercial here because they largely only focus on CAP rate as well) because owners will eat vacancy three meals a day in order to maintain a CAP rate which may help them reap bigger rewards in a sale later. In residential, owners are looking for cash flow and the name of the game is to minimize vacancy which sometimes means accepting a lower rent. I'm speaking in generalities, of course.

So in this instance, my speculation would be that Renaissance is ending current leases which do not wish to renew at a higher rate and would like to take (perhaps) higher short-term vacancy rate which hurts the monthly cash flow just for the benefit of a sale.

Originally Posted by ASUSunDevil (Post 7131985)

Downtown Phoenix's Growing Residential Boom:

http://www.bizjournals.com/phoenix/n...oom-shown.html

Originally Posted by biggus diggus (Post 7131802)

You don't need to worry about protecting yourself from a reasonable person, it's the nutty people who are a theat.

The bolded sentence above means the author is determining what walking or biking distance is, and formulating an ad which appeals to people in two classes:

1. those who can ride a bike or walk
2. those who can ride a bike or walk, but can do either for limited distance which is perhaps not as much as required to get to the destination listed.

Federal fair housing laws are arcane and a complaint will result in a mandatory investigation which costs a business owner both time and money, even if it does not result in any fine. There have been instances in the past where this type of thing, or even crazier things have happened. The short answer is that you and I don't decide what a "reasonable person" should do. If the marketing people at Edison want to expose themselves to all that liability, that's on them, but professionally speaking I think it is rather nuts to stick your neck out there like that. It may be a "central theme in advertising for thousands" but that doesn't mean you aren't taking a risk by doing it.

If you want to learn more, you should call one of the many real estate attorneys in the Phoenix area (or any other since fair housing laws are the same throughout the country) and ask them to explain the risks you're taking by classifying the ad as such.

Originally Posted by nickw252 (Post 7132781)

Those are great pics. I love the look of the brick townhomes.

Has anything happened with the Union @ Roosevelt? It seems like that project has been stalled forever.

Originally Posted by nickw252 (Post 7132708)

Originally Posted by biggus diggus (Post 7132528)

I'm not sure what is going on at the 4th and McKinley corner but they are definitely still moving lots of dirt over there, just took this photo from the office:

http://i.imgur.com/nleeS8p.jpg

Originally Posted by RonnieFoos (Post 7132806)

5 story townhome/condo development. I believe it has not had a final plan approval yet.

I park where that white truck is about 2 or 3 times per week and walk to downtown. :)

Originally Posted by airomero83 (Post 7132809)

Yeah I believe that's McKinley Row, other development by MetroWest. Also, the crane will be going up at Union around November :tup:

Originally Posted by RonnieFoos (Post 7132804)

Dang! I was just about to.post this. Will be great to see another tower going up...even if it is for patient beds.

Originally Posted by nickw252 (Post 7132818)

A 16 floor tower will make somewhat of an impact on the skyline. At 16 floors it should be about 200 feet tall. It will be nice for Phoenix's skyline expand to the east a little bit.

Originally Posted by PHXFlyer11 (Post 7133156)

So you can add this to Luhr's Marriott, Portland on the Park, UA Building and Central Station. 5 towers to really expand the skyline south, east, and filling the gap between downtown and midtown. Love it.