SkyscraperPage Forum

SkyscraperPage Forum (https://skyscraperpage.com/forum/index.php)
-   Southwest (https://skyscraperpage.com/forum/forumdisplay.php?f=643)
-   -   Phoenix Development News (3) (https://skyscraperpage.com/forum/showthread.php?t=173764)

Obadno Nov 20, 2018 6:00 PM

I am hoping to see more of this type of news for downtown in coming years.


LifeLock co-founder moving latest startup to downtown Phoenix, plans to hire up to 500

https://www.bizjournals.com/phoenix/...tartup-to.html

Quote:

A serial entrepreneur with a checkered past is trying his hand again with a new Valley financial technology startup founded with $2.5 million in seed money.

Phoenix native Robert Maynard Jr. said he is moving his SurchX Inc. startup from Tempe to downtown Phoenix on Dec. 1, taking over the 21st floor of the 2 Renaissance Square building near Central Avenue and Washington Street. SurchX is located in the same Hayden Ferry building by Tempe Town Lake now as was Maynard's best-known and most controversial startup, LifeLock.

The 21-employee SurchX uses software to enable companies to pass credit card merchant processing fees onto customers. SurchX works with companies with between $10 million and $250 million in annual sales, Maynard said.

“Smaller merchants around the world are seeing all this pressure on their margins,” he said. “Merchants are having a terrible time dealing with e-commerce. This problem for merchants is so bad and our solution is elegant, simple and easy to use. It’s the easiest sale I’ve ever made.”

The startup plans to hire up to 500 employees by the end of 2020, adding 20 in December, and ending 2019 with 150 employees, Maynard said.

“We have about $18 billion in transaction volume already in our pipeline, which equates to $12 million in 2018 revenue,” he said. “We’re just getting started. We’re expecting to do between $30 [million to] 40 million in top-line revenue with SurchX in 2019, and well over $100 million in 2020.”

Maynard returns to the Valley business scene with a checkered past. He resigned from Tempe-based LifeLock Inc. in 2007 amid a trail of local and national media reports scrutinizing his past, which included three bankruptcies, a short stint in jail and a 1996 Federal Trade Commission charge of false advertising.

LifeLock co-founder and former CEO Todd Davis has spoken publicly about his company’s past mistakes, including LifeLock being forced to pay $113 million to settle long-running litigation with the Federal Trade Commission over complaints the company made deceptive claims about its services. In 2016, LifeLock also paid an $80 million-plus settlement to consumers who say the identity theft protection company made deceptive and unfair statements about its service.

LifeLock was eventually sold to Symantec Corp. (Nasdaq: SYMC) in February 2017 for $2.3 billion.

Maynard had early success as the founder of Internet America, an early internet service provider, which he sold. His second company, Dotsafe, provided internet filtering. It folded in 2001 after Maynard said he became ill with what was eventually diagnosed as bipolar disorder.

In 2007, the Phoenix New Times reported Maynard lied about his past, and he resigned from his LifeLock position soon after. He later said electronic convulsive therapy he underwent because of his disorder affected his memory, claiming he did not remember his past indiscretions.

Maynard resurfaced in Hawaii, starting the Kandoo ocean adventure business in Waikiki, which folded after encountering financial problems. He also served in the Marines as a combat engineer and in the Army as a commissioned officer.

According to Maynard, his companies have returned nearly $7 billion worth of capital value to investors, created more than 2,000 jobs and sold more than $10 billion worth of goods and services.

Maynard said he is an "experienced and successful serial entrepreneur" who has "built a reputation as an 'earner' for" his investors.

"I also happen to live with bipolar disorder," Maynard said. "That means my life has been split between big wins and catastrophic losses. It has also been a bit messy, which is the norm for people with my illness."

Maynard said he has talked extensively with his leadership team, employees and investors about his illness.

"They know what symptoms to look for, some have open access to my treatment team, including my psychiatrist, and I have instituted internal controls so that no one person, not even I, can put the company in jeopardy with irrational behavior," he said.

"The best testament to my abilities and character is the long list of longtime teammates and investors, who have been with me throughout my career through all the ups and downs," Maynard said. "They have stuck by my side throughout the trials and support me every step of the way."

Francine Hardaway, a local tech entrepreneur who has consulted with Maynard during the past three months, said she is working with him because she doesn't want there to be a stigma against mental illness.

"When I first started to work with him, he made me talk to his father, Todd Davis, and a whole bunch of other people that have worked with him for a long time," Hardaway said. "There isn’t one single person who hasn’t said to me, 'I wish this man the best and I’d work with him again.'"

SurchX is Maynard’s sixth company, which was started in November 2016 in his Scottsdale home, he said.

“I’m building it in Phoenix because I really want to see a vibrant venture market here,” said Maynard, who earned a finance degree at Northern Arizona University.

The startup may be eligible for up to $4.4 million in grants from the Arizona Commerce Authority, including $3.6 million in a quality jobs tax credit and $800,000 for its job training program.

That money would be used to support SurchX’s launch and expansion downtown, according to the company. An ACA spokeswoman said the company has not yet applied for any incentives.

Maynard has raised $2.5 million to date from former co-workers and investors as well as friends and family, he said.

Red Robot Nov 20, 2018 9:57 PM

Quote:

Originally Posted by Obadno (Post 8385164)
Some Midtown/Uptown Updates:
The Retail with Fame and Hula's is almost empty, I assume Demo will come soon, more apartments.

Maybe some day, but there are no demolition plans currently. A new tenant is renovating a space next to Fame Caffe. From what I have heard, the whole property is being marketed for sale for redevelopment, but no plans or buyers at present. The owners are accepting new leases in the meantime, shorter term I imagine. Other spaces have offices in them, and some artist studios. Hula's move was preemptive on their part, and PHX Biz Journal bought into the narrative. There were no definitive plans back then. It could be years before the plaza is gone.

AnthonyPHX Nov 20, 2018 9:57 PM

Phoenix just posted a YT video with several new/updated renderings:

https://www.youtube.com/watch?v=m0xKcBBIPKs

Closeups of Block 23 with Fry's:
https://preview.ibb.co/kJ1faV/B23-2ndand-Jeff.jpg
https://preview.ibb.co/fdj0aV/B23-2ndand-Wash.jpg

An un-squished version of the Barrister rendering:
https://preview.ibb.co/fvhWhA/barrister.jpg

The Phoenix Biomed Campus:
https://preview.ibb.co/kpgP2A/phx-biomed.jpg

And something at 2nd St & Moreland along with South side of Hance Park:
https://preview.ibb.co/fp7vaV/2nd-St...acing-East.jpg

Obadno Nov 20, 2018 10:25 PM

Quote:

Originally Posted by AnthonyPHX (Post 8385609)

And something at 2nd St & Moreland along with South side of Hance Park:
https://preview.ibb.co/fp7vaV/2nd-St...acing-East.jpg

I’m going to guess the Knipe House redevelopment. Edit additional renderings confirm the knipe house redevelopment

I really hope barrister gets built that would add some great height to the city

Also looks like an updated render of the long assumed dead “ballpark” apartments at 2 minutes exactly

CrestedSaguaro Nov 21, 2018 3:12 AM

Laurie Robert's is apparently very bitter towards the Suns and basketball...

https://www.google.com/amp/s/amp.azc...amp/2072513002

ASU Diablo Nov 21, 2018 4:09 AM

Quote:

Originally Posted by RonnieFoos (Post 8385873)
Laurie Robert's is apparently very bitter towards the Suns and basketball...

https://www.google.com/amp/s/amp.azc...amp/2072513002

If that’s what it takes lol but Sarver only pitching in $80M?! Come on maaan

exit2lef Nov 21, 2018 4:26 AM

Quote:

Originally Posted by RonnieFoos (Post 8385873)
Laurie Robert's is apparently very bitter towards the Suns and basketball...

https://www.google.com/amp/s/amp.azc...amp/2072513002

She seems bitter about everything. I agree with her positions more often than not, but her tone makes me embarrassed we're on the same side.

TJPHXskyscraperfan Nov 21, 2018 6:47 AM

[QUOTE=RonnieFoos;8385873]Laurie Robert's is apparently very bitter towards the Suns and basketball...

https://www.google.com/amp/s/amp.azc...amp/2072513002[/QUOTE

I was very exciting about this year and even though it has been disappointing so far this year, you can't use the fact we are losing right now as a reason not to keep the Suns arena up to today's standards. It's a lot cheaper to reburbish this arena than to bulld a new one. The economic impact and importance it is to keep the Suns downtown is very important to the momentum downtown has right now. Seattle has been kicking theirselves in the ass for the past 10 years letting the Sonics go to OKC where they have thrived for their entire time there so far. They let them go but look how Seattle is Showcased to the country and even the world when the Seahawks play in prime time on a Sunday night. They almost lost them too but managed to build their new stadium in the early 2000s. Man I wish the Cardinals stadium was built downtown or even where the fairgrounds are. They better get this done, Sacramento and Golden State managed to get new areas in the most expensive state to build in the country. Milwaukee even has a brand new Arena and The Altanta Hawks just had a big remodel and their arena was only built in 1999. All they're looking for is a remodel, it better get done, a new arena would probably be north of 500 million right now. Then we can go on to worry about the Diamondbacks, it would be devistating to lose both. Every major city in the country has at least one team downtown.

TJPHXskyscraperfan Nov 21, 2018 6:56 AM

Quote:

Originally Posted by Obadno (Post 8385164)
Some Midtown/Uptown Updates:

Alta Central looks to be almost done

Excavation for Alta-Columbus appears to be done

The fomer BMO building is being actively Demo'd, scafolding set up to windows on the 2nd floor with mountains fo debri being thrown into large Dumpsters

The Retail with Fame and Hula's is almost empty, I assume Demo will come soon, more apartments.

The Old office complex on Central and 5th ave is full gutted. Slated to be a botuique hotel and restaurautn/cocktail bar.

The Affordable housing at 17th ave and Camelback is fenced and heavy macheinery is on site.

Park Central Progress: https://azbigmedia.com/new-front-por...-now-complete/

Pure Midtown appears about to open.

Both the Sprouts apartments and Stuwart Title is topped out, faccade coming soon.

Utility work at The Earl is ongoing.



Yeah, I moved into Alta Central a few weeks ago, still a lot of construction on the north side and the pool should be done by around the end of the month. I don't think the Columbus apartments are going to be an Alta.

ASUSunDevil Nov 21, 2018 4:46 PM

Quote:

Originally Posted by ASU Diablo (Post 8385912)
If that’s what it takes lol but Sarver only pitching in $80M?! Come on maaan

If Milwaukee can get $250m in public funds for their arena, I think PHX can manage $150m. A reasonable deal would be $115m from each side, but Sarver obviously sucks.

I don't want to hear the Indian land threats etc. - just keep the Suns Downtown and get the deal done. Future is bright with Ayton, Booker and a Duke guy if we keep losing :notacrook:

biggus diggus Nov 21, 2018 4:48 PM

What is the argument for spending public money on the basketball team's arena?

ASUSunDevil Nov 21, 2018 4:56 PM

^ It's better than the possibility of losing the team entirely to Scottsdale or Seattle due to a shitty owner. The Suns are hugely important to the state and city.

The team itself and coaches/player salaries also generate millions in tax revenue.

I wish Sarver had more dough/bigger balls and funded it himself, but he is who he is. Keep the Suns Downtown.

somethingfast Nov 21, 2018 4:57 PM

Quote:

Originally Posted by biggus diggus (Post 8386329)
What is the argument for spending public money on the basketball team's arena?

haha exactly! it's just the way elites/rich get elite-er/richer lol

Sarver has demonstrated zero reason why he shouldn't foot the majority if not ALL of the bill if it's just an economic juggernaut. sorry...lifelong Suns fan but the franchise is a pale shell of its former glories...even with the young guys. i totally blame Sarver so he can suck it.

Mr.RE Nov 21, 2018 4:58 PM

As the article states, there's no point in investing that much public funds into a "lousy team". If that truly is the sentiment, their loss. I think Suns should contribute more, however Sarver runs a lean operation it seems. Id rather see them stay downtown. Az taxpayers couldn't stomach a half a billion dollar stadium for the low quality of performance our team displays.

biggus diggus Nov 21, 2018 5:00 PM

I'm not against helping fund it but you didn't really answer my question with anything other than an emotional response about how Phoenix could lose the team to Scottsdale or another city.

What financial advantage, that exceeds the cost of the arena, does the team provide? It doesn't pay for itself in my opinion and unlike Heard Museum or Phoenix Art Museum the Phoenix Suns is not a non-profit. There lies the issue people have with this, you're using public money to build or remodel a for-profit company's office basically.

I would prefer if the team stayed downtown. I would also prefer the team perform better. It's really short-sighted to make the argument that the team isn't performing and that's why you won't fund it.

ASUSunDevil Nov 21, 2018 5:31 PM

Quote:

Originally Posted by biggus diggus (Post 8386353)
I'm not against helping fund it but you didn't really answer my question with anything other than an emotional response about how Phoenix could lose the team to Scottsdale or another city.

Clearly you missed the tax revenue part.

I would rather Sarver pay for the entire remodel, but unfortunately that's not realistic.

Agree to disagree as usual, Biggus.

Obadno Nov 21, 2018 6:02 PM

Quote:

Originally Posted by biggus diggus (Post 8386353)
I'm not against helping fund it but you didn't really answer my question with anything other than an emotional response about how Phoenix could lose the team to Scottsdale or another city.

What financial advantage, that exceeds the cost of the arena, does the team provide? It doesn't pay for itself in my opinion and unlike Heard Museum or Phoenix Art Museum the Phoenix Suns is not a non-profit. There lies the issue people have with this, you're using public money to build or remodel a for-profit company's office basically.

I would prefer if the team stayed downtown. I would also prefer the team perform better. It's really short-sighted to make the argument that the team isn't performing and that's why you won't fund it.

I think professional sports are a tota racket and the fact that they leverage cities against eachother for tax breaks is bullshit.

However its the citizens and cities and fans that allow it, same complaint I hear when people say things like "These players make too much!!!" Then stop watching :koko:

somethingfast Nov 21, 2018 6:05 PM

^ i don't personally feel there is a correct "position" on the public funding issue. i think most people (us plebes that is) generally feel that the onus of building these palaces where fewer and fewer of the public can afford access falls on them and not more so the users of the facilities. it's the ever-growing problem of "public subsidizing of private interests" model which just makes the poor poorer and the rich richer. Sarver has not put a consistent quality product on the court for 70% of the time he has owned the product. the city of Phoenix needs to push him hard to foot a significant if not majority of the bill. he's a capitalist. raise the capital. don't just say "this building sucks" and "i can't put a competitive product out there without a fancy new building" - that doesn't carry much sway anymore. the arena is actually generally okay last time i went there. access to facilities/concessions is the major issue. don't know that it takes a half billion dollars to fix that. but whatever. he can threaten to move all he wants. part of me says let him do it. i wish the Cards had left as they always took the easiest path to new anything. they are so far away from me that is just not economically and time-wise worth it for me to go see them...esp now that they are back to having a poor product again. Phoenix is a desirable place to be for teams and we should remember that.

biggus diggus Nov 21, 2018 6:24 PM

Quote:

Originally Posted by ASUSunDevil (Post 8386401)
Clearly you missed the tax revenue part.

I would rather Sarver pay for the entire remodel, but unfortunately that's not realistic.

Agree to disagree as usual, Biggus.

I didn't miss the "tax revenue" part, I glossed over it because it was a vague reference to something with no examples. My business creates tax revenue also, perhaps I can convince the City to buy me a new office. This old building isn't cutting it anymore.

Again, I'm not arguing against funding it. I'm all for it. I just want to hear an actual argument in favor of it that makes sense. My argument is only an emotional "do it" because I'm a Suns fan. Sounds like you have only the same argument. I can think of no way the city makes back the 150 million.

ASU Diablo Nov 21, 2018 6:37 PM

Quote:

Originally Posted by biggus diggus (Post 8386512)
I didn't miss the "tax revenue" part, I glossed over it because it was a vague reference to something with no examples. My business creates tax revenue also, perhaps I can convince the City to buy me a new office. This old building isn't cutting it anymore.

Again, I'm not arguing against funding it. I'm all for it. I just want to hear an actual argument in favor of it that makes sense. My argument is only an emotional "do it" because I'm a Suns fan. Sounds like you have only the same argument. I can think of no way the city makes back the 150 million.

Here's two arguments of two other publicly funded arenas:
1) State Farm Stadium - over $310M in public money to build. According to ASU, Super Bowl XLIX generated an estimated $720M in economic impacts in the region. One event by itself possibly generated all the money back. Let's not forget about Super Bowl from 2008 and upcoming 2023. Fiesta Bowls, CFB Playoffs, NCAA Final Four, etc
2) Chase Field - https://www.azcentral.com/story/opin...enix/85694968/

In a nutshell, both publicly funded arenas have been worth the investment. The economic studies don't lie. But the whole premise that they are not worth the investment and city won't recoup the initial cost is false. According to the Suns, TSRA can't currently book some events as productions for some of them are getting bigger and bigger and they can't currently support. With the renovation, they will be able to book these grander events, bringing additional foot traffic and tax revenue to a growing downtown scene.


All times are GMT. The time now is 11:40 AM.

Powered by vBulletin® Version 3.8.7
Copyright ©2000 - 2024, vBulletin Solutions, Inc.