The land was bought last month by Post Road Group, a connecticut company that has never done business in arizona and doesn't disclose the projects they've developed. I suspect by their "$1 billion+ invested" claim is that a high-rise project on that would be out of their league as a tower would be a lot of exposure for them on top of their non real-estate investment activities.

There are no relevant permits for the site, and the VeLa name is already attached to a different company who I suppose could be retained as a development or capital partner but I don't know.

I'm skeptical of anything happening anytime soon on that lot, especially when it takes a like year after a preliminary application conference (PAPP) before a project starts moving.

It's a planned tower, approximately 25 stories with what sounds like Microunits. The parcel does not have any crazy issues that would delay progress, contractor is apparently already selected (no clue who as of yet), but planning on submitting prelim shortly and they have a tight schedule with anticipated groundbreaking late Q3 this year. That is doable, but really aggressive, so I would give a couple months buffer in my opinion. Developer is apparently doing 3-5 projects across the country, but Phoenix is furthest along since they own the land.

Isn’t that the Farmers Market? Is it actually the Southeast corner?

The other corner to the direct south is held by the same land bankers that have held that part of Downtown for a year or so.

I'm skeptical about any potential of near-term developments on the 701 N Central parcel because there's absolutely nothing that's publicly available to justify it and enough to discredit it. The new owner speaks, or rather doesn't, for themselves.

Sounds promising. Thanks for the update!

Are you allowed to disclose your source?

People involved in the projects normally, but always varies.

Any renderings you may be able to share? Like how you were able to for X Phase 2? :cheers:

A smaller developer buying the land outside of entitlements or escrow and starting a tower in 9 months while working in several markets in this economic environment sounds way beyond even 2006-level malarkey.

Speaking of X2, I just received my 2nd records request on it today...which is pretty much the same old documents from 2018. It seems to be getting increasingly harder to get any information on developments from the City of Phoenix. I don't have this problem with Tempe or other cities. Hopefully, the new system (SHAPE PHX) they push out here in another month will be better and easier to get the information we need. Very frustrating.

I don't think they even have renderings at this point, normally in early stages you are working on unit mix/layout and the exterior comes later. I doubt they fully develop renderings until PSP submittal.

I hear ya. It's been like pulling teeth when I submit public requests as well. Was trying to get some info to see where the city was with the plans for Convention Center South Building and received the following response (nice to see it's still alive):

Thanks anyways!

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The situation now vs 2006 isnt even comparable.

PHX Gives 1st OK to Another Complex on SDLE Border
 

I totally agree. Totally different factors at play...but I digress. I don't want to face a similar fate...

In other news, keep these coming! :tup:

https://azbex.com/phx-gives-1st-ok-t...tsdale-border/
https://azbex.com/newrelease/wp-cont...OK-678x381.jpg

Are these demo requests related to the project you referenced?

http://apps-secure.phoenix.gov/PDD/S...Number=2200032

^ Those are still owned by the same guy who's been marketing that stretch of Central for a while.

End of an era for the Phoenix Market Café and Pizza Hut buildings.

Did the phoenix public market cafe close? Sad if so. Was a great place and i thought that was an interesting and good reno and use of a generally unspectacular historic building

It’s back open, at least on Saturday

Yeah, it's been closed since September 2020. They do still hold the DTPHX Farmer's Market there each Saturday.