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Huge sign on the side of Corduroy for the 8-story Edison condos across from Park Central! These are pricey, so I wish them luck, especially with Portland on the Park fighting for market share with them.
I really hope this happens. With Banner and Edison in Midtown I would bet on Park Central finally being redeveloped. |
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*Edit: To add to my post above, it will be interesting to see if Edison fills quickly? Maybe this could be the catalyst for taller developments over 5 floors? |
http://azbex.com/ua-banner-expanding...edical-campus/
Not sure where this is going? 60,000 SF is not much, maybe 3 stories? |
I just received this email stating that Kincaid's is calling it quits after a decade-and-a-half in the Collier Center. The chain was good but not great, but I'm more concerned about what comes next for the space. Kincaid's was off the street on the 2nd floor, making it less visible from the street. It may be hard to find a new restaurant tenant.
http://kincaids.fbmta.com/members/Vi...=PO8M0vAwAK8e0 |
Edison Midtown
I'm a little confused about where the Edison Midtown will be.
I gogoled the project and all of the information I found (most from 2014) described the project as:
See: http://www.bizjournals.com/phoenix/n...o-project.html or http://www.weknowurban.com/Phoenix/Edison-Midtown/ However, the Edison webpage describes it as:
http://liveatedison.com/ Is this two different projects? Or is it the same project but changed the design, and location? |
Lots seems to be owned by the same entity, though different names...
2346 N Central Ave is owned by DECO EDISON CENTRAL LLLP and 3131 N Central Ave is owned by DC DECO CENTRAL LLC. |
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The Edison will most definitely be on the one across from Park Central. They had a zoning sign last month. Now replaced with a big wooden sign advertising The Edison on the lot. |
The Childhelp building at 2346 N Central Avenue has been empty for a while now. They stopped watering the lawn, took out a tree or two.
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The current 7 floor (looks like 8 floors as the first level appears to be 2 levels high in the renderings) is going to be located ar 3131 N. Central which is literally across the street from Park Central. I'm confused on the layout though. The lot facing Central is not very wide and there is currently a small 1 level occupied building right next to the vacant lot Edison is going. I'm thinking they may have to demolish that building?
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95% leased. Seems to be a decent amount of interest in good looking buildings....
http://www.bizjournals.com/phoenix/n...r-for-94m.html |
$18.25M financing secured for development of Edison Midtown
Posted June 25, 2015 by AZRE Holliday Fenoglio Fowler, L.P. (HFF) announced that it has secured $18.247 million in non-recourse construction financing for the development of Edison Midtown, a $30.5 million, 110-unit for-sale condominium project in Phoenix’s Midtown neighborhood. HFF worked on behalf of the developer, Deco Communities (Deco), to place the 60-percent loan-to-cost, non-recourse, three-year construction loan with a commercial bank. HFF also sourced joint venture equity capital for the project from an alternative investment manager ($5 billion AUM) in late 2014. Due for completion in late 2016, Edison Midtown will be situated on 1.3 acres at the intersection of North Central Avenue and East Monterey Way. The transit-oriented project provides immediate access to light rail and is located midway between downtown Phoenix and the Camelback Corridor, two of the largest employment centers in the state. Designed by Harley Ellis Devereaux, the modern seven-story condominium building will have five stories of one- and two-bedroom residential units situated above a two-level parking garage. Property amenities will include a 2,000-square-foot fitness center, swimming pool and spa. Edison Midtown represents the third transaction that HFF has completed for Deco in less than 24-months. HFF also arranged non-recourse construction financing and joint venture equity for Deco’s $38 million Envy development, an 89-unit, for-sale luxury mid-rise condominium project located in downtown Scottsdale that is currently under construction, as well as joint venture equity for Deco’s Inspire on Earll condominium development, located just south of Old Town Scottsdale, which is soon to start construction. HFF’s debt and equity placement team was led by director Bryan Clark. The rendering doesn't resemble the description in anyway showing barely 4 floors. Must be an error. http://azbigmedia.com/featured/1825m...edison-midtown |
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It's a very good sign and a non-recourse loan is good because it means they have confidence in the value and the builder so if the builder defaults they don't go after them only their collateral tied to this project. The lender must really know the demand is there and willing to take the risk. Excited for this....
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Elevation on Central.
This place looks freaking great. The finishes are really impressive. I think this will be an amazing addition to Central. None of which I thought I'd say when I saw the renderings a while ago. It really looks incredible.
http://www.forrent.com/apartment-com...1000949210.php |
I think it looks super generic, am I the only one?
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I can't wait to see what happens after this latest round of projects is completed. I really think development will further accelerate and we'll see more retail and commercial, plus taller residential in the 8-10 story range. |
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