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

CrestedSaguaro Nov 10, 2020 12:34 AM

Quote:

Originally Posted by Obadno (Post 9100238)
Is the moon tower still the Meow Wolf thing?

I am not sure on this, but I think this is a new proposal with just residential. Meow Wolf was supposedly dead/delayed due to the COVID epidemic. But I recently read somewhere else they are still planning on pursuing Phoenix. If it's the same location or another undisclosed location, I am unsure.

CrestedSaguaro Nov 10, 2020 12:56 AM

Large industrial development coming to South Phoenix on the former cement plant site off 7th Ave just South of the Salt.

Quote:

Phoenix developer begins $111M redevelopment of former cement plant

By Corina Vanek – Reporter, Phoenix Business Journal
Nov 9, 2020, 4:13pm MST


Merit Partners, the developer behind some massive industrial projects in the West Valley, is working to redevelop a former Phoenix cement plant into an industrial “employment center” that it expects could be home to 1,000 jobs.

The Phoenix-based company has begun a $11 million remediation process to make the site, near Seventh Avenue and Elwood Street, suitable for development. TJ Wead, investment officer for Merit, said that process will likely take six to seven more months to complete.

The 83-acre property operated as a cement plant for years, but between 15 and 20 years ago it closed and remained vacant, Wead said. About a year ago, Merit Partners started doing due diligence to buy the site. Even though it requires extensive remediation, Wead said the company loved the area and the chance to make a major change on the site.

“It’s hard to find an infill site of mass within the population centers,” Wead said. “It’s almost impossible to find 80 acres in a robust area in the heart of Phoenix.”

The development is planned for a total of seven industrial buildings totaling 896,400 square feet, and will be focused on last-mile distribution and similar uses. Butler Design Group is the architect.

Wead said he is expecting the project to cost about $111 million, including the remediation. The site is in a designated opportunity zone and the project will use opportunity fund money to construct it, giving the investment favorable tax treatment.

Opportunity zones were created through the Tax Cuts and Jobs Act and allow investors to invest capital gains realized from a sale of property, stock or business in order to defer paying taxes. The money must be invested within 180 days of a sale for it to be eligible for the deferred taxes. The money can be invested two ways: in real estate or in operating companies within designated opportunity zones.

Timeline slowed
Wead said the timeline for the project has been slowed by the coronavirus pandemic, but industrial real estate has benefitted from more people turning to e-commerce and companies increasing their warehousing and distribution capabilities.

Merit Partners has hired brokers from Cushman & Wakefield to market the site to potential users, and the construction timeline will depend on user interest, Wead said.

Merit Partners is the developer of several of the Valley’s biggest industrial projects, with a combined investment of about $2 billion. The company's most recent move was the purchase of an 614-acre parcel of land in Glendale planned for a $1.2 billion industrial park, called Camelback 303, which will be developed in a joint partnership with First Industrial Realty Trust Inc. and Diamond Realty Investments.

Another major redevelopment project is planned nearby, on Seventh and Elwood streets. Arizona Fresh Holdings LLC is planning a 153-acre, $200 million project that will include a produce distribution center, food market, community park and education and research facilities related to food and agriculture near Seventh and Elwood streets, including the former Rio Salado Park.
https://img.particlenews.com/img/id/...=webp_1024x576

Source: https://www.bizjournals.com/phoenix/...ent-plant.html

combusean Nov 10, 2020 1:15 AM

This has light rail frontage. Very bad land use in my opinion.

Code5 Nov 10, 2020 10:43 AM

Quote:

Originally Posted by combusean (Post 9101711)
This has light rail frontage. Very bad land use in my opinion.

Yessir, I agree. The city should make everything along the river in south Phoenix an Opportunity Zone for developers. I'd be ecstatic to see something like Tempe Town Lake in that South Phoenix area. Just my opinion though.

jvbahn Nov 10, 2020 11:08 AM

Agree with the above opinions, this should be much denser for the proximity to the light rail. The concept of both developments would be more coherent if they did something like the Mercado District in Tucson. I think it would make more sense and be a magnet for further projects, as well as an amazing opportunity to do better development in Phoenix.

Diamonddave Nov 10, 2020 11:44 AM

Totally agree with all of above opinions. I was hoping for development ala Apache Blvd. In Tempe.

biggus diggus Nov 10, 2020 2:18 PM

I'm more concerned with what's happening there with an apartment redesign of central. Seems there are several roundabouts.

exit2lef Nov 10, 2020 4:09 PM

Quote:

Originally Posted by biggus diggus (Post 9102152)
I'm more concerned with what's happening there with an apartment redesign of central. Seems there are several roundabouts.

Yes, that's part of the South Central light rail extension. There are two of them planned in this area. They make sense in this context because there are virtually no intersecting streets on the west side of Central. Having roundabouts provides opportunities for U-turns across the tracks in places where there would not typically be signalized intersections. There are two roundabouts along the light rail route in Mesa, and they seem to work just fine.

combusean Nov 10, 2020 11:34 PM

Thinking about this project again it's the easiest for anyone to do from a planning aspect and it's arguable that a better development would take years to pencil out. Still, I'd prefer a vacant lot than an industrial site that will take decades to redevelop.

In any event, it's extremely frustrating that Phoenix didn't do the requisite upzoning and related planning for the train prior to its construction so we're almost guaranteed even more crap like this from unimaginative developers for a few years until the city gets a clue. It's odd they completely leave the light rail off the map but kept its roundabouts.

Diamonddave Nov 10, 2020 11:35 PM

Changing the subject a little, question any updates on McKinley Green or X Phoenix Basecamp.

Phxguy Nov 11, 2020 12:00 AM

How long until this segment of Central Ave becomes part of the Walkable Urban Code overlay, or is it already?

biggus diggus Nov 11, 2020 12:46 AM

I thought McKinley Green was starting next yar.

Code5 Nov 11, 2020 1:43 AM

Quote:

Originally Posted by Phxguy (Post 9103038)
How long until this segment of Central Ave becomes part of the Walkable Urban Code overlay, or is it already?

I would say, no not yet. And I have no idea how long it will take. My guess is once the lightrail is complete, unfortunately. This is what the Phoenix.gov website says about the Walkable Urban Code right off the bat.


​​​​​​​​"As part of the Reinvent PHX project, a new urban and transit-oriented zoning code, the Walkable Urban (WU) Code, was adopted by City Council on July 1, 2015 (Ordinance G-6047). The Walkable Urban (WU) Code is Chapter 13 of the City of Phoenix Zoning Ordinance. The code regulates development in proximity to light rail stations and is envisioned to replace existing zoning for properties within the Interim Transit-Oriented Zoning Overlay Districts (TOD-1 and 2, Sections 662 & 663 of the Zoning Ordinance).

The WU Code approval by the City Council only created the regulations in the Zoning Ordinance. Properties within the five Reinvent PHX Transit Oriented Districts (Gateway, Eastlake-Garfield, Midtown, Uptown, and Solano) will still need to go through a rezoning process, with extensive public hearings, to establish the WU Code on a specific property"

fawd Nov 12, 2020 4:16 AM

I did the good ol' boomerang flight into Phoenix for some meetings last week. Haven't been in Phx since COVID started.

Did a super quick drive through downtown on the way out.. and WOW!!! Was totally impressed!!!!!

gymratmanaz Nov 12, 2020 2:52 PM

Welcome back FAWD!

CrestedSaguaro Nov 12, 2020 6:14 PM

Quote:

Originally Posted by Diamonddave (Post 9103008)
Changing the subject a little, question any updates on McKinley Green or X Phoenix Basecamp.

Sorry, thought I had posted an answer on this. Nothing permit-wise on either of these. My understanding is sometime next year and both will be built concurrently by the same developer to reduce infrastructure/utility time and costs.

ASU Diablo Nov 12, 2020 6:25 PM

Quote:

Originally Posted by CrestedSaguaro (Post 9104489)
Sorry, thought I had posted an answer on this. Nothing permit-wise on either of these. My understanding is sometime next year and both will be built concurrently by the same developer to reduce infrastructure/utility time and costs.

Appreciate the update! I didn't realize that these would be built at the same time by the developer. Pretty cool

Diamonddave Nov 12, 2020 6:31 PM

Quote:

Originally Posted by CrestedSaguaro (Post 9104489)
Sorry, thought I had posted an answer on this. Nothing permit-wise on either of these. My understanding is sometime next year and both will be built concurrently by the same developer to reduce infrastructure/utility time and costs.

Thanks Crested I do believe you post that they would be developed at the same time ,but you did answer my question on when.

ASU Diablo Nov 16, 2020 6:18 PM

Downtown Phoenix loses estimated $235M due to postponed, canceled events, report show
 
Ouch.

https://www.bizjournals.com/phoenix/...-millions.html

Obadno Nov 16, 2020 8:58 PM

Quote:

Originally Posted by ASU Diablo (Post 9107757)

And we fared relatively well compared to most cities economically.


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