Kenect is getting close to final exterior completion. First residents expected in June!
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https://www.bizjournals.com/phoenix/...MHBpZz09In0%3D


What could be the highest priced piece of land in Valley history sold for $7.65 million per acre in downtown Phoenix.

According to Vizzda LLC real estate database, Honeylou Reznik sold 1.83 acres at 601 N. Central Ave. to an entity tracing to Glasir Capital Partners for a total of $14 million.

For nearly 50 years, Reznik and her husband Morris Reznik owned that parcel — bounded by Pierce Street, Fillmore Street, Central Avenue and First Street.

On the parcel's corner, at Central and Pierce, was an underground bowling alley that Honeylou Reznik said she remembers using while attending Phoenix Union High School.

That bowling alley still exists underground, next to what used to be the family's Jewel Box jewelry store and pawn shop.

"There was an implosion about 10 or 12 years ago when we finally liquidated the business," she said. "Everything was leveled at that time. Mr. Woodward's parking lot took it over. He became our tenant."

At age 91, Honeylou said it's time to sell the property now that her children are getting older.

The couple was married across the street at the Westward Ho back when it was a hotel. It is now a subsidized housing facility.

Honeylou said she has fond memories growing up in the area and attending Phoenix Union and Phoenix College.

"It was a wonderful time," she said. "It was a small town when we got here in '43 during the war. My mother worked in one of those war factories."

Mixed-use project

Dean Corley, who has handled land deals for the family, said the property most likely will be developed as a mixed-use multifamily project.

The buyers could not be reached for comment.

Experts in the real estate industry say this could be the highest-priced piece of land to sell in Phoenix.


At $175 per net square foot, that's one of the highest land prices per foot Patrick Burch said he's see in Phoenix for a site of that size.

Burch, vice president of ABI Multifamily who has handled several multifamily land transactions for the Phoenix-based brokerage, said the property had been in escrow with other potential developers, including Hines, which walked away and chose another site at 222 E. Jefferson St. where it is building a 25-story, 379-unit luxury multifamily complex.

Brian Kern, senior researcher at Vizzda, said that land price — at $7.65 million per acre — was even more per acre than the 5.08-acre parcel at 24th Street and Highland in October 2017 that cost $6.02 million per acre.

Vizzda records show an entity tracing to Morgan Group bought that parcel for $30.6 million from an entity tracing to Gray Development to develop Pearl Biltmore luxury apartments.

The Reznik transaction is a sign the resurgence of downtown Phoenix continues, even during the Covid-19 pandemic crisis, said Christine Mackay, director, Phoenix Community and Economic Development.

"The city’s groundwork, investment and leadership and that of our partners fueled this resurgence of downtown Phoenix," she said. "Even during Covid-19 crisis, the development and investment communities recognize that our urban core is a strategic long term investment. Due to the fact that there are only a few underdeveloped or vacant blocks remaining in downtown, we are not surprised by continued investment and vision toward the future."


Anyone have an idea of what this is going to be? Says multifamily mixed use, not sure if any renderings or info the group has on it.

Great news! Big lot, so hopefully there are two towers proposed. Also really hope for a restoration of the underground bowling ally. At least into a bar or something!

There was a multi-familyproject proposed there maybe 6 months to a year ago, called ‘The Canyon.’ Was like 7-8 floors and took up the entire property with a single, bulky building. Its only defining feature was this park that split the building in half from the 2nd floor and above, creating its Canyon-ish appearance. Haven’t heard about it in a while though.

Hope something better comes along!

Great memory!

I think they scrapped the project when the city denied their request to abandon the alley (which is a good thing). I totally forgot "The Canyon" was a Hines proposal. I'm glad they walked away and chose to develop Adeline instead. Let's see what the new buyer proposes!

Now that would be awesome! *rides elevator from the 35th level PH down to the bowling alley* Now that would be some next-level amenities!

This is huge news. Very exciting too! I definitely agree with you, they have to restore that underground bowling alley, and keep the sidewalk skylights, or at least refurbish everything. There's way too much hidden history there. The Phoenix underground is actually chock full of amazing history. Tons of underground speakeasies during the prohibition. Super fascinating stuff. Something like a restored retro bowling alley or another bar down there would be jam packed during First Fridays.

Huge purchase price to be a hold, I expect this one has a good chance to be developed. Prime lot for exposure.

I agree about the alley. I have looked through the sidewalk windows for years, hoping someone would have the balls and money to somehow utilize the alley in something. It would be an awesome alley or just a bar. Praying for it to be used and something amazing above ground!!!

ha ha

https://youtu.be/yQVWkbsPsD4

A few years ago, someone lowered their camera into the skylight, before they fixed it. It’s not much but it gives you an idea of the scope of the space beneath the property. And certainly there’s more that isn’t seen from this fixed vantage point.

Haha this is freakin' awesome. I didn't even know this video existed, thanks for sharing.

There's really nothing there worth preserving ... it's a huge empty room. Although I do hope they keep the skylights for something, although they might not be able to with work in the right of way.

Now, when ASU was proposing to build on that site, they did a ground penetrating radar and found underground storage tanks. Dollars to donuts that was Al Capone's distillery and speakeasy. A hallway, the existence of which was proven with the light rail construction, is said to have connected it to the westward ho. There's rumors that Al Capone's car is buried there too.

I really hope they develop this site big because nobody knows what's really there and we'll find out when they dig it all up. In retrospect, the silence of the site's owner is suspicious.

And no, this is not going to be developed anytime soon. The investment firm is a cancer on central Phoenix--demolisher, holder, flipper. They demolished the Clinton Campbell house just to flip the lot, said they were going to develop the SEC of Central and Indian School which is still a lot, they buy and sell all sorts of stuff but haven't developed anything. If there's any history to this thing expect that too to be wrecked. If they do anything with it besides sell or hold it they'll clear the lot for fresh development.

Deleted...old news

Hey Crane Heads, I have been lurking here for years but have not posted. Been living in Boston but still am in love with PHX. Looking forward to wading back into the pool! :yes:

Come on in Luke. The water's fine!

Noticed today that X Phoenix Basecamp filed a new Pre-App 10 days ago, project number 19-3905, and it is now listed as a 19-story instead of 16.

Like it! Now if we can just persuade Central Station developers to rethink downsizing strategy!

Crane heads! I resemble that. LOL. I still follow Phoenix closer than San José and SF and I've been out of town for nearly 8 years.