Phoenix Development News (3)

[az_daniel]

Originally Posted by PHXFlyer11

It scales just like the others. It's only blurry because someone didn't use the vector file.

It also looks worse in B&W than it otherwise would have in color.

[PHX-DUDE-MAN]

Originally Posted by ASU Diablo

Thanks for sharing! Link to the article below:

https://www.12news.com/article/news/...2-94155517b4b6


And of course, the obligatory renderings from Davis. Not sure if these are indeed the real renderings for whatever will become of Chase Tower...but there's certainly a lot of smoke lately.

If this concept is built to revitalize the old Chase Tower, would this add to the height? The parapet design around the tower looks like it would maybe add another 10 feet?

[CrestedSaguaro]

Originally Posted by PHX-DUDE-MAN

If this concept is built to revitalize the old Chase Tower, would this add to the height? The parapet design around the tower looks like it would maybe add another 10 feet?

It looks like they've enclosed the office roof to add an additional level so it will be even with the concrete penthouse. That brings the office portion up to the overall building height of 483'. That and those extended façade columns look to bring the total height to around 493'...give or take.

It would be nice if they could make it an even 500'. But even at 490', that would make it a skyscraper by most accepted high-rise definitions. So I'll take it

[PHX-DUDE-MAN]

Originally Posted by CrestedSaguaro

It looks like they've enclosed the office roof to add an additional level so it will be even with the concrete penthouse. That brings the office portion up to the overall building height of 483'. That and those extended façade columns look to bring the total height to around 493'...give or take.

It would be nice if they could make it an even 500'. But even at 490', that would make it a skyscraper by most accepted high-rise definitions. So I'll take it

Man that would be awesome! Here's for wishful and hopeful thinking long live Phoenix!

[gymratmanaz]

I am confused or missed something. The rendering is two towers and not just renovating the one we have now???????

[CrestedSaguaro]

Originally Posted by gymratmanaz

I am confused or missed something. The rendering is two towers and not just renovating the one we have now???????

Yes. The second tower looks to be somewhere around 450' or so. It all looks fantastic and I would love to see this become a reality. But right now, I'm just considering it as only a slight possibility until something more concrete comes out.

I also can't help wonder if the owner of Chase might have quietly solicited proposals and Davis just went public with theirs? I wonder if there are any others out there lurking around from other architects?

[PHX31]

For discussions sake and to be sure... what are the current towers under construction in downtown Phoenix only?

1. Central Station 1
2. Central Station 2
3. Palmower
4. Moon Tower
5. Sky
6. Aspire (complete/open?)
7. Link Ph 3
8. Derby (complete/open?)
9. First McKinley
10. X Phoenix

Can't remember if I'm missing any.

[MiEncanto]

Originally Posted by CrestedSaguaro

Yes. The second tower looks to be somewhere around 450' or so. It all looks fantastic and I would love to see this become a reality. But right now, I'm just considering it as only a slight possibility until something more concrete comes out.

I also can't help wonder if the owner of Chase might have quietly solicited proposals and Davis just went public with theirs? I wonder if there are any others out there lurking around from other architects?

Rumor has it the Chase tower has absolutely massive costs associated with asbestos treatment and any remodel is going to be a Herculean and expensive task. From what I heard a number of folks balked at the project when it was for sale and everyone was surprised when it sold for what it got but not surprised that it was an out of state guy who had a short window from capital gains 1031 situation.

Either way I wouldn't hold my breath on this one.

[CrestedSaguaro]

Originally Posted by MiEncanto

Rumor has it the Chase tower has absolutely massive costs associated with asbestos treatment and any remodel is going to be a Herculean and expensive task. From what I heard a number of folks balked at the project when it was for sale and everyone was surprised when it sold for what it got but not surprised that it was an out of state guy who had a short window from capital gains 1031 situation.

Either way I wouldn't hold my breath on this one.

Asbestos removal is already in progress.

[BA744PHX]

Originally Posted by PHX31

For discussions sake and to be sure... what are the current towers under construction in downtown Phoenix only?

1. Central Station 1
2. Central Station 2
3. Palmower
4. Moon Tower
5. Sky
6. Aspire (complete/open?)
7. Link Ph 3
8. Derby (complete/open?)
9. First McKinley
10. X Phoenix

Can't remember if I'm missing any.

Link 3 hasn’t started construction, does anyone know the timeline for this project?

[combusean]

Originally Posted by CrestedSaguaro

Asbestos removal is already in progress.

What's the actual source on this?

[azliam]

I read that Empire Group closed this week on a 40-acre parcel located in North Phoenix near the site of the TSMC facility with plans to build a community of 354 single-family build-for-rent homes. Also, "Empire Group is currently under construction on six build-for-rent projects in cities throughout Maricopa County including: Goodyear, Phoenix, Peoria, Avondale, Tolleson and Queen Creek. The developer has another five build-for-rent communities throughout greater Phoenix that they are scheduled to break ground on by the end of the year."

https://azbigmedia.com/real-estate/e...nd-for-14-37m/

Two things:

Still haven't heard much of anything from Empire Group about Astra.

Secondly, with so many millennials and others being priced out of new homes (with new home construction slacking, and a continuous flow of new residents coming to Phoenix), I feel like instead of building more homes, we are getting saturated with these new build-to-rent properties. Not everyone wants to rent in perpetuity especially since rental prices keep increasing.

Thoughts?

[PHX-DUDE-MAN]

Originally Posted by azliam

I read that Empire Group closed this week on a 40-acre parcel located in North Phoenix near the site of the TSMC facility with plans to build a community of 354 single-family build-for-rent homes. Also, "Empire Group is currently under construction on six build-for-rent projects in cities throughout Maricopa County including: Goodyear, Phoenix, Peoria, Avondale, Tolleson and Queen Creek. The developer has another five build-for-rent communities throughout greater Phoenix that they are scheduled to break ground on by the end of the year."

https://azbigmedia.com/real-estate/e...nd-for-14-37m/

Two things:

Still haven't heard much of anything from Empire Group about Astra.

Secondly, with so many millennials and others being priced out of new homes (with new home construction slacking, and a continuous flow of new residents coming to Phoenix), I feel like instead of building more homes, we are getting saturated with these new build-to-rent properties. Not everyone wants to rent in perpetuity especially since rental prices keep increasing.

Thoughts?

First, they better do what they said about Astra and actually build it. Two, the build to rent communities are an abomination.

[phoenixwillrise]

Originally Posted by PHX-DUDE-MAN

First, they better do what they said about Astra and actually build it. Two, the build to rent communities are an abomination.

All these for rent communities have to do is convert to house for sale. Problem solved. Next question.

[azliam]

Originally Posted by phoenixwillrise

All these for rent communities have to do is convert to house for sale. Problem solved. Next question.

Great in theory, but that's not why they are being built (at least initially) and people are getting priced out now as rents increase.

[az_daniel]

I was downtown last night and you could clearly see that the top 5-8 floors or so of chase have been gutted and had bright work lights on inside.

[CrestedSaguaro]

Originally Posted by combusean

What's the actual source on this?

It's stated in the demo permits. I'm not near my computer now, so I can't post the permit numbers.

[CrestedSaguaro]

Empire is actually building 2 rental home projects up around TSMC for a total of just over 600 homes. I don't have a problem with rental homes. It is not really a good time to buy a home right now with the interest rates up and a lot of people have simply been priced out of buying a home with the prices shooting up over the past year. Prices are starting to slowly drop, but I wouldn't buy right now until rates go back down.

Also, not everyone wants to live in an multifamily apartment community and this gives renters an opportunity to explore living in a single family home and deciding if it's for them or not.

The good thing is these home could potentially be converted to purchased homes down the road.

[azliam]

Originally Posted by CrestedSaguaro

Empire is actually building 2 rental home projects up around TSMC for a total of just over 600 homes. I don't have a problem with rental homes. It is not really a good time to buy a home right now with the interest rates up and a lot of people have simply been priced out of buying a home with the prices shooting up over the past year. Prices are starting to slowly drop, but I wouldn't buy right now until rates go back down.

Also, not everyone wants to live in an multifamily apartment community and this gives renters an opportunity to explore living in a single family home and deciding if it's for them or not.

The good thing is these home could potentially be converted to purchased homes down the road.

I meant to put this topic in the General forum, so my apologies. Having said that, yes it would be good if that happened. In the meanwhile, yes home prices are slowly dropping, but renters are continuing to feel the squeeze as rental costs continue to increase. In this market, middle-income housing is seriously lacking given the population growth it continues to see. On a side note, I absolutely loathe the investors and hedge funds that bought up thousands of homes in the valley - more than 30% of homes sold in just the third quarter of last year which coincides with the average percentage of rental rates increases at 30%). These hedge funds state that their rental rate increases are driven by the market, but it's these types of organizations that are helping to drive the market changes. At the end of the day, this and too much demand with too little supply is costing many families.

[Warren Peace]

Originally Posted by az_daniel

I was downtown last night and you could clearly see that the top 5-8 floors or so of chase have been gutted and had bright work lights on inside.

I suppose this is an observation that supports the many remarks that interior demolition is underway. I've had my doubts because I live downtown and only briefly saw a fleet of construction related vehicles parked in that area, and none of them seemed equipped to remove large amounts of any interior components or debris.

If demolition is still underway, it's clearly a very small team taking small bites at some infrequent frequency. At this rate, the 3 year estimate seems VERY ambitious.