Phoenix Development News (3)

[CrestedSaguaro]

Originally Posted by Mr.RE

Also, one thing to keep in mind when it pertains to development timelines and the process, the city of Phoenix is slammed in their permits department. Plan review is looking at 9-11 business WEEKS before applicants receive first comments then 4-6+ weeks after that. A lot of projects mentioned are in the pipeline to receive building permits. Patience is key

Correct. I think Phoenix only has a couple of people reviewing permits and they are way behind. None of the developments that have been announced are cancelled or on hold. With that said, there hasn't been any delay in Link phase 2 and construction is still to come for that. Hines has had several permits granted over the past couple of weeks and we have had confirmation from someone on here that demo is planned soon for part of the underground garage of the Collier's pad to start the new tower construction. We've had a number of projects that have started over the past few weeks...X, Novel, Creighton, AC is now getting ready to move, Aspire is nearly ready to go, we've got dirt moving for the Fillmore and heck...even the Battery has finally broken ground. Also 3 new announced multifamily developments in the Eastlake area just a few days ago. There are no signs of a slowdown in development right now.

[Obadno]

Originally Posted by biggus diggus

Media narratives control reality to an extent, you're right. That said it's also true that 10+ years of economic growth has historically been about the upper limit.

It’s technically been 10 years of growth but the growth before 2015 was pretty anemic nearly stagnant. Growth at the pace we are historically used to didn’t begin until 15/16 in earnest which probably contributed to the longer than average growth period.

A lot of years of pent up and delayed demand

[Obadno]

Originally Posted by biggus diggus

I don't recall anyone saying another "great recession" is coming, but I think brushing off an impending recession (no matter how small) is kind of ill-advised. Why would a seasoned developer want to begin a project that will come to market as a recession is starting? Not a good use of money.

Well if you are a developer and expecting a short recession like 92 or 2000 your building is going to take two years, be under construction during the slow growth and ready to open in the next recovery

[CrestedSaguaro]

Sam Fox looking to bring a hotel to 44th St and Camelback.

Next up for restaurateur Sam Fox: A Phoenix hotel?

Prolific Phoenix restaurateur Sam Fox appears to be getting into the hotel business.

The Phoenix Business Journal reports that Fox is listed as the developer of the hotel portion of a mixed-use development planned for 44th Street and Camelback Road in Phoenix.

The hotel will have 85 rooms and 20 condos, according to the Business Journal. It's across the street from the Fox Restaurant Concepts headquarters. The property, which will be called 44|Camelback, also will include office space, retail space and restaurants, the Business Journal reported.

The Republic has reached out to Fox’s organization for more information on this developing story.

Fox sold Fox Restaurant Concepts, his string of popular Valley restaurants, to The Cheesecake Factory for $308 million last month. Fox's company has 23 restaurants throughout metro Phoenix, including Olive & Ivy, Dough Bird and The Henry.

Fox Restaurant Concepts is expected to operate as a subsidiary of Cheesecake Factory and Fox will lead the company from its Phoenix headquarters, according to a press release announcing the sale.

Source: https://www.azcentral.com/story/news...el/2101220001/

More at https://www.bizjournals.com/phoenix/...nix-hotel.html with a rendering, but I don't have access.

[ChaseM]

Here's the promotional video for The Stewart.

• Video Link

[Obadno]

Originally Posted by ChaseM

Here's the promotional video for The Stewart.

• Video Link

These pools on link and Stewart are going to be social media gold

[TJPHXskyscraperfan]

Originally Posted by ChaseM

Here's the promotional video for The Stewart.

• Video Link

Are drones ok to use downtown? I thought it was too close to the airport.

[CrestedSaguaro]

Originally Posted by TJPHXskyscraperfan

Are drones ok to use downtown? I thought it was too close to the airport.

You have to register your drone and notify Sky Harbor for drone use within 5 miles of the airport, but I'm not sure if that includes Downtown since you have towers up to Chase's height.

[Sun Belt]

^^^Holy Toledo, does she come with the condo?!

[combusean]

Yeah. That video was exceptionally well done.

[Mr.RE]

Land closing for Fore's 7 story fillmore project.

https://azbigmedia.com/real-estate/b...ls-for-9-325m/

[CrestedSaguaro]

Originally Posted by Mr.RE

Land closing for Fore's 7 story fillmore project.

https://azbigmedia.com/real-estate/b...ls-for-9-325m/

Nice! Been waiting for more news on this. 7 floors will be a good gradient between the upcoming Aspire and the surrounding area.

[ASU Diablo]

https://www.azcentral.com/story/mone...on/2123242001/

A 31-story downtown Phoenix high rise has sold for almost $93 million, and the new owners plan to spend another almost $15 million to renovate it.

Miami-based Black Salmon purchased the 375,862-square-foot U.S. Bank Center. The tower at 101 N. First Ave. is 83% full with tenants including the bank, WeWork and Jacobs Engineering, according to the new owner.

The office vacancy rate in downtown Phoenix is about 15%, according to Colliers International.

The deal, done with real estate merchant bank ScanlanKemperBard Companies, also includes a seven-story parking structure that sits in a designated Opportunity Zone.

The new owners plan to upgrade the fitness center, common areas, ground-floor lobby and outside façade.

[CrestedSaguaro]

Originally Posted by ASU Diablo

https://www.azcentral.com/story/mone...on/2123242001/

Add some condo's!

[Chestnut1]

Originally Posted by RonnieFoos

Nice! Been waiting for more news on this. 7 floors will be a good gradient between the upcoming Aspire and the surrounding area.

I wonder if they are trying to get the corner lot as well. It's not owned by the printing company. Otherwise, it would be similar to the NAC development across Fillmore, where a small, isolated lot is left over without much development potential.

[TJPHXskyscraperfan]

And then hopefully the newest tallest building in the state rises up just south of there! Looking forward to Aspire rising soon, gonna be a lot of cranes in the air by the end of the year! I’d have to say the most we’ve ever seen downtown at once.

[combusean]

Well well well, the longtime owner of those kitty-corner parcels south of the NAC complex and excluded from the development deal, Murray Reisman, died in April at the age of 86.

Not sure who the new owner is, they don't share last names.

[biggus diggus]

Looks like it was left to Patricia Snyder who is pretty well known on Grand Avenue, owns most of the block where bikini lounge is, but not bikini. I know she has quite a bit more around downtown. It's all passive income, don't expect development.

[combusean]

How would these properties generate any significant income other than the random construction yard?

I struggle to think of a feasible project on such small lots. I've often dreamt about matching sliver towers.

[biggus diggus]

Those two wouldn't provide anything other than tax shelter or income from land use. The others are used as rentals of various type. None pretty.