Arizona Center Development - Page 31

CrestedSaguaro · #**601** Posted **Mar 21, 2022, 3:41 PM**

Quote:

Originally Posted by Obadno

Have we considered that the property manager is pushing these tenants out?

I was wondering this myself. The only thing I could think of for the justification of that would be for maybe another potential remodel? Hopefully, they have decided to cut their losses, tear the whole retail section down and rebuild it the right way.

One can dream anyway anyway

Warren Peace · #**602** Posted **Mar 21, 2022, 4:21 PM**

Quote:

Originally Posted by Obadno

Have we considered that the property manager is pushing these tenants out?

Yes, but once I thought about the new tenants that were added (Jersey Mikes and that new berry bowl place), it looks like they are trying to fill some units.

The section with Hooters is the only piece of building that had no new tenants over the past year, so maybe there will be phases of change?

MiEncanto · #**603** Posted **Mar 22, 2022, 8:17 PM**

Quote:

Originally Posted by CrestedSaguaro

I was wondering this myself. The only thing I could think of for the justification of that would be for maybe another potential remodel? Hopefully, they have decided to cut their losses, tear the whole retail section down and rebuild it the right way.

One can dream anyway anyway

Are we really questioning why a Subway and a Hooters closed? lol retail & restaurant turn over right?

exit2lef · #**604** Posted **Mar 22, 2022, 8:25 PM**

Quote:

Originally Posted by MiEncanto

Are we really questioning why a Subway and a Hooters closed? lol retail & restaurant turn over right?

No, what we're wondering is what plan, if any, does the AZ Center have to fill its retail space, which is predominantly vacant due to a steady stream of closures. This is happening despite a recent renovation of the complex and a return of potential customers to nearby offices and classrooms after a pandemic-induced exile.

Obadno · #**605** Posted **Mar 23, 2022, 3:19 PM**

Downtown has more traffic and population now than ever yet the newly renovated AZ center with a new owner and now permanent population of Office, Hotel and Construction worker population, blocks form ASU and thriving restaurants cant manage to keep a few fast food joints

It does not make any sense actually

PHX06 · #**606** Posted **Mar 23, 2022, 5:37 PM**

Quote:

Originally Posted by Obadno

Downtown has more traffic and population now than ever yet the newly renovated AZ center with a new owner and now permanent population of Office, Hotel and Construction worker population, blocks form ASU and thriving restaurants cant manage to keep a few fast food joints

It does not make any sense actually

I completely agree with this, it makes no sense. I am even of the opinion that both Arizona Center and Collier Center are much more attractive places than CityScape, yet both sit nearly empty while CityScape is full.

Cityscape is not *that* much more "outward-facing" than Collier or AZ Center, and is currently affected by the very disruptive construction for the new light rail line. Its aesthetic is also arguably less attractive than the two; being all grey rectangles with an aging splash pad as the centerpiece. The Collier Center has that interesting looking shade structure, and Arizona Center at least has the gardens. Both are closer to the convention center than Cityscape as well, and I'm sure they're cheaper to lease space in.

It makes me wonder if something else is going on here.

somethingfast · #**607** Posted **Mar 23, 2022, 5:49 PM**

^ this is a solid point and I agree that CityScape is actually pretty uninviting (to me). no idea why AC can't get some traction...cursed???

MMDelon · #**608** Posted **Mar 23, 2022, 6:41 PM**

I think it all has to do with the convention center and the lack of foot traffic. Palm Court will help and the new AC Marriot hotel. Something need to happens with the convention to bring more retail and entertainment in that area too. Cityscape thrives off of Block 23, Phoenix Suns, The Alliance office and Palomar Hotel. In my opinion, Cityscape just looks better too.

Obadno · #**609** Posted **Mar 23, 2022, 6:53 PM**

Quote:

Originally Posted by MMDelon

I think it all has to do with the convention center and the lack of foot traffic. Palm Court will help and the new AC Marriot hotel. Something need to happens with the convention to bring more retail and entertainment in that area too. Cityscape thrives off of Block 23, Phoenix Suns, The Alliance office and Palomar Hotel. In my opinion, Cityscape just looks better too.

I would agree with that 3 years ago, but the resident population downtown has just continued to grow downtown over covid 19 They dont need to rely on Convention pops anymore

PHX06 · #**610** Posted **Mar 23, 2022, 8:41 PM**

Exactly. And there's actually tons of foot traffic there, when you drive by on 3rd St near the movie theater entrance. I always see 15-20 people walking into Arizona Center as if there's stuff to do there. But I think it's just down to Jersey Mike's, Omoide Sushi, Cold Stone Ice Cream, Bosa Donuts, Bank of America, a nail salon and Made On Planet Earth. Lol

CrestedSaguaro · #**611** Posted **Mar 23, 2022, 8:46 PM**

Quote:

Originally Posted by PHX06

Exactly. And there's actually tons of foot traffic there, when you drive by on 3rd St near the movie theater entrance. I always see 15-20 people walking into Arizona Center as if there's stuff to do there. But I think it's just down to Jersey Mike's, Omoide Sushi, Cold Stone Ice Cream, Bosa Donuts, Bank of America, a nail salon and Made On Planet Earth. Lol

Exactly. This is the one thing I have noticed yesterday and again today during my lunch walks...the massive amount of ASU students walking through AZ Center. Literally in the dozens at one time. Some are there to just hang out and study in the courtyard and others are on their way to Mercado. AZ Center could be a food-court mecca with a a couple of name-brand clothing stores.

ASU Diablo · #**612** Posted **Mar 23, 2022, 8:53 PM**

^^

Wait...I thought ASU had classrooms in the 2nd floor of the AZ Center lol

Edit: Confirmed w/ my niece who attends ASU Downtown. Yeah, ASU has classrooms on the 2nd floor which explains the number of students heading into AZ Center. Which again, describes the massive failure that it has become. All this foot traffic and nothing can survive...

MiEncanto · #**613** Posted **Mar 23, 2022, 9:27 PM**

Quote:

Originally Posted by ASU Diablo

^^

Wait...I thought ASU had classrooms in the 2nd floor of the AZ Center lol

Edit: Confirmed w/ my niece who attends ASU Downtown. Yeah, ASU has classrooms on the 2nd floor which explains the number of students heading into AZ Center. Which again, explains the massive failure that it has become. All this foot traffic and nothing can survive...

I wonder if they're clearing out to make way for ASU to really take over the whole thing.

ASUSunDevil · #**614** Posted **Jul 19, 2023, 3:21 PM**

Brutal sale price after that renovation cost. Can the new owner turn it around...

https://azbigmedia.com/real-estate/a...or-27-million/

phoenixwillrise · #**615** Posted **Jul 19, 2023, 3:57 PM**

Quote:

Originally Posted by ASUSunDevil

Brutal sale price after that renovation cost. Can the new owner turn it around...

https://azbigmedia.com/real-estate/a...or-27-million/

With all the apartments coming on line downtown and ASU adding students the Bio Center bringing employees and students downtown, plus the only movie theater downtown. I just don't see why this rehab doesn't have this place thriving. They should have promoted it better free rent whatever. It sure would seem this area is on the verge of being a vibrant place. Head scratcher for sure.

exit2lef · #**616** Posted **Jul 19, 2023, 3:58 PM**

Quote:

Originally Posted by ASUSunDevil

Brutal sale price after that renovation cost. Can the new owner turn it around...

https://azbigmedia.com/real-estate/a...or-27-million/

Ouch. Renovated for $25 millions and sold for $27 million. Sounds like someone is taking a loss on this.

ASU Diablo · #**617** Posted **Jul 19, 2023, 4:09 PM**

Quote:

Originally Posted by ASUSunDevil

Brutal sale price after that renovation cost. Can the new owner turn it around...

https://azbigmedia.com/real-estate/a...or-27-million/

Brutal indeed. This new owner has got to realize they probably have to raze the whole thing down. If the graphic below and listing description is accurate, looks like the previous owner held onto the AMC parcel.

The parking garage and lot immediately north are owned by someone else. For whatever reason, I always thought it was owned by the same entity.

ASU Diablo · #**618** Posted **Jul 19, 2023, 4:13 PM**

Quote:

Originally Posted by exit2lef

Ouch. Renovated for $25 millions and sold for $27 million. Sounds like someone is taking a loss on this.

It sold for $125M back in 2015. this can't be right LOL

https://www.azcentral.com/story/mone...lion/77496744/

Obadno · #**619** Posted **Jul 19, 2023, 6:45 PM**

Quote:

Originally Posted by phoenixwillrise

With all the apartments coming on line downtown and ASU adding students the Bio Center bringing employees and students downtown, plus the only movie theater downtown. I just don't see why this rehab doesn't have this place thriving. They should have promoted it better free rent whatever. It sure would seem this area is on the verge of being a vibrant place. Head scratcher for sure.

I really don't get it. This place should easily be filled with generic fast-food tenants given the student, hotel and office population nearby not even including the apartments that have gone in over the last couple of years.

I don't understand why they cant get it rolling. Im talking subway, Burger King, Filiberto's, Buffalo wild wings etc.

Seems like it should easily fill up with tenants.

muertecaza · #**620** Posted **Jul 19, 2023, 6:56 PM**

Quote:

Originally Posted by ASU Diablo

It sold for $125M back in 2015. this can't be right LOL

https://www.azcentral.com/story/mone...lion/77496744/

I assume there's gonna be a big difference in valuation when your anchor tenant, Snell & Wilmer, moves out.