Phoenix | Skye on 6th | 285 FT | 26 Floors

[combusean]

That tower crane is prreeettttyyyy at night. *drools*

[Code5]

Originally Posted by CrestedSaguaro

Yes! It's been a while since we've had a dedicated construction cam

That live cam we had for Kenect Phoenix was probably one of the best. Imo, at least.

[thespiandave]

I went for a long jog this morning and snapped some pictures along the way! Enjoy!

[CrestedSaguaro]

Up to the 7th floor:

[thespiandave]

Here’s the latest on Skye! It’s getting big!

https://imgur.com/gallery/XCGvy7b

[TheSpud0]

I’ve noticed that the renderings on Hubbard’s website have slightly changed, mostly the garage and the rooftop.

New Rendering

https://www.hubbardstreetgroup.com/skye-on-6th

Old Rendering

https://www.apartments.com/skye-on-6...ix-az/bts7cb8/

[ASU Diablo]

Here we go again...

https://www.bizjournals.com/phoenix/...perty-tax.html

The Goldwater Institute sued the city of Phoenix this week, challenging the use of tax dollars to benefit the developer of a 26-story residential tower being built in downtown Phoenix.

Hubbard Street Group and Cresset Real Estate Partners — both based in Chicago — are making their Phoenix debut with the development of this $87 million project at the southeast corner of Sixth and Garfield streets expected to open in summer 2023. Cresset declined comment and Hubbard Street executives could not be reached.

But the Goldwater Institute lawsuit accuses city officials of devising a tax shell game allowing developer Hubbard Street Group to pay no property taxes on that project for eight years in violation of the Arizona Constitution and a 2020 court decision finding a similar arrangement — involving a 19-story apartment complex in downtown Phoenix— unconstitutional.

And as if we needed another reason to hate Matt and all the BS he brings.

Suit is on behalf of two taxpayers
Goldwater Institute is suing on behalf of two Phoenix taxpayers: Bramley Paulin, a property owner in downtown Phoenix, and Mat Englehorn, a small business owner in Roosevelt Row.

[combusean]

Imagine being so politically dogmatic as a business owner you're wanting to sue your customers away. Or development potential as a property owner. Where do these maroons come from?

[MMDelon]

Was that the same group that filed a lawsuit against the Derby development? I don’t know much about Mat but I see his name pop up on here. Is he against development projects on Roosevelt?

[biggus diggus]

I'm not terribly excited about developers getting subsidies in a market like this, especially.

[combusean]

If cities can't subsidize workforce housing then Arizona is going to be in a world of hurt. This lawsuit is insane.

[MiEncanto]

Originally Posted by combusean

If cities can't subsidize workforce housing then Arizona is going to be in a world of hurt. This lawsuit is insane.

The whole building is subsidized units? I hadn't seen that.

[CrestedSaguaro]

The previous lawsuit against Derby caused construction to come to a dead halt for nearly 2 years. Is there a chance this will have the same affect on Skye? It's at 12 floors and would be pretty shady for a lawsuit to halt construction and it would become a serious eyesore for nearly 2 years.

Matt needs to simply leave Downtown.

[biggus diggus]

Am I missing something? Why do you all want spend your money padding developers pockets?

[Obadno]

Originally Posted by biggus diggus

Am I missing something? Why do you all want spend your money padding developers pockets?

The amount of money coming into downtown with this development > the loss of property tax money.

I am not going to loose sleep over tax cuts ever but its even better that the tax cut also brings more people, more business and more opportunity downtown.

[biggus diggus]

Those GPLETs make sense in a down economy or in a market that isn't growing.

I guess the argument I'm making is the developers are going to build these things either way and they're going to make money either way. Of course they want the GPLET, it's free money!

[Obadno]

Originally Posted by biggus diggus

Those GPLETs make sense in a down economy or in a market that isn't growing.

I guess the argument I'm making is the developers are going to build these things either way and they're going to make money either way. Of course they want the GPLET, it's free money!

not taking =/= giving

[downtownphxguy12]

Seem like to be fair they should give it to all hi rise developers. There is a risk to putting up these towers. they could be stuck with their pants down if economy turns. remember 1st monroe and the developer who killed himself.

8 years is a reasonable time frame. shoot, that lot could be vacant for 8 years easy or something with a smaller tax liability could be built on it. Then the they can collect for the next 50 years.

or put a clause in there that if they sell the building for a profit they lose the tax break.

[xymox]

Originally Posted by downtownphxguy12

or put a clause in there that if they sell the building for a profit they lose the tax break.

I like this a LOT. Still allows the city to do this to encourage development, then it's only fair to not be able to pass that along to the next guy.

[YourBuddy]

Aren’t the GPLETs these developers are getting are for agreeing to build some small portion of “more affordable”units? Seems like the developers will just get rid of those if they lose the tax break.