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  #10801  
Old Posted Jun 22, 2022, 7:41 PM
Mr.RE Mr.RE is offline
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New mixed-use development proposed at 903 n miller road called "The Dewitt" (across from Banyan project) on the north side of the 202. About 250 units with ground floor retail. Hoping for some height on this one, weird shaped parcel only about 2 acres, so I'd imagine it would be a podium type project.
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  #10802  
Old Posted Jun 22, 2022, 8:22 PM
azsunsurfer azsunsurfer is offline
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Originally Posted by Mr.RE View Post
New mixed-use development proposed at 903 n miller road called "The Dewitt" (across from Banyan project) on the north side of the 202. About 250 units with ground floor retail. Hoping for some height on this one, weird shaped parcel only about 2 acres, so I'd imagine it would be a podium type project.
Thanks Mr. RE. If you look there was an old rendering floating out there from 20 years ago for that parcel. Originally it was a 10 story condo building but very dated rendering. I'd imagine that whole street against the wash could be a cool development like a dock type scheme with maybe a boardwalk along the wash side.
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  #10803  
Old Posted Jun 22, 2022, 9:59 PM
ASU Diablo ASU Diablo is offline
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Tempe to consider tax abatement for proposed 14-story building near Tempe Beach Park

https://www.bizjournals.com/phoenix/...o-project.html
Quote:
The Houston-based developer anticipates breaking ground on the office project next year as it waits on the city council to consider whether to approve its tax abatement. No leases have been signed just yet on the project.
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  #10804  
Old Posted Jun 22, 2022, 10:09 PM
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combusean combusean is online now
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Don't have a subscription to the PBJ, but I'd love to see their justification for a tax abatement in the hottest office submarket in like a five state area.
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  #10805  
Old Posted Jun 22, 2022, 11:21 PM
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PHX31 PHX31 is offline
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Originally Posted by combusean View Post
Don't have a subscription to the PBJ, but I'd love to see their justification for a tax abatement in the hottest office submarket in like a five state area.
Here it is...

Quote:
The developer of a proposed 14-story office building near Tempe Beach Park is seeking an eight-year abatement of property taxes before construction starts.

Houston-based real estate firm Hines requested the abatement by way of a government property lease excise tax (GPLET), according to the proposed development agreement. Tempe City Council will hold its first of two public hearings on the matter on Thursday. To be eligible for the GPLET, the developer would have to sell the land to the city for the eight-year period.

Called 250 Rio, construction on the 200,000-square-foot office building could start in the first quarter of 2023, according to the developer.

In exchange for the abatement, Hines will commit to making contributions to Tempe Union High School Education Foundation and Tempe Impacts Education Foundation; the Tempe Coalition for Affordable Housing; $150,000 to a future veterans’ memorial near the site; monies for the improvement of the Ash Avenue roadbed; and public infrastructure valued at $1.95 million on Rio Salado Parkway, among others, according to city of Tempe documents.
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  #10806  
Old Posted Jun 27, 2022, 8:43 PM
ASU Diablo ASU Diablo is offline
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Tempe City Council approves 250 Rio development

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Originally Posted by ASU Diablo View Post
No update on whether the tax abatement was approved (guessing it was) but the project is moving forward.

https://azbigmedia.com/real-estate/t...o-development/
Quote:
The Tempe City Council has voted to approve the entitlements for the new 250 Rio office and retail project proposed by Hines, the international real estate firm, in downtown Tempe.

The 250 Rio development will be a 216,000-square-foot Class AA office building and accompanying parking structure between the historic Ash Avenue alignment and the current Rio Salado Parkway, adjacent to Tempe Beach Park.

The project is designed to be a signature development at the gateway to downtown Tempe, with a modern, mixed-use building that will enhance the office footprint in the area. It will also have a significant focus on health and wellness, with its proximity to the recreational amenities of Tempe Town Lake and Tempe Beach Park.

250 Rio will include pedestrian zones around the property that will increase walkability from downtown Tempe to Tempe Beach Park. The proposal also includes working in partnership with the City to address the historic Ash Avenue roadbed, historic Ash Avenue Bridge Abutment and working on options that will allow the Ash Avenue roadbed to be a part of the second phase of the Veterans Memorial, adjacent to the Site.

“We are very pleased that the City of Tempe recognized the vision for this property and how it can truly enhance the downtown area,” said Brandon Dillingham, Managing Director with Hines. “We are looking forward to celebrating and activating the Ash Avenue roadbed and integrating it into 250 Rio in a way that will make it a historic community asset.”

The Project has been designed as if the historic Ash Avenue roadbed was the Site’s primary frontage. Hines will work with the Tempe Historic Preservation Commission for feedback on the Ash Avenue portion of the project.

“This is an incredible and unique opportunity for not only a successful mixed-use development, but the creation of a new public amenity that honors Tempe’s history while improving the visitor experience at Tempe Town Lake,” Dillingham said. “We look forward to continuing to expand our presence in Tempe and to create a project that will make the community proud.”

Dillingham said that Tempe is an ideal location for new development as the office market emerges from the pandemic, and 250 Rio will be delivering strategically after Hines’ 100 Mill project across the street, in an effort to continue the offering of best-in-class real estate to corporate users.

100 Mill is the first building in the state to draw lease rates of more than $50 per square foot, and the building was already 92 percent leased six months before its completion. New tenants will include such well-known companies as Amazon, Deloitte, Mov, LiveRamp and others. 250 Rio is expected to trend similar rental rates and attract a thoughtfully curated best-in-class tenant mix.


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  #10807  
Old Posted Jun 27, 2022, 9:01 PM
muertecaza muertecaza is offline
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Originally Posted by ASU Diablo View Post
No update on whether the tax abatement was approved (guessing it was) but the project is moving forward.

https://azbigmedia.com/real-estate/t...o-development/
The big garage facing Rio Salado still rankles a little, but Rio Salado is basically lost from an urban/pedestrian standpoint. The power that be view it as more akin to like Lake Shore Dr. or something. Especially with the improvements to the stadium/bridge, this should look pretty good from the park/lake.
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  #10808  
Old Posted Jun 27, 2022, 9:08 PM
ASU Diablo ASU Diablo is offline
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Originally Posted by muertecaza View Post
The big garage facing Rio Salado still rankles a little, but Rio Salado is basically lost from an urban/pedestrian standpoint. The power that be view it as more akin to like Lake Shore Dr. or something. Especially with the improvements to the stadium/bridge, this should look pretty good from the park/lake.
Yeah I think for this particular case, I would rather have it open up and address the park/lake. However, curious to see how it all plays out and whether the possible extension of the street car (if Coyotes arena approved) affects any future development and how they address Rio Salado
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  #10809  
Old Posted Jun 27, 2022, 9:08 PM
MiEncanto MiEncanto is offline
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Originally Posted by combusean View Post
Don't have a subscription to the PBJ, but I'd love to see their justification for a tax abatement in the hottest office submarket in like a five state area.
The justification is always the same: the project doesn't pencil out at this rate so we need it. It used to be, rents weren't high enough to provide enough funding for the banks to lend. Now it's construction costs are too high. It's always BS: the banks would not fund the project if the margins were so narrow that it's only profitable with a subsidy.

The truth is Grady Gammage can get it for them so why not ask? Developer's job is to seek the best deal and it's available and everyone else on the lake got a deal, right? You wanna sell your building in 4 years and explain why yours is the only one who didn't get a deal?

Also, don't forget everyone on the lake has to pay for the damn lake, which has crazy high costs. So ironically even though the property is exempt from property taxes and wont pay the schools, the city doesn't care about that legal workaround and still charges them the property taxes for being in the lake district, which requires debt service and ongoing money. So they give out GPLETs like candy on the lake because they know that property owner isn't going to like paying 2 property tax bills.
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  #10810  
Old Posted Jun 27, 2022, 10:26 PM
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PHX31 PHX31 is offline
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Time again to ask: Anyone know the status or the latest on the old squatter property?
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  #10811  
Old Posted Jun 28, 2022, 5:11 AM
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https://youtu.be/Qm9h0RP2WSQ

Video of proposed Coyotes development.
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  #10812  
Old Posted Jun 28, 2022, 1:39 PM
BA744PHX BA744PHX is offline
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Originally Posted by CB1 View Post
https://youtu.be/Qm9h0RP2WSQ

Video of proposed Coyotes development.
WOW very nice, how many phases is this ?
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  #10813  
Old Posted Jun 28, 2022, 5:08 PM
Mr.RE Mr.RE is offline
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an LED screen ceiling?!?!? Can you imagine if they extended the lake to Priest? Then it would really be a world-class entertainment district.
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  #10814  
Old Posted Jun 28, 2022, 7:30 PM
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Not sure how many phases there will be but these are the most recent updates regarding the project: https://arizonasports.com/story/3161...nue-talks/amp/
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  #10815  
Old Posted Jun 28, 2022, 7:59 PM
ASU Diablo ASU Diablo is offline
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You guys should check out the "Phoenix Area Stadium and Arena News" thread. All this info was posted back on 6/2 when the Tempe City Council vote took place.

Agreed. It's all very exciting and looks amazing.
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  #10816  
Old Posted Jun 29, 2022, 4:07 AM
CB1 CB1 is offline
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Originally Posted by ASU Diablo View Post
You guys should check out the "Phoenix Area Stadium and Arena News" thread. All this info was posted back on 6/2 when the Tempe City Council vote took place.

Agreed. It's all very exciting and looks amazing.
Nice!!! Thank you for the forum!
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  #10817  
Old Posted Jun 29, 2022, 6:00 PM
azsunsurfer azsunsurfer is offline
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So it looks like the 250 Rio development was approved by the City of Tempe. They aren't starting construction until next year right?
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  #10818  
Old Posted Jun 30, 2022, 5:55 PM
Ttown5 Ttown5 is offline
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Does anyone have any news on the remodel happening for the shopping center at the corner of rural and university? The one with the canes and the Trader Joes? It looks like they are changing/adding to the structure but I am not sure if there are any documents regarding the additions or updates.
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  #10819  
Old Posted Jun 30, 2022, 6:13 PM
muertecaza muertecaza is offline
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Originally Posted by Ttown5 View Post
Does anyone have any news on the remodel happening for the shopping center at the corner of rural and university? The one with the canes and the Trader Joes? It looks like they are changing/adding to the structure but I am not sure if there are any documents regarding the additions or updates.
I know it's an "exterior renovation" per the list of issued building permits, but I haven't seen anything with the exact scope, or any renderings.
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  #10820  
Old Posted Jul 1, 2022, 12:47 AM
stutteringpunk stutteringpunk is offline
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Anyone have any clue what's going on with Tempe Depot. I try to stay updated here, but I haven't seen or heard anything with that project for what feels like months. It's been an empty lot this whole time.
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