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  #19441  
Old Posted Dec 8, 2021, 6:05 PM
Obadno Obadno is offline
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Originally Posted by ASU Diablo View Post
The only FIs left in downtown will be Western Alliance Bank at this point lol
There's actually Quicken and a Debt consolidation company ( I think Upstart??) downtown that are recent/ expanding.

the problem is of all industries finance is the easiest one to do WFH but they have also been the traditional premier tenants of downtown office towers.
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  #19442  
Old Posted Dec 8, 2021, 6:11 PM
TJPHXskyscraperfan TJPHXskyscraperfan is online now
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Crazy, why do all these banks want to leave DTPHX? Wouldn’t they want to at least have a small footprint downtown?
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  #19443  
Old Posted Dec 8, 2021, 6:24 PM
LocoPhoenician LocoPhoenician is offline
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Quote:
Originally Posted by Obadno View Post
There's actually Quicken and a Debt consolidation company ( I think Upstart??) downtown that are recent/ expanding.

the problem is of all industries finance is the easiest one to do WFH but they have also been the traditional premier tenants of downtown office towers.
Bank of America is moving everyone down the street to the Buckeye Campus. They are moving people back to the office gradually and taking WFH off the table.
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  #19444  
Old Posted Dec 8, 2021, 6:24 PM
YourBuddy YourBuddy is offline
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It seems banks can do WFH more easily, but there also seems to be demand for newer office buildings in a time when commercial buildings are in a weird spot with the pandemic.
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  #19445  
Old Posted Dec 8, 2021, 7:44 PM
Obadno Obadno is offline
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Quote:
Originally Posted by LocoPhoenician View Post
Bank of America is moving everyone down the street to the Buckeye Campus. They are moving people back to the office gradually and taking WFH off the table.
My company has been “back in the office” officially but in practice most people only come into the office if needed
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  #19446  
Old Posted Dec 8, 2021, 7:59 PM
downtownphxguy12 downtownphxguy12 is offline
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Next year is looking amazing:

Sky
Moon
Link 3?
Palm
Central Station
Astra
xsociety phase 2
Fillmore phase 2
Mckinley Green?
Union phase 2
Henri (toll bro)?
one on 4th across from fire station?
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  #19447  
Old Posted Dec 8, 2021, 8:13 PM
muertecaza muertecaza is offline
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Quote:
Originally Posted by downtownphxguy12 View Post
Next year is looking amazing:

Sky
Moon
Link 3?
Palm
Central Station
Astra
xsociety phase 2
Fillmore phase 2
Mckinley Green?
Union phase 2
Henri (toll bro)?
one on 4th across from fire station?
Between sky, moon and astra, we have a very astronomical theme developing.
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  #19448  
Old Posted Dec 8, 2021, 8:36 PM
Obadno Obadno is offline
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Quote:
Originally Posted by downtownphxguy12 View Post
Next year is looking amazing:

Sky
Moon
Link 3?
Palm
Central Station
Astra
xsociety phase 2
Fillmore phase 2
Mckinley Green?
Union phase 2
Henri (toll bro)?
one on 4th across from fire station?
Central station will probably have 2 cranes, same with astra

Then we still have McKinley and the Warehouse district tower.
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  #19449  
Old Posted Dec 8, 2021, 8:42 PM
YourBuddy YourBuddy is offline
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Don’t forget the Blue development
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  #19450  
Old Posted Dec 8, 2021, 9:03 PM
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CrestedSaguaro CrestedSaguaro is offline
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Been awhile since I've taken some photo updates. Grabbed a few today during lunch.

Ida was adding the final level of containers today. This came out taller than I thought it would.




Moontower has 5 levels completed. Penthouse is up to level 8.




Sky started out slowly, but it's picking up some steam.




Former Punch Bowl Social is getting an outside paintjob. It looks like they will have a new entrance on 2nd St and also a walk up window. Looking pretty good.




Finally, Huss Brewpub is coming along nicely and is taking up a very large portion of space. Can't wait to check this one out
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  #19451  
Old Posted Dec 9, 2021, 1:56 PM
Chestnut1 Chestnut1 is offline
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  #19452  
Old Posted Dec 9, 2021, 7:44 PM
Obadno Obadno is offline
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Originally Posted by Chestnut1 View Post
More from PBJ https://www.bizjournals.com/phoenix/...Pos=0#cxrecs_s

Quote:
A new ownership group has major redevelopment plans for Metrocenter, which was once the largest mall in the Southwest.

Florida-based Concord Wilshire Capital and Florida-based TLG Investment Partners announced Thursday they are under contract to buy the property and plan to work with Hines on a $750 million redevelopment of the massive mall, at 9617 N. Metro Parkway West in Phoenix.

Nate Sirang, president of Concord Wilshire, said the company had known about Metrocenter for about 10 years, but in recent years became more interested in buying the property. In June, Concord Wilshire signed a contract with the mall’s current owner, New York-based Carlyle Development Group. The real estate transaction is expected to close in summer of 2022, and early construction work will likely begin at the end of 2022, with vertical construction in 2023.

“We were aware of the shortage of housing in the city of Phoenix and have been working around the clock to come up with a combination of uses for the site,” Sirang said.

The redevelopment plan, called the Village, will include 2,600 multifamily units and 100,000 square feet of essential and service retail. The plans also call for boutiques, retail stores, restaurants, bars, a town-center park, and other commercial and entertainment venues.

“This is an enormous economic boost to the entire west side of Phoenix,” Phoenix Mayor Kate Gallego said in a statement. “The connectivity provided by the light rail extension means easy access to shopping, entertainment, housing, and – perhaps most importantly – to jobs. In addition to the many construction jobs created by this redevelopment, there will be opportunities available to work in the businesses that will take root and grow in the Village. I am excited, optimistic, and thrilled that Concord Wilshire is investing in the future of Phoenix.”

Steve Betts, who is working on the project as an outside consultant for Concord Wilshire, said the new owners are stepping in like they did when they bought the Sheraton Phoenix Downtown.

“They saw a struggling asset in the community that a lot of people had been to, but no one had been able to figure out,” Betts said. “This is an opportunity to create an urban village with attainably priced housing.”

Betts said the light rail extension that is under construction crossing Interstate 17 and ending at Metrocenter gives the team an opportunity to create a multimodal transit-oriented development, and with the canal nearby, the team can use the canal as an amenity, like has been done in other places in the Valley.

“I have had so many potential buyers take a look at Metrocenter over the years, but it took an owner with a vision who saw Metrocenter as her true, iconic self, not ‘Wow, that’s a rough property,’” Christine Mackay, economic development director for the city of Phoenix, said.

'So many good ingredients'
Chris Anderson, senior managing director of Hines, said the company has a track record of creating walkable, mixed-use communities, and Metrocenter is an opportunity to leverage assets that are already in place, including the light rail and amenities that exist on the site, including the Walmart and nearby public library and Castles N Coasters.

“There are so many good ingredients that are already there,” he said.

Metrocenter itself includes 1.4 million square feet of indoor retail at Interstate 17 and Dunlap Avenue.

Metrocenter’s previous owners, Carlyle Development Group Inc., put together a redevelopment plan for the mall and went through a major rezoning process to allow new uses on the site including residential, medical office, office and smaller retail uses. However, Carlyle had been trying to sell the mall, which officially closed in June of 2020, for years.

Carlyle bought Metrocenter in 2012 for $12.2 million in a purchase that did not include the anchor stores. The former JCPenney store was purchased by a self-storage company, and the former Macy’s was purchased by Amerco Real Estate, the parent company of Phoenix-based U-Haul. The Walmart store, the self-storage property and the movie theater will remain on the site.

Mackay said Phoenix has a strong track record of redeveloping former malls and pointed at Park Central’s success at revitalizing the area beyond just the mall redevelopment. Mackay said before Plaza Cos. and Holualoa Cos. completed the Park Central redevelopment in midtown, midtown’s office vacancy was about 38%, and has since dropped to about 14%. She is expecting similar effects to the area around Metrocenter.

“It’s always exciting when developing new areas, but there is nothing more exciting than redevelopment,” Mackay said. “This will bring a benefit back to the central part of our city.”

Concord Wilshire Capital and TLG Investment Partners are also the owners of the Sheraton Downtown Phoenix, where they completed a $40 million renovation.
As much as the central indoor mall is totally outmoded in the modern world these redevelopments actually seem to be turning out better than I could have hoped.
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  #19453  
Old Posted Dec 9, 2021, 7:54 PM
ASU Diablo ASU Diablo is offline
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She had teased about this earlier in a previous article I posted and this is way better than I could’ve possibly imagined or any other plans that had been previously shared. Nice to see construction slated for 2023 as well.

Haven’t been keeping up-to-date with proposed Christown development? Has that broken ground yet?
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  #19454  
Old Posted Dec 9, 2021, 7:56 PM
Obadno Obadno is offline
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Quote:
Originally Posted by ASU Diablo View Post
She had teased about this earlier in a previous article I posted and this is way better than I could’ve possibly imagined or any other plans that had been previously shared. Nice to see construction slated for 2023 as well.

Haven’t been keeping up-to-date with proposed Christown development? Has that broken ground yet?
I think thats still in the early planning stages.

I wouldnt expect much out of Christown for several more years.
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  #19455  
Old Posted Dec 9, 2021, 11:03 PM
Obadno Obadno is offline
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Pics of Metrocenter redevelopment.

I like the the Light Rail stop ending right in a plaza. However this sort of prevents any future expansion of this line



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  #19456  
Old Posted Dec 9, 2021, 11:14 PM
biggus diggus biggus diggus is offline
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  #19457  
Old Posted Dec 10, 2021, 12:05 AM
MMDelon MMDelon is offline
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I have been waiting for this news to drop since Mayor Gallego announced there was going to be a press release regarding a huge development to Metrocenter. I had no idea if would be this big though.
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  #19458  
Old Posted Dec 10, 2021, 12:47 AM
MMDelon MMDelon is offline
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Hines has really stepped up with projects in downtown Phoenix and downtown Tempe. I hope the city reconsiders Hines for the Regency Garage RFP if that’s still a thing.
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  #19459  
Old Posted Dec 10, 2021, 12:48 AM
YourBuddy YourBuddy is offline
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2600 multi family units is incredible.
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  #19460  
Old Posted Dec 10, 2021, 1:19 AM
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TakeFive TakeFive is offline
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Good Gawd that 2nd image is Humongous
Quote:
Originally Posted by Obadno View Post
Pics of Metrocenter redevelopment.

I like the the Light Rail stop ending right in a plaza. However this sort of prevents any future expansion of this line
When you have a situation like this, what you want to do is to right click - search google for images. In this case there were two other options, both from KTAR

A bigger one that still easily fits the page:



And a smaller cutie one:

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