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  #19641  
Old Posted Jan 27, 2022, 7:35 PM
YourBuddy YourBuddy is offline
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So not only is the law office this poster talked about getting torn down, but also Chicago developer money is the one doing it?

Any other precognitive development ideas you want to share?
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  #19642  
Old Posted Jan 27, 2022, 7:39 PM
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I think this is the same developers that bought the lot/lots on the NE corner of 1st street and Portland.
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  #19643  
Old Posted Jan 27, 2022, 7:42 PM
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  #19644  
Old Posted Jan 27, 2022, 7:49 PM
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Grrrr...can't access the site. Any chance you can copy and paste or summarize? What are they planning ... condos? height, Floors?
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  #19645  
Old Posted Jan 27, 2022, 7:58 PM
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Originally Posted by gymratmanaz View Post
Grrrr...can't access the site. Any chance you can copy and paste or summarize? What are they planning ... condos? height, Floors?
For the link I posted, they are looking at Phoenix for urban infill, high density development. They mention this site allows for 250’, potentially 25 stories 500 units, but no plans have been submitted and no idea on apartment or condos. So, everything is just talk so far.
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  #19646  
Old Posted Jan 27, 2022, 8:08 PM
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I had no idea that big lot sold! Sencorp had been holding on to that for too long. I wish they didn't biff enHance Park so much, would have been nice to see successful international investment.

I see Sencorp still owns the Los Olivos lot however.
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  #19647  
Old Posted Jan 27, 2022, 8:13 PM
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Originally Posted by gymratmanaz View Post
Grrrr...can't access the site. Any chance you can copy and paste or summarize? What are they planning ... condos? height, Floors?
No details on what they're planning just that they will seek a development partner to build apts or condos.
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  #19648  
Old Posted Jan 27, 2022, 8:21 PM
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Originally Posted by combusean View Post
I had no idea that big lot sold! Sencorp had been holding on to that for too long. I wish they didn't biff enHance Park so much, would have been nice to see successful international investment.

I see Sencorp still owns the Los Olivos lot however.
Drove by Los Olivos the other day and what a mess. They just need to cut their losses here as well and sell to this same Chicago group!
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  #19649  
Old Posted Jan 27, 2022, 8:56 PM
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Originally Posted by gymratmanaz View Post
Grrrr...can't access the site. Any chance you can copy and paste or summarize? What are they planning ... condos? height, Floors?
here is the summary


It's expected that JRG Capital will seek a development partner to build apartments or condos on the site.

More than six years ago, on Dec. 4, 2014, Arizona Moreland Developments LLC paid $3.53 million for that parcel, according to Vizzda.

That group — led by Las Condes, Chile-based Sencorp — originally had plans to build 49-unit condominium project on that parcel, which would have been Sencorp's first project in the U.S.

"We're looking for projects that ultimately you can build a high-density development," Grossman said. "Our strategy is to pick up parcels that are in the path of progress."

This parcel is zoned for a maximum height of 250 feet, which could be 25 stories with more than 550 units, she said.

She said it's too soon to say exactly what JRG will build on the vacant parcel, whether it's a rental apartment tower or for-sale condo units.
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  #19650  
Old Posted Jan 28, 2022, 2:10 PM
gymratmanaz gymratmanaz is offline
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Thanks so much. Good possibilities, but we will wait to see if anything actually happens.
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  #19651  
Old Posted Jan 28, 2022, 5:50 PM
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With this forum all excited about Astra and Central Station breaking ground also the start of Palm Tower, does anybody heard anything about Edith?
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  #19652  
Old Posted Jan 28, 2022, 6:55 PM
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Originally Posted by Diamonddave View Post
With this forum all excited about Astra and Central Station breaking ground also the start of Palm Tower, does anybody heard anything about Edith?
Someone had mentioned that supposedly it was a still a go but I think this one is dead. Probably a similar fate as their proposal for the Hyatt Garage RFP. Maybe IndyAZ can ask his sources
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  #19653  
Old Posted Jan 28, 2022, 6:56 PM
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Originally Posted by Diamonddave View Post
With this forum all excited about Astra and Central Station breaking ground also the start of Palm Tower, does anybody heard anything about Edith?
Im curious when The Blue is going to break ground in the Warehouse District. That and Jefferson Place (if that ever happens) would transform that area around block 23.
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  #19654  
Old Posted Jan 28, 2022, 7:27 PM
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This article states The Blue was scheduled to break ground sometime this quarter.

https://www.azcentral.com/story/news...er/4551185001/
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  #19655  
Old Posted Jan 28, 2022, 7:53 PM
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Originally Posted by ASU Diablo View Post
Someone had mentioned that supposedly it was a still a go but I think this one is dead. Probably a similar fate as their proposal for the Hyatt Garage RFP. Maybe IndyAZ can ask his sources
Unfortunately, I don't know anyone involved in that one. I was wondering if it was dead as well.
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  #19656  
Old Posted Jan 28, 2022, 8:26 PM
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I read somewhere that the lead time for materials for a high-rise has increased to 40 weeks. So basically add six to ten months onto whatever original estimate presuming they've got their financing sorted out to account for the increased cost. I don't think anything's dead dead but certainly some of them, especially those garbage RFP products from barely-committed developers like Edith are on life support.
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  #19657  
Old Posted Jan 28, 2022, 10:39 PM
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Quote:
Originally Posted by ASU Diablo View Post
This article states The Blue was scheduled to break ground sometime this quarter.

https://www.azcentral.com/story/news...er/4551185001/
Funny, I was just actually checking on this today.

The Blue is currently going through zoning hearings for height zoning adjustment to 250'. I am still not exactly sure why they are doing this again, but I suspect it's due to the preservation overlay due to be removed Feb. 4th.

The Village Planning Committee recommended approval with the zoning adjustment going to the Airport Commission on Feb. 3rd and then to City Council for ordinance adoption on March 2nd. So, I don't think anything can really move until this clears all these.

The zoning hearing application is Z-TA-2-21-7 for those that want to follow.
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  #19658  
Old Posted Feb 1, 2022, 7:20 PM
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Originally Posted by ASU Diablo View Post
Like clockwork! Article describing the sale above.

https://azbigmedia.com/real-estate/0...ells-for-3-7m/
PBJ is slacking and they must've forgotten to browse through our threads for new updates to write an article about

Some new interesting tidbits though in their reporting. Unfortunate that the plan is to wait 3-5 years.

https://www.bizjournals.com/phoenix/...partments.html
Quote:
Chicago-based JRG Capital Partners has scooped up a second property in downtown Phoenix since buying its first vacant parcel last summer.

Between the two properties, plans call for building three high-rise towers, said Cheri Grossman, chief investment officer at JRG.

The real estate investment and development firm paid $3.7 million for a building sitting on 0.81 acres at 362 N. 3rd Ave., represented by Justin Horwitz and Paul Borgesen of SVN Desert Commercial Advisors.

That parcel is zoned for a maximum height of 550 feet, she said.

"We think a 350-unit residential tower would be extremely viable," she said.


Plans call for holding both downtown Phoenix parcels as the area continues to grow and change, Grossman said.

"We don't have immediate development plans, but we expect within three to five years the sites will be developed," she said.
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  #19659  
Old Posted Feb 1, 2022, 7:59 PM
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Originally Posted by ASU Diablo View Post
PBJ is slacking and they must've forgotten to browse through our threads for new updates to write an article about

Some new interesting tidbits though in their reporting. Unfortunate that the plan is to wait 3-5 years.

https://www.bizjournals.com/phoenix/...partments.html
Quote:
That parcel is zoned for a maximum height of 550 feet, she said.
Felt like we've heard this before...can't quite place it *Cough*Rastegar*cough*
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  #19660  
Old Posted Feb 1, 2022, 8:44 PM
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It takes a year of preconstruction/design in the best of circumstances (never mind 40-week lead-times for materials like today) and two years to do actual construction, so an estimate of 3 years to finish at a minimum is as realistic as they come. The smart money is on these guys to follow through imho.

While height might be a hard limit the densities to get there have to be spot-zoned through text amendments and that takes a lot of time. Urban Form continues to be a massive impediment for the highest and best uses of downtown development.
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