Phoenix Area Low- and Mid-Rise Development Thread

[combusean]

^ I had to bite my tongue so much that if anyone knows a good maxillofacial surgeon please let me know.

[MiEncanto]

Prasada on the west side near 303 and Waddell continues to get developed. After a long recession induced hiatus, development is in full swing. https://www.bizjournals.com/phoenix/...x-prasada.html

Say what you will about sprawl and boring projects but the 303 has been an absolute powerhouse the last decade. I'm happy for the folks on the West side who have struggled to get access to more interesting stuff.

Having grown up in the burbs, in the 90s all we had was absolutely boring corporate garbage. One of the primary reasons I settled in central Phx was in response to the Applebees/Walmart/HomeDepot corners separated by cookie cutter homes that I grew up with.

Nowadays, the SUBURBS GET COOL STUFF. Not as cool as where I live, but infinitely better than 20 years ago and I hope everyone realizes how lucky they are.

"In addition to Target, some of the newest tenants that will take space in Prasada North include Torchy's Tacos, a popular Austin, Texas-based concept, and Portillo's, a Chicago-style hot dog chain. At Village at Prasada, Blue Sushi Sake Grill will also be one of the newest restaurants within the center's restaurant row alongside O.H.S.O. Brewery, Barrio Queen, Cold Beers & Cheeseburgers, Firebirds Wood Fired Grill and Lou Malnati's Pizzeria."

Look at Epicenter in Gilbert as another example.

[exit2lef]

Originally Posted by MiEncanto

Prasada on the west side near 303 and Waddell continues to get developed. After a long recession induced hiatus, development is in full swing. https://www.bizjournals.com/phoenix/...x-prasada.html

Say what you will about sprawl and boring projects but the 303 has been an absolute powerhouse the last decade. I'm happy for the folks on the West side who have struggled to get access to more interesting stuff.

Having grown up in the burbs, in the 90s all we had was absolutely boring corporate garbage. One of the primary reasons I settled in central Phx was in response to the Applebees/Walmart/HomeDepot corners separated by cookie cutter homes that I grew up with.

Nowadays, the SUBURBS GET COOL STUFF. Not as cool as where I live, but infinitely better than 20 years ago and I hope everyone realizes how lucky they are.

"In addition to Target, some of the newest tenants that will take space in Prasada North include Torchy's Tacos, a popular Austin, Texas-based concept, and Portillo's, a Chicago-style hot dog chain. At Village at Prasada, Blue Sushi Sake Grill will also be one of the newest restaurants within the center's restaurant row alongside O.H.S.O. Brewery, Barrio Queen, Cold Beers & Cheeseburgers, Firebirds Wood Fired Grill and Lou Malnati's Pizzeria."

Look at Epicenter in Gilbert as another example.

Epicenter is 100% local businesses. This sounds like a mix of national and regional chains. It's a step in the right direction, but still not at the same "cool stuff" level as Gilbert. That will take another decade or two if it happens on the west side.

[ChelseaFC]

It's nice to see the old Paradise Valley and Metrocenter malls being redeveloped.

https://www.reddevelopment.com/pvphx/

https://azbigmedia.com/real-estate/h...ter-mall-area/

[MiEncanto]

Originally Posted by exit2lef

Epicenter is 100% local businesses. This sounds like a mix of national and regional chains. It's a step in the right direction, but still not at the same "cool stuff" level as Gilbert. That will take another decade or two if it happens on the west side.

OHSO and Barrio are local so 2 is better than none. And on the scale, CBCB, Lou Malnatis, Torchy's and Portillos are elite chain's IMO; it's certainly far superior than the crap we used to get in the suburbs.

[ChelseaFC]

Wish SSP would embed twitter links, but here's some great aerial footage of the new tower at Valleywise Medical north of Sky Harbor:

https://twitter.com/KitchellCos/stat...39124637962246

[RichTempe]

Originally Posted by ChelseaFC

Wish SSP would embed twitter links, but here's some great aerial footage of the new tower at Valleywise Medical north of Sky Harbor:

https://twitter.com/KitchellCos/stat...39124637962246

It doesn't look like the old building is connected to the new tower that I can see. Are there plans to take it down once the new tower is ready for occupancy?

[exit2lef]

Originally Posted by RichTempe

It doesn't look like the old building is connected to the new tower that I can see. Are there plans to take it down once the new tower is ready for occupancy?

The new tower has been touted as a "replacement," so my guess is that the old one will eventually be demolished.

[MiEncanto]

Originally Posted by exit2lef

The new tower has been touted as a "replacement," so my guess is that the old one will eventually be demolished.

That has long been the plan but we'll see.

[xymox]

Originally Posted by MiEncanto

That has long been the plan but we'll see.

Didn't they hold off on taking that down due to COVID and needing extra beds? Or was that another hospital?

[combusean]

St Lukes was going to be demolished but reactivated for COVID.

Valleywise will be demoing the old building.

[MiEncanto]

Originally Posted by combusean

St Lukes was going to be demolished but reactivated for COVID.

Valleywise will be demoing the old building.

After the state spent millions to fix up St Lukes, I bet the owner Steward doesn't demo it now as it's probably worth something for perhaps a larger behavior health inpatient or something. I walked it during COVID and it's actually not in bad shape especially some floors. And the State spent a TON of money to fix up the inside. So we'll see.

[Chestnut1]

Preliminary building plans (PRLM 2300543) were submitted today for "360 NORTH THIRD MIXED-USE TOWER" at 360 N 3rd Ave, which is where this low rise building and adjacent vacant lot to the south are located:

https://www.google.com/maps/place/36...4d-112.0777479

The site is affiliated with JRG Capital Partners out of Chicago http://jrgcapitalpartners.com/index.php, which I find out here: https://azbigmedia.com/real-estate/0...ells-for-3-7m/

And that's all I know...if this is something we talked about already or if someone knows more, please chime in.

[ASU Diablo]

Great find!!

We actually talked about this project almost exactly a year ago when the developer initially scooped it up. There was an article at the time that mentioned the developer possibly building up to 3-towers on the site. Not sure if this is still the plan and hoping to learn more details...

Whatever they decide to do, I hope the project allows for Taylor St to pass through…

https://skyscraperpage.com/forum/sho...ostcount=19658

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.

[exit2lef]

Originally Posted by combusean

Valleywise will be demoing the old building.

I just spoke to someone I know who works for Valleywise and confirmed that the old building will be demolished. Unfortunately, surface parking (not a garage) will go in the space freed by demolition.

[ASU Diablo]

Originally Posted by Chestnut1

Final building plans were submitted for Rainbow Road at 1st St and Portland

https://www.bizjournals.com/phoenix/...ng-coming.html

Lev Libeskind — son of internationally renowned architect Daniel Libeskind — is designing his first property in the Valley.And there is more to come.

His first project in metro Phoenix is called Rainbow Road, a 36-unit boutique apartment building to break ground this year at the southwest corner of First and Portland streets in the Roosevelt Row District in downtown Phoenix.

The community boasts a rainbow road through the courtyard and onto the sidewalks, reminiscent of the Mario Kart video game. Some of the units also will feature video-game inspired steps leading to the entrances and in-unit functionality for casual and experienced gamers.

Libeskind said he found the exact color palette for Mario Kart, and that became a defining factor of the building. The architectural style of the building will feature floor-to-ceiling angular glass windows, giving the illusion of movement in the building.

"Looking at the building, it plays tricks with your mind," said Zac Cohen, managing director of InveStellar Corp., developer of the project. The courtyard, sidewalks and on-site art gallery will showcase artworks by Libeskind, along with other local well-known and up-and-coming artists. Cohen met Libeskind 10 years ago when he was building hotels in Europe.

"He and I share the same vision," Cohen said. "In my mind, Arizona — especially Phoenix — is a blank canvas. It's really important to infuse some intelligent high design, some different types of architecture so the city is not at risk of becoming a city full of identical cookie-cutter looking buildings." The value of architecture is profound on the human psyche, Cohen said. "In Rome, when you're walking around, passing some old beautiful buildings, they inspire you; they put a smile on your face," Cohen said. "We lack that here. Buildings designed to impact the community as a whole would be really beneficial to Arizona."

Costs, rental rates still undetermined
Construction is expected to begin during the second quarter of 2023 and be completed by the second quarter of 2024. If that timeline stays on track, pre-leasing would begin during the fourth quarter of 2023.

Cohen said it's too early to determine rental rates. It's also too early to put a price tag on total development costs, since he hasn't solidified a general contractor. He has narrowed the general contractor job to two firms.

InveStellar bought the 13,500-square-foot parcel for $2.25 million in December 2021. It currently is used as surface parking. Speaking of parking, the property is too small to include parking spaces for residents, so Cohen forged a deal with the rainbow colored parking structure on Roosevelt Street that will allow residents to park there. The building will include one-bedroom units on the first and second floors. The third floor will feature two-floor units.

Cohen also hopes to attract retail to the ground floor — perhaps some type of coffee shop or cocktail bar that the public also could enjoy.

InveStellar still has an office in Ireland, but Cohen has moved the company headquarters to the monOrchid building within the Roosevelt Row District. He said he plans to team up with Libeskind on other projects in the Valley. "We are looking for more deals," he said. "We are looking to bring interesting design that makes communities better."

[ASU Diablo]

Lots of multifamily activity brewing in the Warehouse District and are at various stages in the process. All are current empty lots...anyone have any other info?

• THE PEARCE - 520 S 5th St (Proj # 22-2151) Site Plan Review supposed to occur soon
• 5TH & LINCOLN - 550 E Lincoln St (Proj # 22-2754)
• SILVERHILLS AT WAREHOUSE DISTRICT - 602 E Grant St (Proj # 20-4822)

There's also Aura Lincoln Union that is supposed to be break ground next quarter. Article from last year for those that don't remember...

https://azbex.com/planning-developme...t-office-bldg/

[PHX31]

Originally Posted by ASU Diablo

Lots of multifamily activity brewing in the Warehouse District and are at various stages in the process. All are current empty lots...anyone have any other info?

• THE PEARCE - 520 S 5th St (Proj # 22-2151) Site Plan Review supposed to occur soon
• 5TH & LINCOLN - 550 E Lincoln St (Proj # 22-2754)
• SILVERHILLS AT WAREHOUSE DISTRICT - 602 E Grant St (Proj # 20-4822)

There's also Aura Lincoln Union that is supposed to be break ground next quarter. Article from last year for those that don't remember...

https://azbex.com/planning-developme...t-office-bldg/

Nice! All of those will gobble up a significant amount of surface parking on the east side of the warehouse district. I'm glad that Aura Lincoln Union will keep the existing building and build on the surface parking lot.

[az_daniel]

Originally Posted by ASU Diablo

Lots of multifamily activity brewing in the Warehouse District and are at various stages in the process. All are current empty lots...anyone have any other info?

• THE PEARCE - 520 S 5th St (Proj # 22-2151) Site Plan Review supposed to occur soon
• 5TH & LINCOLN - 550 E Lincoln St (Proj # 22-2754)
• SILVERHILLS AT WAREHOUSE DISTRICT - 602 E Grant St (Proj # 20-4822)

There's also Aura Lincoln Union that is supposed to be break ground next quarter. Article from last year for those that don't remember...

https://azbex.com/planning-developme...t-office-bldg/

Whoah, Lincoln is about to be real interesting! There is so much good stuff down there. Can't wait for the light rail to run through there and spur some (re)development further west. So much potential.

[Obadno]

I remeber plans years ago for an apartment complex 335 E lincoln but that plan seems to have died

I am surprised to see this kind of apartment activity that far south actually. I guess south phoenix is about to gentrify good and hard.

But Im still surprised that Garfield and the neighborhoods west of 7th Ave have not seen more rapid gentrification in the last couple of years.

I figured by now Garfield would be full of remodels, tear downs and expensive little homes like Willow or Coronado but it seems to resist the gentrification pressure really well