Showing posts with label Phoenix. Show all posts
Showing posts with label Phoenix. Show all posts

Friday, September 1, 2017

Land Use Case 'Never Took Turn Like This': Phoenix Neighbors Take Part In Architectural Competition

Jason Morris, a Phoenix land use, zoning attorney and partner with Withey Morris PLC never had a case take a turn like this. In the trendy and eclectic Phoenix area called the Melrose District along 7th Avenue between Camelback and Indian School Roads, clients Bruce and Kim Raskin wanted to transform a vacant, boarded-up building into a self-storage facility. The neighbors opposed it. Morris, along with the Raskins, came up with a creative solution to solve a difficult situation involving an angry neighborhood opposed to the storage location. The solution? An architectural competition with the neighbors judging building designs.
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Winning Design, Andrews Design Group
“The situation evolved into one in which my client agreed to allow the neighborhood a seat at the table,” said Morris. “And the solution turned into an architectural competition. I have never seen a developer who is willing to do anything like that, which is indicative of a trend of growing clout neighbors are having in development issues. There has never been a similar competition and we hope to start a trend for the future.”
The three architectural teams were Andrews Design Group, 180 degrees and LOCALstudio. Neighbors met with the architects to provide input and direction on the concepts they could support for a storage facility that would complement the community’s character.
A panel including community members and the property owners recently judged the designs from the architectural teams and selected the winning design from Andrews Design. Watch a video of the winning design here or see more of the concept design and features here and here. Community space was an important parameter to the community. The winning design included those elements with an art studio, an exhibition area and a multifunctional room that can serve as a lecture hall or a theater. The building also has capacity for moving trucks to drive into an enclosed area and unload in an air-conditioned setting.

Friday, March 10, 2017

Block 23 Development Coming to Downtown Phoenix

Image via Google Earth

Block 23, the Phoenix City Block bounded by 1
st through 2nd Streets and Jefferson through Washington Streets, is to be developed into a new mixed-use project.
On March 1st, a partnership between RED Development and Street Lights Residential acquired ground-leasehold interest in the property and signed a new 50 year development leasehold agreement. Alongside the transaction an updated Disposition and Redevelopment Agreement was filed that outlined the minimum improvements required and incentives received.
Per the agreement the developer is to deliver a mixed use high-rise with approximately three hundred (300) residential units, one hundred fifty thousand (150,000) square feet of office space, fifty thousand (50,000) square feet of commercial space, thirty five thousand (35,000) of which is designated for grocery, one thousand (1,000) above and below grade parking stalls, and associated street-scape improvements. They will have 36 months from commencement of construction to complete development.
The Developer will receive $2.5M upon commencement of construction and an amount not to exceed $14M over 25 years. Commencement of construction is defined in the contracts as receiving a demolition permit.
The current space is occupied by a four story underground parking garage and, reportedly, a bomb shelter. Barron Collier held demolition permit for property prior to transaction. Vizzda cannot verify whether or not this permit has changed hands to Developer as part of transaction. If this has happened would trigger the 36 month construction timeline and $2.5M payment by City of Phoenix. However, demolition and construction cannot begin until after the NCAA Final Four events downtown.
Blog written by William Shepler.

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Monday, January 23, 2017

The Vizzda Weekly - Phoenix - January 23rd, 2017

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THE VIZZDA WEEKLY
January 23rd, 2017
 
 
Last week in Phoenix, Vizzda tracked $151,553,772 in commercial real estate transactions
including 44 sales and 6 new projects. Below are Vizzda's top reports of the week. 
 
 
 
 
PLANNING & ZONING 
 
 
Spotlight
New Expansion Proposed for Development at Scottsdale Airpark        
 
On January 18th, The City of Scottsdale introduced a Site Plan for the expansion of the of the Scottsdale Airpark to include a new aviation business center totaling 23,731 square feet and aircraft hangers totaling 66,938 square feet.   
 
(1 of 6 planning & zoning events last week)
 
LAND
 
 
Spotlight
Residential Land in Sun City Purchased for $1.5M
 
On January 13th, Gehan Homes purchased 8.94 acres of residential land in Sun City from The Empire Group for $1,525,689. The property is proposed for the development of 33 single family residential lots and three tracts.   
                 
(1 of 14 land sales last week)
 
 
 
 
OFFICE
 
 
Spotlight
Two-Story Multi-Tenant Office in Phoenix Purchased for $11.4M
    
On January 19th, George and Nancy Bogle purchased two 2-story office buildings and one 1-story office building totaling 112,668 square feet from Daryl Burton for $11,400,000 with $10,400,000 in cross-collateralized debt with Standard Insurance Company, maturing on February 1st, 2042.           
       
(1 of 12 office sales last week)
 
    
 
MULTIFAMILY
 
 
Spotlight
160-Unit Apartment Complex in Glendale Purchased for $25.75M
 
On January 12th, Rivendell Global Real Estate purchased nine 2-story buildings and one 1-story clubhouse totaling 158,361 square feet from RK Properties for $25,750,000 with $18,200,000 in new funding with Equity Standard.        
           
(1 of 5 multifamily sales last week)
 
 
 
INDUSTRIAL
 
 
Spotlight
Phoenix Storage Facility with Retail in Purchased for $4.979M
 
On January 13th, Westport Properties purchased three 1 & 3-story buildings totaling 60,488 square feet from CAM Properties for $4,979,000. The property includes storage facility, gas station and freestanding retail.                    
(1 of 2 industrial sales last week)
 
RETAIL
 
 
Spotlight
Automotive Dealership in Surprise Purchased for $10.8M  
   
On January 12th, Earnhardt Motors purchased an automotive dealership with four buildings built on 5.84 acres from Walters Golf for $10,879,387.37 with $9,138,635.39 in cross-collateralized debt with Hyundai Capital America.   
             
(1 of 11 retail sales last week)
 
 
 
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Tuesday, January 17, 2017

The Vizzda Weekly - Phoenix - January 17th, 2017

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THE VIZZDA WEEKLY
January 17th, 2017
 
 
Last week in Phoenix, Vizzda tracked $251,531,428 in commercial real estate transactions
including 59 sales and 6 new projects. Below are Vizzda's top reports of the week. 
 
 
 
 
PLANNING & ZONING 
 
 
Spotlight
New Residential Subdivision Proposed for Development in Queen Creek    
     
On January 11th, The Queen Creek Planning Commission introduced a Preliminary Plat for the development of 532-lot single family residential subdivision.  
 
(1 of 6 planning & zoning events last week)
 
LAND
 
 
Spotlight
Raw Land Near Lake Pleasant Purchased for $35M
 
On January 9th, Avanti Properties Group purchased 1,083.67 acres of raw land from Sabal Financial Group for $35,000,000. The property is proposed for the development of 6,561 residential units, two elementary schools and three public parks. 
                 
(1 of 17 land sales last week)
 
 
 
 
OFFICE
 
 
Spotlight
Two-Story Office in Glendale Purchased for $5.885M
    
On January 10th, Helm, Livesay and Worthington purchased one 2-story building and one 1-story building totaling 37,693 square feet from Bradley Wilcox, et al., for $5,885,000.          
       
(1 of 6 office sales last week)
 
    
 
MULTIFAMILY
 
 
Spotlight
Tempe Apartment Complex Purchased for $7.5M
 
On January 11th, ReNUE Properties purchased a 110-unit apartment complex built on 2.81 acres for $7,539,729 with $1,697,297 down and the assumption of seller-carry loans.       
           
(1 of 7 multifamily sales last week)
 
 
 
INDUSTRIAL
 
 
Spotlight
Airpark Hanger in Chandler Purchased for $1.95M
 
On January 11th, John Morotti purchased an aircraft hanger in Chandler with a 2-story office from Jeff & Lisa Mark for $1,950,000. The property has three hanger doors with runway access to Stellar Airpark.                   
(1 of 13 industrial sales last week)
 
RETAIL
 
 
Spotlight
Community Center in Phoenix Purchased for $41.335M  
   
On January 10th, Goldman Sachs purchased twelve 1-story multi-tenant buildings built on 33.28 acres from Northstar Asset Management Group for $41,335,000.  
             
(1 of 16 retail sales last week)
 
 
 
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Tuesday, January 3, 2017

The Vizzda Weekly - Phoenix - January 3rd, 2017

Interesting Image
 
THE VIZZDA WEEKLY
January 3rd, 2017
 
 
Last week in Phoenix, Vizzda tracked $338,146,191 in commercial real estate transactions
including 40 sales and 2 new projects. Below are Vizzda's top reports of the week. 
 
 
 
 
PLANNING & ZONING 
 
 
Spotlight
New Residential Subdivision Proposed for Development in Scottsdale     
     
On December 29th, The City of Scottsdale introduced a Zoning District Map Amendment for the development of a 45 lot single-family residential subdivision. 
 
(1 of 2 planning & zoning events last week)
 
LAND
 
 
Spotlight
Scottsdale Land Proposed for Senior Facility Sells for $6.5M
 
On December 28th, Greystar purchased a 22,474 square foot showroom on 1.97 acres of land from Legacy Kierland for $6,500,000. The property is proposed for the development of a five-story, 171-unit senior facility.
                 
(1 of 11 land sales last week)
 
 
 
 
OFFICE
 
 
Spotlight
DriveTime Automotive Corporate Office Purchased for $9.05M
    
On December 23rd, The Boyer Company purchased one single-story building built on 3.38 acres from Helix Properties for $9,050,000 with $1,320,000 down and $7,730,000 in new funding with Bank of Arizona.         
       
(1 of 14 office sales last week)
 
    
 
MULTIFAMILY
 
 
Spotlight
193-Unit Apartment Complex in Scottsdale Sells for $20.85M  
 
On December 21st, Capital Real Estate purchased 25 residential buildings on 7.41 acres of land in Scottsdale from 3rd Avenue Investments for $20,850,000 with $15,632,000 in new funding with Walker & Dunlop, maturing January 1st, 2027.    
           
(1 of 4 multifamily sales last week)
 
 
 
INDUSTRIAL
 
 
Spotlight
Warehouse in Gilbert Purchased for $1.85M
 
On December 27th, Titan Solar Power purchased one single-story building on 1.38 acres of land in Gilbert from Cloyce Clark for $1,850,000 with $400,000 down and $1,450,000 in a new cross-collateralized loan with JP Morgan Chase Bank.            
        
(1 of 5 industrial sales last week)
 
RETAIL
 
 
Spotlight
Pima Crossing Shopping Center in Scottsdale Sold for $46.15M  
   
On December 29th, Karlin Real Estate purchased ten single-story buildings on 27.67 acres of land from Regency Centers for $46,150,000. The property is currently anchored by Stein Mart, PGA and Lifetime Fitness.      
             
(1 of 6 retail sales last week)
 
 
 
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