“You miss 100 percent of the shots you never take, and if you think it’s expensive to hire a professional to do the job, wait until you hire an amateur “
May 16, 2017, Mike Sunnucks and Steven Totten Phoenix Business Journal
A Florida developer is buying land at the Arizona Center in downtown Phoenix with plans for a 31-story, $100 million apartment tower.
West Palm Beach-based North American Development Group is buying a 39,970-square-foot parcel at the downtown development on Fifth and Van Buren streets.
The planned apartment tower will have 350 units and would be the second tallest building in the state after only Chase Tower.
“The addition of a residential tower to Arizona Center will truly set it apart as a downtown destination,” said Matt Root, CEO and managing partner for Parallel Capital Partners, which owns the Arizona Center. “We know North American Development Group will maintain the character and vibrancy of the brand and we look forward to seeing this project come to life.”
The apartment tower will have a six-level parking garage and 25 floors of apartments.
“This residential tower will help define the reinvention of the Arizona Center as a vibrant and fresh pedestrian-oriented live, work, shop precinct at the heart of Phoenix,” said Chris Chamberlain, a principal with North American Development Group. “We are looking forward to having roots in the core of downtown at the iconic Arizona Center.”
Architects for the residential tower project are Phoenix-based Will Bruder Architects.
Skanska USA is managing construction for the project.
The retail portion of Arizona Center is also going through some renovations, with plans for a $25 million facelift. The 16-acre Arizona Center could accommodate another 3.9 million square feet of development. The property already includes two office towers. Retail elements include a 24-screen AMC Theatres multiplex and a handful of restaurants, though there are several open retail spaces around the center.
Other planned improvements include site furnishings, shade structures, landscape, lighting, new materials, fixtures and finishes, wayfinding, and branded signage features. The current parking garage at Fif th and Fillmore streets also will be upgraded, and valet parking will be added on Thi rd Street between Van Buren and Fillmore streets.
Downtown Phoenix had more than 3,600 apartment units planned or already under construction as of September 2016, and it doesn’t look like that development will slow anytime soon. Minnesota-based Mortenson Co., who recently began work on the nearby 11-story, 210-room Hampton Inn & Suites hotel at Central Avenue and Polk Street, has proposed plans to build a 20-story apartment next to the new hotel.
Mike Sunnucks writes about stocks and financial markets, real estate, government and sports business.
SEE IT ALL: http://www.bizjournals.com/phoenix/news/2017/05/16/31-story-100m-apartment-tower-planned-for-downtown.html?ana=e_ae_set1&s=article_du&ed=2017-05-16&u=lQ2E7queaIzizvtydl7vaENwvei&t=1494974077&j=78186831
Phoenix Commercial Real Estate and Investment Real Estate: Investors and Owner / Users need to really know the market today before making a move in owner user Commercial Properties, Investment Properties and land in Phoenix / Maricopa County, Pinal County / Arizona, as the market has a lot of moving parts today. What is going on socio-economically, what is going on demographically, what is going on with location, with competing businesses, with public policy in general — all of these things affect the quality of selling or purchasing your Commercial Properties, Commercial Investment Properties and Commercial and large tracts of Residential Land Therefore, you need a broker, a CCIM (Certified Commercial Investment Member) who is a recognized expert in the commercial and investment real estate industry and who understands Commercial Properties and Investment Properties. I am marketing my listings on Costar, Loop-net CCIM, Kasten Long Commercial Group. I also sold hundreds millions of dollars’ worth of Investment Properties / Owner User Properties in Retail, Office Industrial, Multi-family and Land in Arizona and therefore I am working with brokers, Investors and Developers. I am also a CCIM and through this origination ( www.ccim.com ) I have access to marketing not only in the United States, but also internationalClick here to find out what is a CCIM: https://en.wikipedia.org/wiki/CCIM
- DEMOGRAPHIC FACTS ABOUT MARICOPA COUNTY:
- The average age of the population is 34 years old.
- The health cost index score in this area is 102.1. (100 = national average)
- Here are some of the distributions of commute times for the area: <15 min (22.7%), 15-29 min (36.8%), 30-44 min (25.1%), 45-59 min (8.6%), >60 min (6.8%).
Feel free to contact Walter regarding any of these stories, the current market, distressed commercial real estate opportunities and needs, your property or your Investment Needs for Comercial Properties in Phoenix, Tucson, Arizona.
Kasten Long Commercial Group tracks all advertised apartment communities, including those advertised by other brokerages. The interactive map shows the location of each community (10+ units) and each location is color coded by the size (number of total units).
Walter Unger CCIM, CCSS, CCLS
I am a successful Commercial / Investment Real Estate Broker in Arizona now for 20 years. If you have any questions about Commercial / Investment Properties in Phoenix or Commercial / Investment Properties in Arizona, I will gladly sit down with you and share my expertise and my professional opinion with you. I am also in this to make money therefore it will be a win-win situation for all of us.
Please reply by e-mail firstname.lastname@example.org or call me on my cell 520-975-5207
Walter Unger CCIM
Senior Associate Broker
Kasten Long Commercial Group
5110 N 40th Street, Suite 110
Phoenix , AZ 85018
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