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By Brandon Brown – Reporter, Phoenix Business Journal Jan 23, 2019, 7:57pm EST
The Phoenix City Council approved a deal Wednesday afternoon to renovate Talking Stick Resort Arena, the home of the Phoenix Suns.
The measure to spend $150 million on updates and renovations to the downtown, city-owned arena passed 6-2. Mayor Thelda Williams and Councilmembers Debra Stark, Laura Pastor, Felicita Mendoza, Vania Guevara and Michael Nowakowski voted in favor of the deal, while Vice Mayor Jim Waring and Councilmember Sal DiCiccio voted against it.
They argued that the tax revenue, as well as the economic impact generated by having the Suns and Talking Stick Resort Arena in downtown are worth the investment. They also loved to point out that the money being used to pay for the renovations came from a tax on hotel rooms and rental cars, which is almost entirely collected from out-of-state visitors.
The Suns lease the building from the city and the lease goes to 2032. But the National Basketball Association team has an out in its contract that allows it to leave the downtown Phoenix arena in 2022. The team can trigger that clause starting in July.
The City Council was supposed to vote on the proposed deal in December, but after a now-refuted report from the Arizona Republic came out saying Suns owner Robert Sarver had threatened to move the team to Las Vegas or Seattle if the measure didn’t pass, the City Council delayed the vote until Jan. 23.
Along with Phoenix’s $150 million, the Suns are putting in $80 million, plus any overrun costs. The team is also being required to build a practice facility within Phoenix city limits that could cost up to $50 million. The city is not helping the team front any of those costs.
The renovations will be conducted over the next three summers. This summer will not see major renovations to the arena, Rowley told the Phoenix Business Journal. Instead, the team will start building the practice facility. Most arena construction will happen during the summers of 2020 and 2021. During construction, the Phoenix Mercury and the Arizona Rattlers will have to find another facility in which to play.
During the weeks leading up to the vote, members and organizations of the Valley’s business community have come out in strong support for the arena renovation deal. Organizations like the Greater Phoenix Chamber of Commerce, Arizona Chamber of Commerce & Industry, Valley Partnership, Downtown Phoenix Inc. and Arizona Technology Council, came out in support of the arena renovations.
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
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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).
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.
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