“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 “
Mar 17, 2017, 10:42am MST
Some more high-rise apartments could soon join the influx of multifamily development coming to downtown Phoenix.
Minnesota-based Mortenson Co., who officially broke ground today on the 11-story, 210-room Hampton Inn & Suites hotel at Central Avenue and Polk Street in downtown Phoenix, has proposed plans to build a 20-story apartment next to the new hotel.
“We’re very bullish on the Phoenix market,” said George Forristall, Phoenix development executive for Mortenson.
Apartment development has been nonstop for the past few years in downtown Phoenix. There are thousands of units in the pipeline or under construction, in an attempt to attract the students at ASU’s downtown campus, young professionals in downtown’s growing tech hub as well as empty nesters to the burgeoning urban core.
But there have been issues with so much apartment development. Some community members have seen the development on nearby Roosevelt Row as the death of the arts community there, and the Goldwater Institute has partnered with downtown restaurant Angel’s Trumpet Ale House to sue the city over a tax subsidy for a soon-to-be-built 19-story apartment tower adjacent to the restaurant at Second and McKinley streets.
Forristall is familiar with some of the backlash, but doesn’t expect those kind of issues with Mortenson’s proposed development.
“This is in an area where there’s already high-rise development,” he said. “We’re looking to put something appropriate there. We’re definitely not as tall as Freeport-McMoRan. The scale we’re looking to deliver is something appropriate for the area. There is demand for high-rise in the downtown core.”
The nearby Freeport-McMoRan center spans about 342 feet and 26 stories.
The Hampton Inn & Suites, at 77 E. Polk St., is slated to open in summer 2018. The apartment complex will be at 333 N. Central Ave. and is currently under review with Phoenix Planning and Development.
SmithGroupJJR — which is supporting development strategies for the $25 million renovation of the Arizona Center down the street — is doing the design. Mortenson expects to begin construction on the tower in the fourth quarter of 2017, with completion slated for mid-2019.
Steven covers retail, restaurants, hospitality/tourism as well as aviation, small business and nonprofits.
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- 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
- WEEKLY LAND CLOSING UPDATE / THROUGH March 3, 2017 / Phoenix Arizona Metro, Maricopa County, Pinal County.
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- 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%).
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Facts of Arizona – year 1848 to 2013
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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.
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Walter Unger CCIM
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