44 W Monroe
 

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We've got various threads going on this one, and I hate to create another one, but in the interests of clarity a simple title works best.

Here's are some pictures I took yesterday. The best place to view the activity is from the 3rd floor pool deck of the San Carlos Hotel. Simply take the elevator up, turn right and walk to the end of hall through the exit doors (which are not locked during regular hours).

Right now, the caisson work is underway:
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http://img154.imageshack.us/img154/6020/p20800104nb.jpg

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Pool area of the San Carlos:
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Now that construction has started on this project and Summit at Copper Square, we can offically say that there will be three new towers rising in 2006:

1.) 44 Monroe (34 stories)

2.) Summit at Copper Square (22 stories)

3.) Convention Hotel (31 stories)

I don't care what anybody says, this is a big year for Phoenix.

Here's how the site looked on May 7, 2005



The old building was still there. Unfortunately, the cynic in me won't believe that the new tower is actually going up (instead of the site having been cleared just to inflate its value) until some part of it is constructed.

:yes:

Agreed.

Throw in W hotel *hopefully*. But I can't wait to watch 3 towers rise.

This is great news! Actually starting a project is huge! Two years from now Phoenix will look much different and much more dense (if not taller). Awesome!

Got a "scoop" today about the crane on this project. Apparently, the adjacent property owners have to approve the crane's wide swing over their property. The owner of the parking garage, who still has concerns about the shoring on his south foundation wall, will not give that approval. The result is that the crane here will have to be re-engineered away from the garage to avoid their air space. It will be smaller as a result, with construction slower and costlier.

Give me a break! :no:

what an asshole. Seriously, he is just mad because nobody wants to rent in his shitty building except a gross pizze joint.

Interesting.

As of this morning, the caisson work is going full-bore ( so to speak). At the very least, we're going to get an excellent foundation. I'm feeling better by the day.

http://img157.imageshack.us/img157/8127/p22100187kc.jpg

Taking a peak last night after the bond rally, they've got the night lights on and crews still working. Good sign!
http://img102.imageshack.us/img102/2604/p31402361qz.jpg

Such a tease, when will we see a tower crane on this project.

^I'll guess within a month. The caisson work is proceeding and it appears several weeks away from completion. I'll wager April 11 for the crane.

Caissons keep rolling along:
http://img373.imageshack.us/img373/4292/p32700295ft.jpg

I talked to the salesman at 44 Monroe today. Of the 202 units, only 65 are sold. You can get a 740 sf unit for only $399,900! 9th floor, but still.....

Soleri, how long have they been doing presales? 65 is not even close to 50%.

^The reservations list was over 75% full but the public report took a long time to generate. By the time it did - in late December - the investors who were fueling the condo boom were packing up and leaving for Texas.

I don't know the answer in this particular case, but usually the rule of thumb is at least 40% pre-sales before a project gets financing. Somehow, the developer got the financing prior to the public report (thus enabling actual sales' contracts). The answer may lie in the peculiar history of this project, which was originally a condo conversion of an old office building. It had sold out when the developer, sensing the oncoming boom in late 2004, decided to simply demolish the building and go with the much bigger new construction. At any rate, Phoenix is lucky to get this.

you know, that design would make a fine replacement for BoiseTower! it's even got a little bit of earthtones in the bottom to appease our design review gurus! :)

you do know that you cannot sell a home/condo/anything without the public report, right? Financing in place or not.

Grace gets private financing with their projects. -Or at least a decent chunk from private investors through "profit sharing"... I imagine with this downpayment the bank gives them more favorable interest rates and may have seen a huge "interest list" rather than actual lot reservations and deemed that as a sign of security.

I wonder if Grace regrets their decision not to "take their money and run".. -They'd be sold out and finished with construction probably had they not decided to chase the money and build taller.

Either way- I am happy because I like the height and design. Downtown will get there soon- you watch!
I am young and optimistic I know-
I also know this has been said for the last 10 years...
But I feel it- too many cool projects coming. ASU is the clincher.
Word