Phoenix Development News (3) - Page 584

biggus diggus · #**11661** Posted **Jan 16, 2018, 9:10 PM**

I don't believe there is still intent to build. If they started construction today then we're looking at a completion date in Spring 2020, They'd be close to a year behind Link and Stewart and 18 months behind all of the other luxury apartments on Roosevelt. The market will be so over-saturated by that point it could easily be a disaster for them.

Some guys are going to make a lot of money on this cycle, Derby won't be one of them.

Obadno · #**11662** Posted **Jan 16, 2018, 9:21 PM**

Quote:

Originally Posted by biggus diggus

I don't believe there is still intent to build. If they started construction today then we're looking at a completion date in Spring 2020, They'd be close to a year behind Link and Stewart and 18 months behind all of the other luxury apartments on Roosevelt. The market will be so over-saturated by that point it could easily be a disaster for them.

Some guys are going to make a lot of money on this cycle, Derby won't be one of them.

As soon as I see news that the lawsuit has been dropped I will agree but as long as the developer is still fighting I'll assume they still intend to build.

CrestedSaguaro · #**11663** Posted **Jan 16, 2018, 9:22 PM**

Quote:

Originally Posted by Obadno

I would still hold out on declaring Derby dead, as long as they are still in a legal battle there is still intent to build.

They're website has been yanked. I am hoping that maybe they're changing the site or moving to a new domain or something, but it is looking rough.

Biggus, if it were to go, it could still be completed by the end of 2019. Link is looking at a fall completion date of 2019 and it's 10 stories taller than Derby. So it could be done....if Derby gets started by March with an aggressive timeframe. But I agree (and Derby is one of my favorite proposed developments) that it looks lost.

biggus diggus · #**11664** Posted **Jan 16, 2018, 9:27 PM**

Quote:

Originally Posted by Obadno

As soon as I see news that the lawsuit has been dropped I will agree but as long as the developer is still fighting I'll assume they still intend to build.

Where are you getting this information that "the developer is still fighting"?

Obadno · #**11665** Posted **Jan 16, 2018, 9:28 PM**

Quote:

Originally Posted by biggus diggus

Where are you getting this information that "the developer is still fighting"?

Because the last information any of us have seen is that the case was moving forward.

It very well could be dead but until we know that, we don't know that.

biggus diggus · #**11666** Posted **Jan 16, 2018, 9:39 PM**

Many times things happen which you do not hear about.

Obadno · #**11667** Posted **Jan 16, 2018, 9:42 PM**

If you are implying you know something we do not, then please share, otherwise I'm going to hold off speculation.

biggus diggus · #**11668** Posted **Jan 16, 2018, 9:48 PM**

Logic trumps emotion.

It's not being built, I will give you money out of my pocket if I am wrong. Matt stopped pursuing this long ago, he got what he wanted and he delayed them long enough they gave up. You're grasping at straws.

Obadno · #**11669** Posted **Jan 16, 2018, 9:53 PM**

Quote:

Originally Posted by biggus diggus

Logic trumps emotion.

It's not being built, I will give you money out of my pocket if I am wrong. Matt stopped pursuing this long ago, he got what he wanted and he delayed them long enough they gave up. You're grasping at straws.

What about my position isn't logical?

biggus diggus · #**11670** Posted **Jan 16, 2018, 10:00 PM**

All the evidence is in front of you, all the signs are pointing to the answer, multiple informed and knowledgeable people have both alluded to the project being dead and stated it's not happening, yet you really want it to be built so you refuse to accept reality.

I'd say that's pretty illogical.

Obadno · #**11671** Posted **Jan 16, 2018, 10:05 PM**

Quote:

Originally Posted by biggus diggus

All the evidence is in front of you, all the signs are pointing to the answer, multiple informed and knowledgeable people have both alluded to the project being dead and stated it's not happening, yet you really want it to be built so you refuse to accept reality.

I'd say that's pretty illogical.

I am holding off speculation until I know more.

In your mind all the evidence is in front of me based off whatever you know in your private life, which I have no idea of, nor do I know if its reliable or just made up nonsense from a crazy man ranting on a forum.

So, I will reserve my declarations of dead or not until I have some proof to determine either way.

gymratmanaz · #**11672** Posted **Jan 16, 2018, 10:14 PM**

This is going to get interesting and ugly fast.

biggus diggus · #**11673** Posted **Jan 16, 2018, 10:40 PM**

Okay, pal.

fawd · #**11674** Posted **Jan 16, 2018, 10:41 PM**

1) First and foremost. This lawsuit is between the Goldwater Institute (on behalf of Matt Englehorn) and the City of Phoenix.

It's not Matt and the Developer duking it out in court. Nor is the developer sinking in gigantic legal fees etc.

2) Obadno is correct, the case between Goldwater and Phoenix is continuing onto the next phase of litigation.

3) The Derby is funded generally by a private equity firm whom primarily invests on behalf of institutional clients. They have an impressive portfolio.

Yes, this firm actually owns the land on Second & McKinnley. Not the City of Phoenix. So there won't need to be a RFP issued to build on this lot in the future.

4) Let's assume the GPLET is no more following litigation. Eventually, whether Matt & Angels Trumpet like it or not... something will be built, and a crane will be over his patio. Matt doesn't own the land next door, nor does Phoenix.

And without the GPLET, the process from development > construction is much quicker.

fawd · #**11675** Posted **Jan 16, 2018, 10:46 PM**

Some links to DT Phoenix 2018 development courtesy of Berkshire!

Development & Construction Map
https://www.berkadia.com/wp-content/...17-Phoenix.pdf

2018 Economic Outlook
https://www.berkadia.com/wp-content/...12/Phoenix.pdf

According to Berkshire***, absorption of new rental units is still projected to exceed deliveries Phoenix marketwide in 2018.

CrestedSaguaro · #**11676** Posted **Jan 16, 2018, 10:52 PM**

Quote:

Originally Posted by fawd

1) First and foremost. This lawsuit is between the Goldwater Institute (on behalf of Matt Englehorn) and the City of Phoenix.

It's not Matt and the Developer duking it out in court. Nor is the developer sinking in gigantic legal fees etc.

2) Obadno is correct, the case between Goldwater and Phoenix is continuing onto the next phase of litigation.

3) The Derby is funded generally by a private equity firm whom primarily invests on behalf of institutional clients. They have an impressive portfolio.

Yes, this firm actually owns the land on Second & McKinnley. Not the City of Phoenix. So there won't need to be a RFP issued to build on this lot in the future.

4) Let's assume the GPLET is no more following litigation. Eventually, whether Matt & Angels Trumpet like it or not... something will be built, and a crane will be over his patio. Matt doesn't own the land next door, nor does Phoenix.

And without the GPLET, the process from development > construction is much quicker.

I've just spent the last hour going through the Phoenix permits section and there are several that are permits that are in Open status (but no submission dates) for Derby that I do not recall seeing before. Everything from water/fire lines to street cutting to Hensel Phelps building permits. It looks like 2 of the permits for fire lines and hydrant work were just submitted on the 9th. I'm still going through them. But I'm hoping this is positive!

fawd · #**11677** Posted **Jan 16, 2018, 10:54 PM**

Great! Let us know what you find out...

Also: what was the URL of the original Derby website?

CrestedSaguaro · #**11678** Posted **Jan 16, 2018, 10:56 PM**

Quote:

Originally Posted by fawd

Great! Let us know what you find out...

Also: what was the URL of the original Derby website?

www.derbyapts.com

It was kind of a basic site. It did include all their projects from other cities as well, so I'm hoping they are just working on it or changing domains.

muertecaza · #**11679** Posted **Jan 16, 2018, 11:39 PM**

More apartments proposed along Willetta--these right behind The Willa on the north side of the 100 block of Willetta.

From what I can tell the applicant currently owns these parcels:

Obadno · #**11680** Posted **Jan 16, 2018, 11:46 PM**

Quote:

Originally Posted by muertecaza

More apartments proposed along Willetta--these right behind The Willa on the north side of the 100 block of Willetta.

From what I can tell the applicant currently owns these parcels:

That neighborhood along McDowell is going to be very dense when all of this is done.