Quote:
Originally Posted by Jjs5056
It may not be a positive, but with the city's incentives and Colangelo as head of USA Basketball, I can't imagine a scenario where at the very least, the infrastructure to move the HQ isn't built. The problem seems to be that they moved from a phased build-out to an all-at-once approach because they had reached a deal with a deep-pocketed investor; if that's looking shaky now, it just means we won't see the residential+retail lined streets during the first phase, if ever. I think the hotel would also be at risk, especially with the amount of hotels coming to market in the nearby area. But, how could a corporation not get financing to build their HQ when the land is owned by the City/ASU who wants them to move there and is willing to offer incentives?
Losing the hotel would be disappointing, because it's a premium brand and would make a decent end-cap to the skyline at 14 stories. However, the major piece of this development is, and will be, USA Basketball. Another major HQ locating in Tempe bringing jobs, events, and tourism. That portion of Mill is essentially dead, so it's one of the only places where a superblock-forming event venue would work without killing the pedestrian scale of downtown, and USA Basketball will further boost Tempe's reputation as an amateur sports hub as it figures out the details and plans for the stadium district.
As long as that comes to town, it's a win. The residential over retail blocks sounded great, but maybe it's better for the market to determine whether and when those units are needed, rather than cramming them all into a blowout mega-development where they sit empty?
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While I think that as long as the hotel, convention center and USA basketball facilities get built it will be a win, I disagree with the assumption that USA basketball would get this built on their own because they are an organization that requires a HQ.
My feel is that USA Basketball is paying either a) nothing or b) very little to be included in this development. I doubt they have a ton of money and certainly it'd be hard to sell them on moving if they have to pay for a brand new facility.
I am more inclined to believe that the rest of the development subsidies some free or token rent payment by USA basketball. Meaning, if the developers can't generate the revenue from the hotel, retail, convention center and apartments that the USA basketball HQ is dead on arrival, as USA basketball is not paying millions to build or lease a new facility.
However, I do agree that the retail and apartments, while nice, don't seriously interest me. The hotel and convention center are a must as they were required by the RFQ, but the apartments may not be the best that land could do in the long run.
I'd be for scaling back the apartment and condo piece or allowing the developer to sell the land to another developer (thus generating revenue to justify just the Omni, convention center and USA basketball build) who would build apartment/condo towers and office towers.
Just some thoughts. Not saying that this is dead or won't happen, just agreeing that the apartments and retail may not be the best use of that large plot and I wouldn't have a huge issue if they were scaled back.