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  #4041  
Old Posted Aug 15, 2013, 4:59 PM
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Originally Posted by phxSUNSfan View Post
I was in Tempe ...
Thanks for the account and your descriptions... I'll be spending more time in Tempe again once football season starts. I'm glad to hear that the various projects are turning out as I had hoped. I'm especially looking forward to seeing Block 12 and how it impacts College Avenue. It's going to be great walking to the campus store at halftime at the ASU game on a beer run, before it was a bit of a dead zone.
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  #4042  
Old Posted Aug 15, 2013, 7:20 PM
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Originally Posted by PHXFlyer11 View Post
I was hoping this was new, but in fact it looks to be The Grand/1010 Lemon.

None of the other corners look vacant, it would be awesome to have two high-density buildings with the sharp corners at that intersection.
Yeah, it is indeed that same project. I had seen some plans a while ago for other developments in the area, but it seems like nothing really has come through.

BTW, the Hub changed its name to University House.

Source: http://www.brewaz.com/content/index_...ust+16%2C+2013
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  #4043  
Old Posted Aug 15, 2013, 8:34 PM
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Why the hell did they change it to University House? That sounds like some SRO flophouse that's waiting to be torn down.
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  #4044  
Old Posted Aug 15, 2013, 8:42 PM
ASUSunDevil ASUSunDevil is offline
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Why the hell did they change it to University House? That sounds like some SRO flophouse that's waiting to be torn down.
I'm not a fan of the name change either. When I think of the name University House it reminds me of the POS apartments that used to be at University and the 101.
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  #4045  
Old Posted Aug 15, 2013, 9:39 PM
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Originally Posted by phxSUNSfan View Post
The building with the ticket broker and Hawaiian restaurant was recently painted and it has brightened up that block. It was painted off-white and it looks much nicer than the dark color it was before.
Good riddance wasn't a fan of the dark tan/brown color.

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The solar array over the parking lot next to WFA looks great. It really hides the blacktop and cleans up the area. I cannot wait to see what the Gammage PKWY parasol and new entrance with ASU marquee will look like. I hope it looks classy and makes for a grand entrance.

The area around Manzy is so much greener and I'm glad they added all those trees and bike racks. They took out small parking lots and turned them into plazas for the dorms along University. The new business building, McCord Hall, and the SRC addition look amazing. The campus is looking even more beautiful than before and filling in nicely. I hope they do eventually turn Terrace St. into an extension of Orange Mall.
Did you see the other solar installation on the smaller lots and the new access street by McAllister Ave. (by the Law library)? Construction was done on the 10th.
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  #4046  
Old Posted Aug 15, 2013, 9:57 PM
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Did you see the other solar installation on the smaller lots and the new access street by McAllister Ave. (by the Law library)? Construction was done on the 10th.
I did. McAllister is closed from the access road to Apache at the moment. The new landscaping next to the Law Library looks good with the addition of trees and massive red rock boulders. Wish I had a camera with me. The boulders look much better than the rock hill that took up much of the lot. I didn't really get to see the work going on by the MU and Hayden Library. So I didn't see the solar parasol going up in that location. I know there is a solar installation next to the Campus Police HQ but I didn't pass by that location either.
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  #4047  
Old Posted Aug 16, 2013, 1:18 PM
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Bike Share program

Saw this story about Mesa's Bike Share program in the AZ Republic online this morning. I know the article is about Mesa- but it mentions that Phoenix and Tempe are also going to be using the same company to develop their own bike share programs and Tempe's is supposed to be up and running by summer of 2014!
Rates start at $5 a day and go up to $79 a year / $59 a year for students. The first hour is free, and every 30 minutes thereafter is $2. The bikes have a solar powered GPS on them and from what the article says- you can pick them up at a hub - which will be all over the city- and leave them anywhere. The company will then use the GPS to track them down and collect them every day and they will use the GPS data to better locate new hubs! I think this is really cool!

http://www.azcentral.com/community/m...e-program.html
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  #4048  
Old Posted Aug 16, 2013, 6:13 PM
ASUSunDevil ASUSunDevil is offline
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If those bozo's would have used glass instead of stucco they probably could have sold it for $120 million.



Aug 15, 2013, 2:32pm MST
19-story residential tower on ASU campus sold for $103 million

Joe Martin
Editorial Intern-
Phoenix Business Journal

One of Tempe’s newest student-targeted housing developments, the 19-story Hub on Campus near Sun Devil Stadium, has been purchased for $103 million.

Inland American Communities Group Inc., a subsidiary of one of the largest real estate investment trusts in the country, Inland American Real Estate Trust Inc., bought the property from Core Campus Communities. Business Real Estate Weekly of Arizona first reported on the deal Wednesday.

Core Campus was shopping for a buyer since April, says Brad Goff, principal of Apartment Realty Advisors, one of the brokers in the deal. I spoke with him Wednesday to find out more, and he said one of the biggest reasons for Core Campus to sell the property after only owning it for a year was the opportunity to make an immense profit on the $42.6 million project.

BREW reported that The Hub, which will be renamed University House, sits on roughly 1.6 acres at 323 E. Veterans Way near the Metro light rail in downtown Tempe. As one of the only high rises in the city, University House offers views of Arizona State University’s campus, downtown Tempe and Sun Devil Stadium.

“This is the new thing on the block. It’s a unique property and opportunity not only for the students, but also the buyer,” said Goff.

The buyer, Inland American Communities Group, focuses on university housing. It currently owns student housing projects in 10 states across the country, as well as student housing at ASU’s Polytechnic campus in Mesa.
Inland American Communities went after the property because of the “fantastic location, new amenities to students with strong rental rates,” said Goff.

There are several big projects in the works around downtown Tempe, including State Farm’s regional headquarters and some luxury apartment buildings.

“Theres such a buzz going on in the Tempe corridor that helped the marketing efforts there,” Goff said.

The site was purchased by Core Campus for $4.75 million in July of 2011. The company negotiated with the City of Tempe to earn tax breaks through the Government Property Lease Excise program if the project were to be completed before 2014, and because students are scheduled to move in this week, that should be approved.
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  #4049  
Old Posted Aug 16, 2013, 6:38 PM
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Originally Posted by ASUSunDevil View Post
If those bozo's would have used glass instead of stucco they probably could have sold it for $120 million.
With over $60 million dollars in profit in less than 2 years, I don't think they mind.
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  #4050  
Old Posted Aug 16, 2013, 7:01 PM
PHXFlyer11 PHXFlyer11 is offline
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With over $60 million dollars in profit in less than 2 years, I don't think they mind.
This should bode well for other developers, no? Also noticed that 44 Monroe is being sold. Not sure what the profit was on that one, but this should encourage more developers to enter the market with such huge profits being made.

I'd still love to see Onyx revived and I think the small piece of land that will be left between Rural road and Marina Heights would also be great for a residential tower.

I noticed driving into work the other day how much the power lines impose on development. There is alot of land that would be very hard to develop effectively due to the large power lines overhead along the lake. Have these been moved in the past to accommodate? Any more info on this is appreciated.
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  #4051  
Old Posted Aug 16, 2013, 7:18 PM
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Originally Posted by PHXFlyer11 View Post
I noticed driving into work the other day how much the power lines impose on development. There is alot of land that would be very hard to develop effectively due to the large power lines overhead along the lake. Have these been moved in the past to accommodate? Any more info on this is appreciated.
That is what I meant to ask about the development. I don't know if SRP will be moving, or would be willing to move, those lines that are over part of lot 59N ... soon to be Marina Heights. If they move those lines by burying them it will be great for the views from anywhere on Town Lake and Rio Salado. I am sure it would be an expensive relocation since those are some big power lines overhead.
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  #4052  
Old Posted Aug 16, 2013, 8:27 PM
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This is the way The Hub, or now University House, looked when I saw it. The new owner really needs to rethink that name. I like the way the sun reflects off the façade.

http://bizj.us/t0b51/i/3
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  #4053  
Old Posted Aug 16, 2013, 8:37 PM
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Originally Posted by phxSUNSfan View Post
This is the way The Hub, or now University House, looked when I saw it. The new owner really needs to rethink that name. I like the way the sun reflects off the façade.

http://bizj.us/t0b51/i/3
That is indeed a beautiful look. The green stucco really blends in with the reflecting sunset.
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  #4054  
Old Posted Aug 16, 2013, 9:09 PM
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Originally Posted by Arquitect View Post
That is indeed a beautiful look. The green stucco really blends in with the reflecting sunset.
Too bad it only looks that good at sunset
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  #4055  
Old Posted Aug 16, 2013, 9:13 PM
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Too bad it only looks that good at sunset
I think it looks pretty nice right now. In Tempe at the moment and I like the color of the windows and the green. The ground floor has massive floor to ceiling windows so if definitely looks different from a pedestrian/ground level point of view.
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  #4056  
Old Posted Aug 16, 2013, 9:21 PM
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Originally Posted by phxSUNSfan View Post
I think it looks pretty nice right now. In Tempe at the moment and I like the color of the windows and the green. The ground floor has massive floor to ceiling windows so if definitely looks different from a pedestrian/ground level point of view.
I agree, that north facade has the large opening, and a lot more glass, so it definitely looks nice. Too bad they didn't put as much design on the rest of the project. Without a doubt, the south facade is the worst of all, and unfortunately, probably one of the ones that will be seen the most.
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  #4057  
Old Posted Aug 16, 2013, 9:25 PM
phoenixwillrise phoenixwillrise is offline
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Hub university house

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Originally Posted by Arquitect View Post
I agree, that north facade has the large opening, and a lot more glass, so it definitely looks nice. Too bad they didn't put as much design on the rest of the project. Without a doubt, the south facade is the worst of all, and unfortunately, probably one of the ones that will be seen the most.
Am I the only one or does it strike anyone else as odd that this 19 story building was built for 40 million and the rehab of 17 story Manzanita was rebuilt for an alleged 50 million. In this a case of the tax payer getting hosed yet once again?
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  #4058  
Old Posted Aug 16, 2013, 9:31 PM
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Am I the only one or does it strike anyone else as odd that this 19 story building was built for 40 million and the rehab of 17 story Manzanita was rebuilt for an alleged 50 million. In this a case of the tax payer getting hosed yet once again?
More often than not, massive renovations cost more than new builds. That is why you get so many older buildings torn down and a new building in its place. It is much cheaper, in terms of upfront costs, to start all over again and I am sure they had asbestos to contend with. Manzy was completely gutted then completely rebuilt from the inside. Only the exterior remained somewhat in tact. They changed the windows and added the darker glass and new glass exterior that extends from the ground floor to the roof on the side. It may have cost more but preserving the shell was more environmentally friendly which is one of ASU's missions. If the externalities associated with demoing and using new materials were factored in, keeping the well built shell would likely come out cheaper.

Last edited by phxSUNSfan; Aug 16, 2013 at 9:45 PM.
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  #4059  
Old Posted Aug 16, 2013, 9:34 PM
Spitfiredude Spitfiredude is offline
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Originally Posted by ASUSunDevil View Post
If those bozo's would have used glass instead of stucco they probably could have sold it for $120 million.



Aug 15, 2013, 2:32pm MST
19-story residential tower on ASU campus sold for $103 million

Joe Martin
Editorial Intern-
Phoenix Business Journal

One of Tempe’s newest student-targeted housing developments, the 19-story Hub on Campus near Sun Devil Stadium, has been purchased for $103 million.

Inland American Communities Group Inc., a subsidiary of one of the largest real estate investment trusts in the country, Inland American Real Estate Trust Inc., bought the property from Core Campus Communities. Business Real Estate Weekly of Arizona first reported on the deal Wednesday.

Core Campus was shopping for a buyer since April, says Brad Goff, principal of Apartment Realty Advisors, one of the brokers in the deal. I spoke with him Wednesday to find out more, and he said one of the biggest reasons for Core Campus to sell the property after only owning it for a year was the opportunity to make an immense profit on the $42.6 million project.

BREW reported that The Hub, which will be renamed University House
This company did the same thing when they built the Vue. They turned it around soon after to make a large profit. Only this building appreciated WAY too much than what it's worth. 2.5 times what it was built for? Can anyone explain why this happened?. Not too much in the immediate vicinity is/has changed, but Block 12. This is what crashes real estate markets. When you buy a new car it immediately depreciates in value. A property should as well. The only things that can make it appreciate are improvements or location. I understand this is brand new and could be sold for $60-$70 mil, but over $100 mil...wow.
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  #4060  
Old Posted Aug 16, 2013, 9:44 PM
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phxSUNSfan phxSUNSfan is offline
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Originally Posted by Spitfiredude View Post
2.5 times what it was built for? Can anyone explain why this happened?. Not too much in the immediate vicinity is/has changed, but Block 12. This is what crashes real estate markets. When you buy a new car it immediately depreciates in value. A property should as well. The only things that can make it appreciate are improvements or location. I understand this is brand new and could be sold for $60-$70 mil, but over $100 mil...wow.
Why would property depreciate like a vehicle? Assets held as property do not depreciate in such a manner, on the contrary, they typically appreciate in value. During an era in which the market plummets, property will lose value but it is not experienced evenly. Some areas lose much more value than others (exurbs/suburbs vs central locations - exurban/suburban properties lost more of their value). Beyond that, real investors are seeking long-term profits. They are not in the game for limited spans of 1, 2, 5 or even 10 years. This property appreciated because the leases associated with it will generate enough revenue over time to justify the cost of the acquisition. The area will be transformed over the next few years with renovations to Sun Devil Stadium, addition of Marina Heights, Block 12, USA Place, new condos and apartments planned around Mill and Rio Salado, etc. Most importantly of all, a steady source of income will be associate with this development for its new owner.

Last edited by phxSUNSfan; Aug 16, 2013 at 9:59 PM.
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