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  #21  
Old Posted Apr 22, 2011, 12:08 AM
dtnphx dtnphx is offline
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A little more detail on the apartments slated for 4th & Jeff from Downtown Devil.

Potential new apartment complex downtown would give students more options

A real-estate development company hopes to acquire property in mid-May to build a new apartment complex in downtown Phoenix, which comes as welcome news to many students in the hunt for housing.

Concord Eastridge, a Virginia-based developer, would provide downtown students another option in their search for local residences by building a complex on the southwest corner of Fourth and Roosevelt streets.

The developer has not closed escrow on the property yet, but Senior Vice President Steve Schnoor said the company is optimistic they will obtain the lot soon.

“We’re very excited about the potential for developing quality property in downtown Phoenix,” Schnoor said. “If everything goes as planned, the project would include the downtown community and the university student community.”

Don Keuth, president of the Phoenix Community Alliance, said Concord Eastridge will try to target students as its main demographic for the project.

“There certainly aren’t a ton of apartments downtown,” journalism sophomore Charlie Feinerman said. “I have heard that other people have had trouble finding an apartment.”

According to Sean Sweat, a downtown Phoenix community advocate, people looking for apartments downtown currently have seven apartment complexes as options, and most of them are nearly full to capacity.

“We have so much to do downtown, but we need residents to support these things,” Sweat said. “We don’t have all the people to take advantage of all the things there are to do.”

Sweat said despite the strong rental market in downtown Phoenix, many believe the market is depressed and do not want to invest in it yet.

“It’s so stupid when I hear people say they want to wait for the market to bounce back before they start construction,” Sweat said. “(Concord Eastridge is) doing it the right way while they can get low construction costs, and when the market bounces back, they’ll be able to sell.”

Feinerman said the primary factors he looks for in an apartment complex are location and safety.

“Personally, I love living downtown,” he said. “So the closer the complex is to the downtown area, the better.”

The property that Concord Eastridge is trying to acquire lies about six blocks from Taylor Place, bordered by Third, Fourth, Roosevelt and Garfield streets.

“They are on a very important site,” Keuth said. “As you come down Third Street into the downtown area, their project will be one of the first things you’ll see. It will help create an excellent urban setting. It will also bring a few hundred more residents to the downtown and fill in some gaps in the area.”

Keuth said the preliminary designs for the complex will include “an impressive and very upscale-looking building.” He hopes the complex will drive some retail to the businesses on Roosevelt Street.

Brian Graham, manager of Bliss/ReBar near Fourth and Roosevelt streets, is excited about the prospect.

“Any time you have an apartment complex, it brings about three or four hundred more people to the community, so that’s more business for us, which would be great,” he said.

As far as design goes, Sweat said he thinks there may be room for improvement so as to appeal to pedestrians.

“They could probably use some on-street access,” he said. “A lot of architects incorporate a private mentality even when they do urban planning.”

Contact the reporter at alancial@asu.edu
http://downtowndevil.com/2011/04/21/...ix-apartments/
April 21st, 2011
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  #22  
Old Posted Apr 29, 2011, 5:59 AM
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Originally Posted by dtnphx View Post
A little more detail on the apartments slated for 4th & Jeff from Downtown Devil.

... ... ...
4th & Roos
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  #23  
Old Posted May 29, 2011, 4:19 AM
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Originally Posted by glynnjamin View Post
Anyone have any more info on the Concord Eastridge project?

About 270 apartments over three acres on the southeast corner of Roosevelt & 3rd Street.
Anyone know where this is at? It should have closed a month ago but the "For Sale" signs are still up.
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  #24  
Old Posted Jun 9, 2011, 8:20 PM
Vicelord John Vicelord John is offline
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They unloading a bulldozer at SEC of 3/Roosevelt. Good sign?
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  #25  
Old Posted Jun 9, 2011, 8:50 PM
westbev93 westbev93 is offline
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Isn't that where they are supposed to be putting that new apartment building across from bliss/rebar/fate/whatever it's called this week? Or are you talking a different corner?
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  #26  
Old Posted Jun 9, 2011, 9:03 PM
Vicelord John Vicelord John is offline
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Westbev that's the parcel.

They just repaved Roosevelt so could be part of that but I don't recall seeing activity on that lot.
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  #27  
Old Posted Jun 10, 2011, 3:06 PM
bwonger06 bwonger06 is offline
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Quote:
Concord Eastridge to build $52M student housing project in downtown Phoenix
Phoenix Business Journal - by Jan Buchholz & Adam Kress
Date: Friday, June 10, 2011, 7:00am MST
Related: Commercial Real Estate, Education, Residential Real Estate, Housing market, Bankruptcies
View photo gallery (2 photos)


Concord Eastridge Inc. will build a $52 million student housing project in downtown Phoenix on land that had been set for a high-rise condo project before the housing market tanked.
The housing is designed to serve Arizona State University’s growing downtown campus, along with University of Arizona students who go to school downtown. Construction is slated to begin early next year, and the project is expected to open for the fall 2013 semester.
The yet-to-be-named two-structure project will be built on 3 acres of land south of Roosevelt Street, between Third and Fourth streets. Susan Eastridge, CEO of Concord Eastridge Inc., said it will include 614 beds in 329 fully furnished units. One building will be eight stories tall, and the other will be seven. A ground-floor retail component facing Roosevelt Street likely will attract restaurants, she said.
The development will not be formally affiliated with either ASU or UA, but Eastridge said her company held focus groups with downtown students to get a feel for what amenities appealed to them.
Eastridge, a 1980 ASU graduate, said her company has developed student housing in 12 other states, but this is its first such project in Arizona. Concord Eastridge’s Western regional headquarters are in Scottsdale. Its East Coast operations are based in Arlington, Va.
“I’ve been in Arizona my whole career, and I’m a Sun Devil,” Eastridge said. “Every indication is that more student housing is needed downtown.”
ASU’s downtown campus, including the Walter Cronkite School of Journalism and Mass Communication, opened in summer 2008. Only one residence hall is available on that campus now: Taylor Place, which has about 1,300 beds. Eastridge said rents in the new development will be competitive with those at Taylor Place.

“The project will include outdoor areas in which to study, laundry facilities, pools and fitness facilities,” she said.
The property was to be developed into the Roosevelt Gateway condos by local real estate broker Charles LaMar, but the project failed -- partially because of economic realities and partly because the lender, Mortgages Ltd., filed for Chapter 11 bankruptcy reorganization.
Mark Winkleman, chief operating officer of ML Manager LLC (created as the successor to Mortgages Ltd.), said the land was sold June 10 to Concord Eastridge for $3.1 million. The original loan Roosevelt Gateway LLC received was $13.1 million. That company defaulted on the note, and ML Manager took possession of the land at a foreclosure sale in June 2010.
Eastridge said this new project will be financed with a combination of debt and equity.
“I have a high degree of confidence in our debt,” she said.


Read more: Concord Eastridge to build $52M student housing project in downtown Phoenix | Phoenix Business Journal
More details on the Concord Eastridge Development.
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  #28  
Old Posted Jun 10, 2011, 3:14 PM
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^Cool, we heard about this project a little while back but I don't think we had heard it was going to basically be dorms. I wonder if non ASU/UA students will be able to rent there as well or not? Probably not one would assume.

I'm glad to hear about street side retail facing Roosevelt Street. Though I hope they think about putting some in along 4th St as well. Specifically small art gallery type spaces available on short month to month leases. That could be great for artists who can't afford a permanent space and would help grow the First Fridays scene.
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  #29  
Old Posted Jun 10, 2011, 6:14 PM
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I'm not completely understanding I don't think: It's not formally affiliated, but they're calling it student housing? Does that mean they're publicly available apartments, but designed specifically with the student market in mind?

Either way, I like it. The density is real deal. Originally they had been communicating only about ~270 units, and now it seems they're planning well over 300, with almost double the actual beds. Daddy like.
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  #30  
Old Posted Jun 10, 2011, 6:27 PM
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$52M to build all that? I'm by no means an expert, but that sounds low to me. Am i offbase or is that cheap?
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  #31  
Old Posted Jun 10, 2011, 6:31 PM
HX_Guy HX_Guy is offline
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Right on! This exactly the kind of stuff we need downtown...dense 7-8 story building on lots that are now either dirt or parking. I hope they come up with a cool design...you don't have many curved roads in Phoenix like how 3rd and 4th Streets curve there.

Speaking of which...who owns that triangle piece of land just north of Roosevelt where 3rd and 4th splits? Is that city owned or private? They need to do something with it who ever owns it.
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  #32  
Old Posted Jun 10, 2011, 6:54 PM
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Originally Posted by PhxDowntowner View Post
I'm not completely understanding I don't think: It's not formally affiliated, but they're calling it student housing? Does that mean they're publicly available apartments, but designed specifically with the student market in mind?
I think it will be like Vista Del Sol in Tempe. Not owned or operated by ASU, not on the campus directly but near it, and open only to students and marketed directly at them.
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  #33  
Old Posted Jun 10, 2011, 7:33 PM
Vicelord John Vicelord John is offline
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Originally Posted by PhxDowntowner View Post
I'm not completely understanding I don't think: It's not formally affiliated, but they're calling it student housing? Does that mean they're publicly available apartments, but designed specifically with the student market in mind?
Think of it as a privately operated dorm.
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  #34  
Old Posted Jun 10, 2011, 8:38 PM
Tempe_Duck Tempe_Duck is offline
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Originally Posted by HooverDam View Post
I think it will be like Vista Del Sol in Tempe. Not owned or operated by ASU, not on the campus directly but near it, and open only to students and marketed directly at them.
No, the land Vista is on is ASU land. They contracted out to American Campus Communities to build and run it for ~30 years. Then it reverts to full ASU control and becomes another dorm.

This project seems like it will be more like the View. Private building on private land, marketed towards students. The view does come semi-furnished, in that aspect this may be more like Vista but from an ownership/ASU relationship stand point it is the View of the downtown campus.
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  #35  
Old Posted Jun 10, 2011, 10:40 PM
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Originally Posted by combusean View Post
I actually though the cost of the Concord Eastridge project was high, but its per-bed cost is about a third of what Taylor Place ran. I think it's unfortunate that the project is going to be student housing rather than market-rate/affordable apartments for the general public.

Then again, it's hard to complain about three city blocks worth of stuff getting built at once probably.
C'mon Sean...there is NOTHING wrong with 300 units being built that target 19 year old coeds is there?

But point taken about market rate apartments. This is something that many, many cities are now short on because everybody thought they could make a $ (or millions) on condos. Until more apartment projects get built (and the demand for them just about everywhere is high), rents are going to continue to be stable or go up.
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  #36  
Old Posted Jun 10, 2011, 10:58 PM
Vicelord John Vicelord John is offline
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yeah the only disadvantage of a building of 19 year old girls is they won't be there year round.
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  #37  
Old Posted Jun 11, 2011, 12:30 AM
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^ Right. Downtown is dead enough in the summer and more student housing would just compound that contrast. At least the ground-floor retail will ameliorate anything that would otherwise be a deadzone.
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  #38  
Old Posted Jun 11, 2011, 12:37 AM
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Originally Posted by combusean View Post
^ Right. Downtown is dead enough in the summer and more student housing would just compound that contrast. At least the ground-floor retail will ameliorate anything that would otherwise be a deadzone.
Though a few students taking summer classes and living downtown is more than the current 0 people living on those lots. So like you said earlier, its not the ideal world scenario, but at this point, we've got to be grateful.
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  #39  
Old Posted Jun 11, 2011, 1:50 AM
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^ That being said, there are existing vintage/non-historic retail buildings on the site that were being occupied until very recently if they're not presently. During the summer, this project is a zero-sum game.
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  #40  
Old Posted Jun 11, 2011, 1:55 AM
Vicelord John Vicelord John is offline
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There were buildings on the site where the student housing is going?? when?
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