Phoenix CityScape Thread - Page 107

AZ KID · #**2121** Posted **Sep 27, 2008, 3:27 PM**

I am confused. According to the map on cityscapes website it says that all of the first two blocks are phase one. (shown in the upper right corner.) It must just be a mistake. The only positive thing is that it means that third block might still be part of cityscape. Due to market conditions they might have just decided to leave it out of the plan for the time being.

neworleans · #**2122** Posted **Sep 27, 2008, 7:45 PM**

i noticed that the videos on the website switch back and forth between the old renders (w/ the taller second tower) and the new renders... so which one is it!

gymratmanaz · #**2123** Posted **Sep 27, 2008, 8:15 PM**

I was DT this morning and checked out Cityscape. Should we be worried? I did not see a single workman on the site. Usually they work on Saturdays.....???????

HX_Guy · #**2124** Posted **Sep 27, 2008, 8:18 PM**

There doesn't seem to be anything going on at the Civic Park or CPE today either, plus they worked till around 1:00am last night at Cityscape. I wouldn't be worried.

gymratmanaz · #**2125** Posted **Sep 28, 2008, 6:47 AM**

Cool

vertex · #**2126** Posted **Sep 29, 2008, 3:13 PM**

Well, Wachovia's demise is official:

Citigroup to buy Wachovia banking operations

It may or may not be the end of the world. While Citigroup doesn't have a major presence here in AZ, it will definitely evaluate the situation, putting a freeze on almost all of Wachovia's previous projects.

sundevilgrad · #**2127** Posted **Sep 29, 2008, 3:30 PM**

No surprise here.

Vicelord John · #**2128** Posted **Sep 29, 2008, 3:50 PM**

how many banks is that now? 4?

sundevilgrad · #**2129** Posted **Sep 29, 2008, 4:04 PM**

No surprise at all. How is it that this came as a surprise to our legislators in CONgress? ROFL. They knew, and they know, but they just like the nice little lining that the bankers sew into their pockets so they had to act surprised. That way the sheeple won't get to upset when the sh*t starts hitting the fan, and they can continue their little money laundering game and we can continue to believe we live in a democracy...

April 22nd 2008:

Quote:

Originally Posted by sundevilgrad

Will Wachovia even be in business at that time?

July 11th, 2008:

Quote:

I'm not sure if it's been posted yet, but don't get too comfortable with the idea that Wachovia will anchor the office tower. They're struggling, bad. They might not make it out of 2008...

Wachovia Sells Broadway Building in New York City at a Loss

July 14th, 2008:

Quote:

If Wachovia goes under, and there's a chance they will, they will not be the lead tennant at Cityscape. Wachovia has huge subprime and alt-a exposure, as well as massive amounts of subprime auto loan exposure and it does not have the capital to cover the losses they will take on these loans. But hey, don't take my word for it, keep pretending that you're in disneyland and that this stuff is all made up. After all, it's only a mental recession.

Sorry for the rant, but this does have to do with Cityscape. What happens to Cityscape if Wachovia backs out?

No surpise at all. I think the odds of this tower being finished are about 25%. Probably less. If it does get finished, who's going to fill the void left by Wachovia? I wouldn't be surprised if the developer has a margin call on their loan at this point. They have no major tennant for an office project that just broke ground and the entire world economy is circling the drain. Would you loan them money?

The US economy is in for a crash landing, $700 billion bailout or not. The bailout will just determine whether we crash on land or in water. Ladies and gentleman, the captain has turned on the fasten seatbelt light. We are expecting severe turbulance for the remainder of the flight...

Luke Skyscraper · #**2130** Posted **Sep 29, 2008, 4:12 PM**

Is there construction activity at the site today? Someone said there were no workers at CityScape and OCPE on Saturday. No activity today would be very troubling...........

HX_Guy · #**2131** Posted **Sep 29, 2008, 5:06 PM**

You can always monitor the site from this website...it's pretty far away, but you can see if and when the tower crane is moving around, and it was moving around even yesterday (Sunday) during the first part of the day.

You can select to see minute-by-minute (or 5 min. increments etc) and really see the crane going nuts...plus you'll catch a light rail train going down Jefferson every now and then.

http://instacam.com/InstaCAM/imageli...k.asp?id=PHBOB

renone · #**2132** Posted **Sep 29, 2008, 5:07 PM**

They are out in full force today. It looks like a full crew with the crane moving and workers climbing all over the structure that is above ground already. If this project is canceled, someone forgot to tell these guys.

gymratmanaz · #**2133** Posted **Sep 29, 2008, 5:47 PM**

Whew!!!!!!!!!!!!!!!!!!!!!

sundevilgrad · #**2134** Posted **Sep 29, 2008, 6:17 PM**

They wouldn't cancel work today. It'll take time for Citi to look through Wachovia's book and determine what actions they'll take.

Luke Skyscraper · #**2135** Posted **Sep 29, 2008, 7:53 PM**

Yeah, sundevilgrad- it will take time for the dust to settle between Citi and Wachovia. But it will be RED who would pull the plug, not the banks. As we all know, there are other tenants besides Wachovia (although maybe smaller).

sundevilgrad · #**2136** Posted **Sep 29, 2008, 8:18 PM**

RED will have the plug pulled on them by the banks. Not the other way around. Just because RED has "financing" for the project doesn't mean that the bank won't pull the financing. They can at anytime, for any reason, and the chances of that happening just went through the roof. I still put the odds of completion on the negative side, at about 25% (just a guess).

Kevininlb, still want to make that wager on Wachovia occupying the lead tennant spot when this thing opens?

Downtown_resident · #**2137** Posted **Sep 29, 2008, 8:43 PM**

Quote:

Originally Posted by sundevilgrad

...doesn't mean that the bank won't pull the financing. They can at anytime, for any reason...

Don Gaffney and Grace Communities would beg to differ.

http://downtownphoenix.blogspot.com

HX_Guy · #**2138** Posted **Sep 29, 2008, 8:44 PM**

25% chance of the office tower being completed? Wow...I wouldn't guess it would be anywhere that low.

HX_Guy · #**2139** Posted **Sep 29, 2008, 9:16 PM**

Furthermore...why are we so freaked out about Cityscape?

I mean, look at One Central Park East, they don't even have one confirmed tenant and yet we aren't sitting here monitoring their work activity daily.
Cityscape has/had Wachovia, which was huge, but they were only taking 70,000 sq ft over 3 floors. Squire, Sanders & Dempsey on the other hand are taking 80,000 sq ft in the top 4 floors of the tower. On top of those, I'm sure there are some other smaller companies already signed on.

Again, OneCPE has no one and it's still rising every day.

Vicelord John · #**2140** Posted **Sep 29, 2008, 9:18 PM**

They are going to finish the product one way or another. The bank has already made too much an investment to pull out now, as has RED. As it sits, it is worth nothing, and they have already put too much money in it to turn around. They finish, and take whatever ROI they can.