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  #5201  
Old Posted Dec 20, 2013, 10:16 PM
HX_Guy HX_Guy is offline
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Hotel Monroe building has finally been sold...

Quote:
Hotel Monroe sold in downtown Phoenix for nearly $8 million

A Minneapolis-based hotel and real estate development company has bought the long-vacant Hotel Monroe building in downtown Phoenix.

CSM Corp. acquired the 13-story building at Central Avenue and Monroe Street for nearly $8 million. It has been slated to be redeveloped into a 150-room hotel, but has sat vacant for several years after a foreclosure and a handful of unsuccessful sales attempts.

“The buyer is CSM, a hotel company based in Minnesota. The sales price was $7,850,000,” said Mark Winkleman, the COO of ML Manager, a receivership company selling the building.

CSM owns 37 hotels in 11 states including two in the Phoenix area. The company owns the Hilton Garden Inn Scottsdale and Residence Inn Mesa. CSM also owns hotels in Milwaukee, Denver and Detroit.

A San Diego group called Grasshopper One LLC had been trying to buy the 82-year old historic building but did not meet two closing dates.

ML Manager, the current owner of the building, is a receivership company that has been selling off assets held by Mortgages Ltd. The Phoenix-based commercial lender filed for bankruptcy protection after its CEO Scott Coles committed suicide in 2008.

Winkleman has been trying to sell Hotel Monroe since foreclosing on Grace Communities in 2010.

Grace Communities bought the downtown building in 2007 via a $27 million loan from Mortgages Ltd. with plans to develop a hotel. The Monroe building was long named the Professional Building and was home to Valley Bank & Trust.

“This has been an extremely long road to get this asset sold and I am pleased that this historic building can finally be restored and put back into use,” Winkleman said of today’s sale.

http://www.bizjournals.com/phoenix/n...n-phoenix.html
All of CSM's hotel properties all seem to be Residence Inn/Courtyard type places. I wonder if they will approach this the same way or do something unique? Im thinking probably same as they are used to. Better than vacant though I guess.
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  #5202  
Old Posted Dec 20, 2013, 10:34 PM
dtnphx dtnphx is offline
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Quote:
Originally Posted by HX_Guy View Post
Hotel Monroe building has finally been sold...



All of CSM's hotel properties all seem to be Residence Inn/Courtyard type places. I wonder if they will approach this the same way or do something unique? Im thinking probably same as they are used to. Better than vacant though I guess.
I checked their website and was excited that they do also have the Marriott Renaissance brand, but then realized there is already one down the street (former Adams Hotel).

Like you said, HX, it's better occupied.
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  #5203  
Old Posted Dec 21, 2013, 5:23 AM
Cardsfan Cardsfan is offline
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I really enjoy the Courtyard Marriott in San Diego's Gaslamp district. My place of choice when visiting during the winter months. I believe that is an old 1920's era bank and they preserved the original uniqueness very well. Hopefully the investment group and Marriott brand will make this location a great hotel for a long time to come.
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  #5204  
Old Posted Dec 22, 2013, 2:34 AM
nickw252 nickw252 is offline
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I don't know where CSM came from. All the previous news was about the Grasshopper 1 entity that had been trying to buy the building.

It looks like they've re-habed older urban properties though:

http://csmcorp.net/cases/the-milwaukee-road-depot/
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  #5205  
Old Posted Dec 24, 2013, 5:54 AM
nickw252 nickw252 is offline
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New permit for the apartments at Central and Highland

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  #5206  
Old Posted Dec 25, 2013, 1:34 AM
Phxguy Phxguy is offline
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Took the train downtown today (shot myself in the foot for forgetting my camera) but on with the updates.

-Reasonable amount of people walking around downtown albeit being X-mas Eve. Most businesses were closed as expected. Ton of people ice skating though.

- All businesses are moving out of the 2-story Luhr's building where the hotel is expected to go. Bitter and Twisted looks about the same as far as progress. That shoe store in Cityscape moved to Indian School and Jos A Bank had a ton of sales (anyone know how well the business is faring?)

-A State Farm office has taken up the space where Downtown Bicycle used to be. Nothing changed with Hotel Monroe. 1st Street actually feels a bit more "urban" with the pots and diagonal parking. A bar and liquor sign was on the door of the old Matador space (was that always there?)

-I couldn't figure out what was happening at the AZ Center, but maybe a facade improvement? Coffee shop opening up in Heritage Square.

-The Native American Connections building fills in very nicely from all angles. De Soto Building is a crazy awesome improvement from what it used to be. A salon is opening in the empty space between Fair Trade Cafe and Portlands.

-Across from the Knipe House, it looks like the lot is has been cleared where the 2nd apartment building would be going. Any word yet?

Hope to see many more improvements when I return in 2015. Happy Christmas!
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  #5207  
Old Posted Dec 27, 2013, 9:22 PM
ljbuild ljbuild is offline
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Info about phoenix observation tower

ATTENTION
anyone wanting info about the

""PROPOSED PHOENIX OBSERVATION TOWER""

GOOGLE IT !!!!

And there you will find some interesting photos. Personally, I like it, BUT

I wish they would build it north and/or northwest of the CHASE TOWER area.

That would put it FURTHER AWAY from the flight line of sky habor which will

also allow for it to be BIGGER that the 420ft that it is proposed to be built at.

Furthermore The Paris effiel tower, the stratosphere in vegas, the space needle

in seattle are all much bigger that 420 feet.
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  #5208  
Old Posted Dec 27, 2013, 10:48 PM
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Prestige Worldwide Prestige Worldwide is offline
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Quote:
Originally Posted by ljbuild View Post
allow for it to be BIGGER that the 420ft that it is proposed to be built at.
I like the tower, but I don't think it is going to be built. The tower gets built with a business plan that attracts investors to front the money to build it. Investors need to believe that the tower can generate a reliable revenue stream over many years to pay back the loans. I believe this is the struggle that Novawest is currently having.

A bigger tower means a higher construction cost and more money to borrow. I doubt that if the proposed location were moved that it would be any taller. The height is dependent upon how much money can Novawest get to build out the project, as opposed to any zoning/FAA concerns.
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  #5209  
Old Posted Dec 27, 2013, 11:19 PM
gymratmanaz gymratmanaz is online now
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Every single tourist or conventioneer that comes downtown will be in walking distance, and they will all go up to see the view.

I would go in it in a heartbeat, and I am afraid of heights.

This would be so unique and a draw to downtown. It would be distinctive and be a photo op that would be synonymous with Phoenix. Just as you see other towers, you would recognize Phoenix as well.
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  #5210  
Old Posted Dec 27, 2013, 11:45 PM
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Prestige Worldwide Prestige Worldwide is offline
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Originally Posted by gymratmanaz View Post
Every single tourist or conventioneer that comes downtown will be in walking distance, and they will all go up to see the view.

I would go in it in a heartbeat, and I am afraid of heights.

This would be so unique and a draw to downtown. It would be distinctive and be a photo op that would be synonymous with Phoenix. Just as you see other towers, you would recognize Phoenix as well.
You make some great points, and I believe that it would be popular and people would go, I would love to see it built. But the ultimate question for Novawest is 'can we make $X off of Y people per year to pay back $Z and meet our annual operating expenses '$W' and still profit '$P'' The project has to pencil out or else it will remain a bunch of pretty renderings.

If the tower saw 250,000 visitors a year (about 684 people a day), and they made $25 in revenue off each visitor ($15 admission, $10avg for food/bev/soveniers/ancillary revenue) that's $6.2M a year. That's $187.5M over 30 years. Is that enough? I'm not saying I know the answer, but that's the formative question that will determine whether this is built.
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  #5211  
Old Posted Dec 28, 2013, 12:41 AM
ASUSunDevil ASUSunDevil is offline
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Quote:
Originally Posted by Prestige Worldwide View Post
You make some great points, and I believe that it would be popular and people would go, I would love to see it built. But the ultimate question for Novawest is 'can we make $X off of Y people per year to pay back $Z and meet our annual operating expenses '$W' and still profit '$P'' The project has to pencil out or else it will remain a bunch of pretty renderings.

If the tower saw 250,000 visitors a year (about 684 people a day), and they made $25 in revenue off each visitor ($15 admission, $10avg for food/bev/soveniers/ancillary revenue) that's $6.2M a year. That's $187.5M over 30 years. Is that enough? I'm not saying I know the answer, but that's the formative question that will determine whether this is built.
That estimate seems fair, and it doesn't include potential revenue created by:

- a high-end restaurant
- event space for catered events
- a viewing gallery for special art and cultural exhibits
- an evening lounge and nightclub

I think you can see plenty of Phoenix from 430 feet. Really hoping this project happens.
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  #5212  
Old Posted Dec 28, 2013, 4:43 AM
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Prestige Worldwide Prestige Worldwide is offline
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Quote:
Originally Posted by ASUSunDevil View Post
That estimate seems fair, and it doesn't include potential revenue created by:

- a high-end restaurant
- event space for catered events
- a viewing gallery for special art and cultural exhibits
- an evening lounge and nightclub

I think you can see plenty of Phoenix from 430 feet. Really hoping this project happens.
I agree, there are a lot of potential revenue sources beyond the price of admission. I'm sure Novawest is somewhere in the right ballpark or they wouldn't be trying in the first place. Let's hope for the best, but I will leave myself prepared if 'The Pin' becomes another project that couldn't take flight.
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  #5213  
Old Posted Dec 28, 2013, 11:58 PM
jefe jefe is offline
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Phoenix Rio Salado

It looks as if Phoenix is extending its Rio Salado Park eastward past 24th St. and under the I-10/Salt River bridge.

Does anyone have info on how far this stage might extend? Where access points will be? I can't seem to find any info on any Phx web sites.
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  #5214  
Old Posted Dec 30, 2013, 4:21 PM
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CrestedSaguaro CrestedSaguaro is offline
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Quote:
Originally Posted by ljbuild View Post
ATTENTION
anyone wanting info about the

""PROPOSED PHOENIX OBSERVATION TOWER""

GOOGLE IT !!!!

And there you will find some interesting photos. Personally, I like it, BUT

I wish they would build it north and/or northwest of the CHASE TOWER area.

That would put it FURTHER AWAY from the flight line of sky habor which will

also allow for it to be BIGGER that the 420ft that it is proposed to be built at.

Furthermore The Paris effiel tower, the stratosphere in vegas, the space needle

in seattle are all much bigger that 420 feet.

Not sure what this was about, but there has been nothing new on the observation tower in several months. The only glimpse of hope I have seen is their FB page declaring "The new year will be an exciting time for us. We'll be sure to keep you posted!", and I'm not even sure if they are referring to the observation tower being that they seem to post everything from Cardinals games to news from other cities. Not much to really go on. Also, with Phoenix scratching them off the 12/9 planning committee meeting and having not seen it rescheduled yet tells me probable dead project.
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  #5215  
Old Posted Dec 31, 2013, 5:09 PM
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Found a small article relating to a few things over the year, but of particular interest is #4 about the Pin. Not sure where the information was obtained as I have not seen any cancellation news. If his information is true, the idea to locate it north of downtown, especially Hance Park, would be great as this would result in extra tourism draw to Hance Park, better unobstructed views, and possibly a taller tower as well. But too much too speculate at this point. It would be nice just to see what is "officially" the word on the observation tower.

Quote:
[B]A DOWNTOWN PHOENIX YEAR-IN-REVIEW 2013: III. THREATS

In the traditional SWOT (strengths, weaknesses, opportunities, and threats) analysis, on which this quartet of posts is modeled, a weakness is defined as something of internal origin that is harmful to organizational mission. I had a difficult time categorizing items that are weaknesses or threats (external origin) so this afternoon’s post should be read in concert with yesterday’s post.

1. Fallout from 2nd Street / Knipe House RFP — Like any good project downtown, the saga has been documented in many blogs, tweets, and Facebook posts. (NB: I was retained by one of the proposing teams for the original RFP to provide technical advice.) I won’t chime in too much on the topic because of that involvement but I know that time will certainly tell what happens with the project and how it might impact the Roosevelt Street district. There has been a petition launched by one of the main people behind one of the non-selected projects to call on the City to reject the selected project. Tempers and tensions are very high, understandably, but I hope the language being used surrounding this project (e.g., “the end is nigh for Roosevelt and downtown Phoenix”) is brought to a more civil — and reasonable — level.

2. Suburban vs. Urban Council District Divide — In recent years, and especially manifest in 2013, there has been a major divide in urban vs. suburban interests on the City Council. The council has become, unfortunately, more anti-downtown and anti-urban. The original plans for a large downtown biomedical campus have been retooled to share with all parts of Phoenix, especially near north Phoenix’s Mayo Hospital. Mayor Greg Stanton was the lone dissenting vote to approve a large Circle K at the southeast corner of 7th Street and Roosevelt. The proposed downtown observation structure, “The Pin,” was championed by a north Phoenix council representative. To those people, our downtown is a playground for suburbanites. While that might be okay to some point, it does very little for those who try to make and celebrate the urban experience in Phoenix. (I’ll write an essay on this in 2014.)

3. Phoenix’s Community & Economic Development Department (CED) Asleep at the Wheel — In 2013, we’ve learned of several major economic development projects that have gone to Phoenix’s suburb cities: a major Apple component subcontractor locating in southeast Mesa, State Farm and USA Basketball to Tempe, among others. No mention was made of Phoenix, especially downtown Phoenix, even being in the running for these major endeavors. If not, where was CED? And, if so, what broke down?

4. Location and Site of “The Pin” — To great relief, it’s been announced that the proposed “The Pin” observation deck at Heritage & Science Park will not be happening. This is a good thing, right, so why is it on the threats list? People involved with “The Pin” have been scoping out other sites in downtown including, perhaps, as part of Hance Park’s redesign. I would hope that this project has seen its last light: I am not a fan.

5. Relationship with the State of Arizona — At best, Phoenix has a tenuous relationship with our state government. In recent months, though, it would seem that the relationship between Phoenix and Arizona has soured. After Phoenix passed its LGBT non-discrimination ordinance in March, the State Legislature took up debate on trying to overturn Phoenix’s law. In 2012, the State Legislature passed legislation that forced cities to have their municipal elections in even-numbered years; this year, a court overturned this law. We’ve seen the ongoing sagas with the debates over solar power, women’s health rights, immigration reform and immigrants’ rights, and almost every other debate out there. And then there’s perception. Arizona is still plagued by the fallout from SB 1070 and all of the baggage that went along with that. That perception is still alive elsewhere: as Washington State Representative Joe Fitzgibbon (D-Wash. LD 34) tweeted after the Arizona Cardinals upset the Seattle Seahawks last week: “Losing to a desert racist wasteland sucks a lot.”

http://www.edwardjensen.net/downtown...3-threats/4428
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Last edited by CrestedSaguaro; Jan 2, 2014 at 2:15 PM.
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  #5216  
Old Posted Jan 8, 2014, 2:04 AM
Sepstein Sepstein is offline
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Union at Roosevelt

Anyone know when the construction starts on this project? Really hope this is for real!
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  #5217  
Old Posted Jan 8, 2014, 5:55 AM
N830MH N830MH is offline
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Originally Posted by jefe View Post
It looks as if Phoenix is extending its Rio Salado Park eastward past 24th St. and under the I-10/Salt River bridge.

Does anyone have info on how far this stage might extend? Where access points will be? I can't seem to find any info on any Phx web sites.
We haven't hear any news lately. I can't find it. Maybe you can lookup the entire website at azdot.gov and this should be more helpful.
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  #5218  
Old Posted Jan 9, 2014, 12:13 PM
Jjs5056 Jjs5056 is offline
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Do you guys think The Pin is really viable at Hance Park? I applaud the efforts to revitalize the space, but I'm skeptical the park will become a destination of its own without cannibalizing the impact of other positive movements downtown. Wasn't Civic Space supposed to hold movies in the park? Isn't the public market struggling as it is without increased competition nearby? And, should the Knipe restoration go through, are two breweries in such proximity sustainable?

Density in Phoenix is more than just pockets of large populations within small spaces; it's also about creating synergy and excitement through groupings of venues and destinations that draw crowds, preferably of the same interest. The city is too spread out, and its core too lacking to support multiple hubs. That's why planning is crucial to try and force feed vitality into pockets of the city. Roosevelt has the arts scene, Washington some clubs, but what else? Adams and the convention center district have a real shot at creating a piece of Phoenix truly worth visiting if the Pin were to come to fruition. The CC, multiple hotels, future retail ( if the RFPs are to be believed ), Heritage Park, Science Center and now The Pin. Sure, most Phoenicians know the "real" city is to the north, just as NYCers know the Empire State Building isn't the epitome of their home, but this place is in dire need of a Times Square, a Space Needle, etc. and height be damned, I think this would be an excellent step toward connecting all of these pieces- Roosevelt, Adams, CityScape, Ballparks, etc.

Letting this leak over to Hance will be yet another miss (I've lost count); great in theory: extra height, attraction to a dying park, skyline infill, etc. But, in a year, when conventioneers stop bothering to ride the light rail north, and a majority of the other "new" improvements fail or never come to fruition, we'll be left with another waterless play fountain.
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  #5219  
Old Posted Jan 9, 2014, 4:03 PM
dtnphx dtnphx is offline
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Originally Posted by Jjs5056 View Post
Letting this leak over to Hance will be yet another miss (I've lost count); great in theory: extra height, attraction to a dying park, skyline infill, etc. But, in a year, when conventioneers stop bothering to ride the light rail north, and a majority of the other "new" improvements fail or never come to fruition, we'll be left with another waterless play fountain.
Well, perhaps The Pin could be a catalyst for a better Hance Park. You can argue it's dying all you want, but it's just underutilized and built over a freeway overpass, it's the the Ellipse or Central Park.

Also, what is the about conventioneers not riding light rail north this year? What does that even mean?
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  #5220  
Old Posted Jan 10, 2014, 5:52 PM
FitnessPower FitnessPower is offline
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Quote:
Originally Posted by Jjs5056 View Post
Do you guys think The Pin is really viable at Hance Park? I applaud the efforts to revitalize the space, but I'm skeptical the park will become a destination of its own without cannibalizing the impact of other positive movements downtown. Wasn't Civic Space supposed to hold movies in the park? Isn't the public market struggling as it is without increased competition nearby? And, should the Knipe restoration go through, are two breweries in such proximity sustainable?

Density in Phoenix is more than just pockets of large populations within small spaces; it's also about creating synergy and excitement through groupings of venues and destinations that draw crowds, preferably of the same interest. The city is too spread out, and its core too lacking to support multiple hubs. That's why planning is crucial to try and force feed vitality into pockets of the city. Roosevelt has the arts scene, Washington some clubs, but what else? Adams and the convention center district have a real shot at creating a piece of Phoenix truly worth visiting if the Pin were to come to fruition. The CC, multiple hotels, future retail ( if the RFPs are to be believed ), Heritage Park, Science Center and now The Pin. Sure, most Phoenicians know the "real" city is to the north, just as NYCers know the Empire State Building isn't the epitome of their home, but this place is in dire need of a Times Square, a Space Needle, etc. and height be damned, I think this would be an excellent step toward connecting all of these pieces- Roosevelt, Adams, CityScape, Ballparks, etc.

Letting this leak over to Hance will be yet another miss (I've lost count); great in theory: extra height, attraction to a dying park, skyline infill, etc. But, in a year, when conventioneers stop bothering to ride the light rail north, and a majority of the other "new" improvements fail or never come to fruition, we'll be left with another waterless play fountain.
Agree 100%
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