Archive for August 21st, 2008

AZ Republic – Le Meridien out but lakeside hotel coming

The silver towers of the SunCor Hayden Ferry Lakeside mixed-use development on Tempe Town Lake just east of Mill Avenue soon will include a high-end high-rise hotel, SunCor Development Co. vice president Randy Levin said.

But it won’t be the luxury Le Meridien hotel that Starwood Hotels and Resorts Worldwide Inc. had been promising until recently.

Levin said he is not yet prepared to say what hotelier will now put up the building

“There will soon be a big announcement, and the hotel is going to be spectacular,” he said.

Since the beginning of SunCor’s lakeside development, a hotel was in the picture. But in recent months, some wondered whether there would be any hotel at all after Starwood backed out. Adding hotel space in the downtown Tempe area has been a priority for both city planners and developers in recent years. Now the $100 million-plus hotel will be put up by a company being lined-up by SunCor development partner Tod Decker, president of Scottsdale-based Valhalla Development Group. He said plans for a hotel to replace Le Meridien are going forward “full throttle.”

“It will be a four star, four diamond hotel, a beautiful hotel, and we have the land and will break ground in December,” Decker said. “It’s going to happen.”

Levin called the project “an A-plus site in an A-plus location with an A-plus flag company to put it up.”

 

If you are looking for a home in the Tempe area click here:

www.theholmgroupaz.com

 

AZ Central – Clash over building heights moves north

by Peter Corbett – Aug. 21, 2008 11:53 AM
The Arizona Republic

Scottsdale’s contentious clash over height has reached its northern neighborhoods with developers of the Scottsdale Epicenter hoping to build a pair of five-story hotels at 91st Street and Bell Road.

That would put the 60-foot buildings just east of Loop 101 and within about a mile of three residential “ranch” communities – McDowell Mountain, DC and Windgate.

“It really doesn’t fit,” said Bob Vairo, Coalition of Pinnacle Peak president. “It’s too dense and too tall.”

The coalition, a watchdog civic group, will oppose a rezoning that would allow the developer to build above the current limit of 36 feet.

Focus of height debate

Without a change in direction, Scottsdale Epicenter could become a new epicenter of the city’s debate over taller buildings. Most of that verbal sparring has centered on downtown, but the issue has also emerged in the Scottsdale Airpark and further north at Loop 101 and Scottsdale Road.

Last week, the Scottsdale Planning Commission reviewed the Hampton Group’s plan for and suggested that it consider changes.

Election season politics

Donn House, Hampton Group managing director, said the company plans to meet with commissioners individually to learn more about their concerns before coming back with any revisions next month.

“It’s election time and everyone is concerned about height,” House said in explaining the commission’s initial reaction to the project.

City planners have supported the plan and the area includes a regional overlay designation that makes it suitable for taller buildings, House said.

“This is not detrimental to the housing or the view from the freeway,” he said.

The 28-acre project, north of the Alltel Ice Den, is just about a half mile east of Loop 101. It is in an area that is appropriate for taller buildings, House said.

Towers of power

A full-service hotel of 225 rooms and a limited-service, extended-stay hotel of 130 rooms would be built along the power line corridor that is the eastern boundary of the site. The 130-foot transmission line towers are more than twice as tall as the proposed hotels, House said.

Scottsdale Epicenter would include a bank, restaurants and retail development serving visitors to WestWorld events and the surrounding neighborhoods, he said. It is the first piece of a much larger office and commercial development planned on 125 acres of leased state trust land.

COPP fights for views

The Coalition of Pinnacle Peak is concerned that the taller buildings will detract from views of the McDowell Mountains and the Desert Discovery Center, which is under development at the foot of the McDowells.

However, there are buildings of up to 56 feet in the Perimeter Center to the west of Loop 101 in the area.

Development south of Bell Road in the area is generally low-scale buildings not more than three stories tall.

The Hampton Group could take its plan back to the Planning Commission on Sept. 24.

 

If you are looking for a home in the DC Ranch / Windgate Ranch areas click here:

www.theholmgroupaz.com

 

AZ Republic – Key Mortgages Ltd. projects move forward

Two high-profile Valley developments that stalled amidst the bankruptcy of Arizona’s biggest private lender are closer to getting the money they need to move forward.

Developers of both the Centerpoint high-rise project in downtown Tempe and the Main Street Glendale project have struck financing deals with Mortgages Ltd., which was forced into bankruptcy in June.

The two projects, along with other large developments across the Valley, are embroiled in Mortgages Ltd.’s bankruptcy and have been unable to secure financing from other lenders. Mortgages Ltd. and its investors have claims on the developers’ properties as collateral for the loans.

Mortgages Ltd. agreed to initially line up $4.6 million from other sources for Centerpoint developer Avenue Communities so it can protect the two high-rises from the weather. The deal calls for Mortgages Ltd. to funnel an additional $75 million to the developer later so the condominium towers can be completed.

Separately, Rightpath Ltd. Development Group, which plans to build the 500-acre, mixed-used Main Street Glendale project, said it intends to drop its lawsuit against Mortgages Ltd. Rightpath sued the lender in May, saying that it did not get all the money it was promised and that Mortgages Ltd. charged it excessive fees. The two groups have agreed on new loan terms, which include Mortgages Ltd.’s finding Rightpath as much as $85 million more in financing.

Both deals are subject to Bankruptcy Court approval. Mortgages Ltd. investors, who maintain they own portions of the Centerpoint and Main Street loans, will also likely have a say in any additional financing for these developments. One glitch could be that the lender’s investors don’t want another financer to get a bigger stake in the projects’ collateral. Investors’ dividend checks have been on hold since June, and if another lender becomes involved in the loans, investors’ stakes could shrink even more.

Ken Losch, a principal with Centerpoint’s developer, said he believes the new deal with Mortgages Ltd. will be better for the investors than if he sues the lender over construction delays and seeks more damages. The deal between Centerpoint and Mortgages Ltd. includes some money to compensate the developer for delays, Losch said.

The first Centerpoint tower was scheduled to open in October. The 22-story building and its 171 condos are almost finished. But Losch estimates it will be 90 days after he gets all the additional financing before the first high-rise opens. That means the first tower will not open before November.

The second tower has 30 stories, 186 condos and is 80 percent done.

A Mortgages Ltd. bankruptcy hearing for the Centerpoint developer to get $2.8 million in emergency financing is scheduled for Monday. Plans for the developer to get the rest of the $4.6 million have not been disclosed.

Rightpath has not broken ground on its Glendale project, which is tied to the city’s minor-league baseball stadium that will be home to the Chicago White Sox and Los Angeles Dodgers during spring training.

As part of Rightpath’s new deal with Mortgages Ltd., the developer has also dropped a motion in Bankruptcy Court to force the lender to liquidate its assets.

No bankruptcy hearing has been set for Rightpath’s new financing.

But the new deal between the Glendale developer and the lender will likely be discussed at a hearing today, as will interim emergency financing for Mortgages Ltd. to keep operating.

www.theholmgroupaz.com

 

Artesia Update – August 2008

Artesia’s 480 homes and 22,000 sqft of retail space are going to be available soon.

Pricing has been released for some of the models with range of $350k to over $1.5 million for some of the larger units.

Most floor plans are available now.  Call for Floor plans.

Call today to set an appointment 480-767-2738 or 480-206-4265.

 

Artesia’s gated residential community will include 329 single-story homes, 52 town homes and 90 brownstones.  Homes will range from 900 sqft to over 3000 sqft in a variety of floor plans.  Prices have yet to be set for this community.  You can be one of the first to get in by calling The Holm Group at 480-206-4265.

 

Community Features Include:

·         A state of the art clubhouse with: theater, evens and game rooms, and a lagoon-style lounge

·         A recreations center to include: cardio and weight machines, yoga – aerobics room, and more

·         Park and garden style landscaping throughout the community

·         10 miles of sidewalks and trail loops

·         A pet spa and boutique

·         Gated vehicle entry

Artesia is going to be a wonderful new community.  If you would like to see or would like additional information on this community call Andrew at 480-206-4265.

 

Model Options:

Penthouses at Artesia

  • 15 two bedroom plus den residences with 2,260 square feet
  • Underground parking and elevator access
  • Spectacular views

 

 

Brownstones at Artesia

  • 3 Story homes with 3 and 4 bedrooms
  • Square feet approximately 2700
  • Builder offering up to $200,000 in incentives
  • Views of McDowell Mountains and McCormick Ranch Golf Course
  • Attached 2 car garages

Townhomes at Artesia

  • 2 and 3 story w/ 2 and 3 bedroom floor plans
  • Attached 2 car garages
  • 52 townhomes will range from 1600 to 2000 sqft
  • Call For Floor plans

Residences at Artesia

  • Five four-story buildings with 329 single level homes
  • Square foot range 900 to over 1500
  • Pricing ranges from $350,000 to over $575,000
  • Underground parking with elevator access

www.theholmgroupaz.com


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