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N E W S.. & ..U P D A T E S

Hayden Flour Mill secures future

The historic Hayden Flour Mill in downtown Tempe will be converted into boutique retail and office space, as well as a small hotel. Plans for the site at the southeast corner of Mill Avenue and Rio Salado Parkway were revealed Tuesday morning by the developer, Avenue Communities.The mill, portions of which date back to 1874, will be preserved and incorporated into a modern composition of glass and steel.

Ken Losch, principal for Avenue Communities, said the contemporary design will frame the older buildings like “a work of art.”

Site work will begin in June on phase one, which include retail and office space. Completion of that portion is scheduled for summer 2009. Within 60 days, plans should be completed for converting the silo structure into a boutique hotel, which will be phase two. Avenue Communities has its own brand of boutique hotels called Agio. Like most of its current and previous projects, the company serves as architect and contractor.

A third phase of the Hayden Flour Mill project could include residential units along Rio Salado, but those plans have yet to be worked out.

Preserving the mill has been a longtime goal of Tempe Mayor Hugh Hallman, who noted that Tempe would not exist without the native peoples, both Native Americans and those of Hispanic and Mexican heritage, who farmed the surrounding area. The grains were then brought to the mill, built by Charles Trumbull Hayden.

Source: Jan Buchholz, Phoenix Business Journal: Avenue Communities unveils plans for Hayden Flour Mill retail-office space, hotel

Valley of the Sun is third fastest-growing metropolitan market

The Phoenix area saw the third-highest population increase in the nation last year.According to the U.S. Census Bureau, more than 132,000 people were added to the Phoenix-Mesa-Scottsdale area in 2007.

Dallas-Fort Worth, Texas, gained more than 162,000 people as the fastest-growing city in the country. The Atlanta area added more than 151,000 people, good for second place.

Eight out of the top 10 fastest growing metro areas were located in the South, which also accounted for more than half of the 50 fastest growing regions.

Source: Adam Kress, Phoenix Business Journal: Phoenix takes third place for 2007 population gains

New! Pictures just added for 4020 Scottsdale

4020 Scottsdale: 21 loft units centered in the middle of it all. From coffee shops to high-end art galleries just a step from your door, 4020 Scottsdale is putting a new face on one of the hottest areas in Scottsdale. Contact Us anytime for more information or to take a tour of 4020 Scottsdale. - pictures -

Sky Harbor’s automated rail system begins construction

When crews put the final touches on light rail this year, the airport will embark on its own epic train project.

In early April, workers will start building a $1.1 billion, 4.8-mile automated train system that will whisk passengers around Phoenix Sky Harbor International Airport.

The first, $440 million leg of the project will take five years to build, city officials say. It will link to the 44th Street light-rail station, East Economy Parking and Terminal 4.

The final stretch, which is projected to open in 2020, would extend the line to the airport’s rental-car center and Terminal 2 and Terminal 3.

The train will help ease rising traffic congestion around Sky Harbor, which serves 42 million passengers a year, city officials say. Plus, future light-rail riders may be able to check luggage and get a boarding pass before they set foot in the airport, city leaders say.

Many major airports around the world have similar systems, including U.S. airports such as Atlanta, Dallas and Denver.

“The automated train project is a forward-thinking plan in all aspects,” said Phoenix Deputy City Manager David Krietor,whose duties include aviation issues. “It addresses passenger needs, it alleviates roadway traffic and it links Sky Harbor to users of light rail.”

The Arizona Republic, Jahna Berry: Sky Harbor set to begin train project

Spotlight: W Hotel brings a unique cachet to a transforming Scottsdale downtown

(note: this article is from late 2007) The W Scottsdale Hotel, which will anchor a redeveloped nightclub district, is three months from becoming one of the flashiest players in downtown’s amped up urban scene.

The W is likely to make a splash when it opens in February with its edgy room designs, lobby-bar scene and a pool that tantalizes arriving guests.

Built right to the front edge of the building, the second-level pool includes four large portholes that will cast an undulating blue light under the hotel’s porte-cochere and allow visitors to look up at the swimmers in the water.

It is a playful feature that adds to the W’s “wow” factor for arriving guests, as well as those dining or having a drink on the vast pool deck.

“This is an urban resort right in the middle of the action,” said Michael Mahoney, chief executive of Triyar Hospitality LLC, which is developing the hotel.

More ‘Wow’ factor designed
The W Scottsdale’s experience continues as visitors enter the lobby with its two-story wall of Jerusalem stone and a bar along the bottom of a dramatic metal staircase.

“We want this art wall to look like it’s been here a thousand years,” Mahoney said. “It has an Arizona feel to it without being stereotypical.”

Triyar is spending $110 million on the hotel, southeast of Scottsdale and Camelback roads. Starwood Hotels and Resorts Worldwide will manage the W.

Starwood opened its first W in New York in 1998 and now has 21 of the designer hotels, primarily in top North American cities, including Montreal, Mexico City, Honolulu, Chicago, Los Angeles and San Francisco.

Triyar, based in Los Angeles, plans to open the 224-room W Scottsdale Hotel just after Super Bowl XLII, which will be played Feb. 3 in Glendale.

Update: Cityscape - the Copper Square centerpiece.

The Cityscape project, a 2.5 million sf retail, residential, office and hospitality complex spanning 3 city blocks in downtown Phoenix is underway. The $1 billion project will be the centerpiece of the developing downtown Financial district and the Copper Square marketing area and is adjacent to multiple major-league sports complexes, the new Phoenix Convention Center complex, the Warehouse district and the planned Jackson Street Entertainment District. This is one of the premier commercial developments in not only Phoenix but the nation and, considering the long-term plans for the area, is expected to be the catalyst to bring Phoenix into a new competitiveness with other national Metropolitan markets.So, what does a billion dollars get you? Here’s the rundown c/o Andrew Centrella, kontakt magazine (continues below pictures):

The Western Block:
Plans for the western block include three structures surrounding the new Patriots Park. On the north side, facing Washington, will be a restaurant/retail building. On the west side, facing 1st Ave, will be 75 residential units atop additional retail. On the southern end sits an AJ’s Fine Foods, and in the center expect pleasant open space with the capacity to entertain 10,000 public guests when Central is closed for events. A pedestrian skywalk fourteen feet above Central will link the western and middle blocks.

The Center Block:
Two large towers will comprise the center square block of the project. The northern tower will provide nearly 600,000 square feet of gross office space resting atop roughly 100,000 square feet of retail space. Expect the southern tower to have approximately 250 hotel units and 100-150 condo units inside.

The Eastern Block:
The third plot of land, owned by Barron Collier Companies, will contain two additional towers. The south tower boasts 500 residential units above a 150-room TWELVE boutique hotel, and a ground floor for retail applications. The north tower flaunts an additional 500 residential units and a 500-spot above-grade parking garage. For this block, the developers hope to attract residents in the age range of 25-35, offering convenient living space with an expected price point of roughly $400 per square foot.

In total, CityScape will be answering a demand for about 600,000 square feet of Class A office space, two boutique hotels totaling 400 rooms, approximately 250,000 square feet of retail/restaurant space, 1,200 condominiums, and an updated public park. The exact details of which stores will be available have not yet been revealed, but expect a large P.F. Chang’s and an AJ’s Fine Foods.

The western block, along with the north tower on the center block should be finished by November 2009. Next, the south tower on the center block, along with the south tower on the eastern block will arrive by first quarter 2010. The project then wraps up with the north tower on the eastern block slated for completion by 2012.

Spotlight: Century Plaza on Phoenix’s Central Corridor

Once a nondescript office building casting its shadow across Central Avenue, Century Plaza has been gutted and transformed into a glass-shrouded sleek condo building. Contemporary high-rise living spaces, a wide range of on-site services and an unbelievable location close to all the action in the new urban Phoenix.

Century Plaza …|… Phoenix Downtown
3225 N. Central Ave …|… map…|… $ 400-900 …|… more pictures
Contact Us for more information and availability

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UrbanVertical
Your source for Phoenix, Scottsdale, Tempe and the Valley’s best condos. lofts, townhomes & attached homes.

Fed cuts interest rate again to a 3 year low

WASHINGTON - The Federal Reserve on Tuesday slashed a key interest rate by three-fourths of a percentage point, moving aggressively to contain a credit crisis threatening to push the country into a severe recession.

The latest action brought the federal funds rate - the interest that banks charge each other - down to 2.25 percent, the lowest point since late 2004. It marked the second back-to-back cuts of three-fourths of a percentage point.

Fed Chairman Ben Bernanke and his colleages have now cut the funds rate six times since last September, with the reductions becoming more aggressive since January as the central bank has faced growing turmoil in global financial markets.

AZCentral: Fed cuts interest rate to 3-year low

NAR sees stabilization in US housing markets

The outlook for the U.S. housing market stabilized last month, but numbers are still lagging well behind recent years.

The National Association of Realtors says its index of pending sales for existing homes came in at 85.9 in January — the same reading as in December, and just shy of a revised record low of 85.8 in August.

Normally, there is a lag of a month or two between a buyer signing a home sales contract and closing the deal. Sales completed in February and into this month should be reflected in the January reading.

The real estate trade group, which is more optimistic about the housing market than most economists, is projecting home sales will start to increase during the second half of the year.

Phoenix Business Journal: Home sales stabilize ..

New pictures: Roosevelt 11, Metro4Twelve, Cielo & The Summit at Copper Square

We continue to build up daily our profiles on loft, condo, townhome and attached home communities. Contact us today if you’re ready to start your search for the ultimate low-maintenance lifestyle. Durnford Group knows the Valley: from the best market pricing to the best fit for your particular lifestyle, we’ll find the right match.

Here are a few recent updates to our picture profiles on a few of the Valley’s Vertical communities:

Roosevelt 11

Metro4Twelve

Cielo

The Summit at Copper Square

UrbanVertical
Your source for Phoenix, Scottsdale, Tempe and the Valley’s best condos. lofts, townhomes & attached homes.

The artlink Art Detour turns 20 this weekend!

Artlink’s Art Detour is taking place this weekend March 8 & 9th. Reported to be the most well-attended art event of its kind in the country, Art Detour is a smorgasborg of artists, galleries, street vendors, music & food throughout downtown Phoenix’s growing arts communities.

Hours are 10am to 6pm on Saturday & 12 noon to 6pm on Sunday. Shuttle services are available throughout the event to get you where you need to go.

Plans for a new 107-room loft hotel at Central & Adams?

A new 107-room loft hotel is being planned for the corner of Central Ave. & Adams St. in downtown Phoenix. The development agreement between the city and the developer is scheduled to go before City Council on 3/19/08. According to the proposed agreement, the developer will build the hotel and lease the land from the city for 20 years. The developer is operating as a joint venture known as Copper Pointe 2 Development LLP.

Plans call for a boutique hotel with ground-floor retail including a drug store. The co-developers are Belleview Communities of Phoenix and Pointe of View Condominiums of Calgary, Canada. Estimated start date is December, 2008.