Downtown Tempe Lofts & Condos

head_left_image

Mill Avenue Continues to Create

Downtown Tempe has long been home to creative and interesting urban spaces.  Now that tradition continues with Vic Linoff & Stu Siefer's plans for the alley way behind Mill Avenue.  Thank goodness for these creative types who keep reinventing our much loved Mill Avenue district!  Full story below:

 

Mill Avenue District

 

Mill landowners creating euro-style alley

 

by Dianna M. Náñez - Aug. 8, 2008

The Arizona Republic


A wave of luxury condos sprouting in downtown Tempe has some wondering if Mill Avenue is trading the last of its bohemian charm for a cookie-cutter Scottsdale setting.

Some say bringing an upscale feel to Mill is key to ensuring that residents who can afford to live in pricey condos are getting the type of shopping they want.

But one longtime Mill Avenue landowner said it is possible to market to both the cash-wealthy and pennywise.

Vic Linoff plans to renovate the buildings and area in the alley behind his store near Fifth Street and Mill. And he is partnering with architect Stu Siefer, who owns the building next to Linoff, to create a euro-style alley with a cobblestone-like street, pedestrian lights and space for more than a dozen mini-shops.

Linoff said he hopes to see a mix of businesses fill his and Seifer's alley.

"A bakery, an artist, a jewelry store, and lots of book stores," he said, laughing. "Our goal is to provide incubator spaces at a much-discounted rate. And if you're successful you can move out onto Mill."

When Linoff first came to Mill 35 years ago, he fell in love with the budding area and he could afford to start his dream on the Tempe street. But now rents are averaging $30 a square foot, a price few first-time entrepreneurs can afford, he said.

"Even in this economy the rent on Mill is inflated," he said.

Linoff sold books, antiques and other quirky items at Those Were the Days at 516 S. Mill.

Earlier this year, Linoff decided to close his store. The going-out-of-business sign in his window was a shock to those who had come to rely on Linoff for eclectic treasures.

Cindy Steifel has made regular trips from her Mesa home to the Tempe shop since she began shopping there in 1986.

"I can't say I cried, but I did tear up," she said, after visiting the store a few months ago and purchasing nine hardcover books about phones and women's studies.

Steifel is an example of the kind of customer that Linoff says will drive to downtown Tempe from across the Valley, if what they are looking for is only found on Mill.

He said his business is still strong enough to have stayed open but it is time to move on. See, Linoff loves Mill, and he sees the area's businesses struggling.

He hopes his new path will result in a lifeline for Mill Avenue's independent entrepreneurs who, like he did more than three decades ago, have dreams of building a successful small business.

"This city has been good to me and I want to give back," he said. "The downtown is probably in its most depressed state it's been in the last 35 years I've been here. So many stores have closed."

While the tough economy has hit Mill, and Tempe Marketplace has siphoned some shoppers, Linoff said he thinks downtown's troubles are more about a lack of consistency.

"I think one of the real issues that Mill is facing today is that it may not have a real focused vision for its future," he said.

Some business owners have been waiting for condo owners to flood Mill. But Linoff thinks the answer for Mill is acknowledging that while there is room for some chain stores, the bulk of Mill has to offer something you cannot get elsewhere.

"It's about exporting creativity . . . quality, and not necessarily elite quality. We can do that on Mill," he said. "There's been ample demonstration that Mill cannot be Tempe's Marketplace or mall. The Gap, Abercrombie & Fitch closed. Think about it. If you want to want to go one of those stores, you'll go to the mall."

José Ramirez, a realty consultant with Tempe-based Urban Realty and Development, said he thinks the kind of independent stores Linoff is promoting are a vital part of keeping downtown alive.

"It's part of the whole urban experience," he said. "If you have all the nationals go down there, it's going to be like anything else. We need to keep it unique."

0 commentsTom Tokoph • August 10 2008 01:51PM

South-Bank on Tempe Town Lake

South-Bank released a contsruction status update today.  The 27.3 acre urban community broke ground in April of this year and the infrastructure is now 60% complete.  They also released this great new rendering (below) of the site and we continue to be very impressed with the size and scope of the project.  In our opiniuon, only Hayden Ferry Lakeside, directly to the West of the development is more grand in its scope!

South-Bank

0 commentsTom Tokoph • August 07 2008 05:01PM

Yogurt Covers Downtown Tempe

As we previously posted here, the new wave of "good for you" yogurt shops (ala PinkBerry, Red Mango, etc.) have been looking at coming to downtown Tempe.  Now, it appears they are coming into town full force!  THREE new yogurt shops will be opening very soon!  It appears we will have the following hip yogurt shops to choose from in the very near future.  1. "Bliss" Yogurt at the Brickyard on Mill, 2. "IN Yogurt" at the corner of 5th Street and Mill Avenue. (By the way, we have some high hopes for INYogurt as it was created by the same folks who brought us "The Gelato Spot".)  3. "MOJO Yogurt" on Mill Avenue in what was formerly the Quizinos.  Yum... we can already taste the tart goodness and fresh toppings!

 

5th and Mill Building

New construction at the corner of 5th & Mill will include "In Yogurt"

 

In Yogurt

Banner for InYogurt with "Market Fresh Toppings" ready to open soon!

 

Mojo Yogurt

MOJO Yogurt under construction along Mill Avenue (old Quizinos) ads another Fro-Yo concept to Downtown Tempe.

For more information on Mill Avenue and Downtown Tempe living click here

15 commentsTom Tokoph • August 04 2008 07:37PM

Centerpoint Condominiums Responds With Press Release

Here is a press release dated August 1st from Avenue Communities regarding Centerpoint Condominiums

All Projects Not Affected Equally 
Centerpoint Condominiums in Tempe to Secure New Financing, Settlement Outside of
Mortgages, Ltd. Restructuring
 
Centerpoint Models to Open Mid-September; Media Invited for Sneak Preview of
Centerpoint’s Models and Penthouses with Developers on August 20
 
 
TEMPE, ARIZONA.  August 1, 2008.  Recent media reports have frequently grouped
together various development projects financed by Mortgages, Ltd., creating the perception that
all have been affected equally.  They have not.  
 
Centerpoint’s first tower at 22-stories is nearly complete, and construction work
continues on the 30-story tower.  Of the 171 condominium homes in Tower One, 164 are
complete and the remaining seven are penthouses that will be purposely “white shelled” to afford
buyers of these high-end homes the opportunity to hand-select their finishes and design layout.
 
Lifestyle components continue to flourish on the property as well.  In partnership with
Valley celebrity chef, Michael DeMaria, Centerpoint will feature a 180-seat urban Italian
restaurant, Trattoria M, and accompanying Aroma market-caffé.  Centerpoint will also launch
another location for PÅ«rVine, Arizona’s first Napa Valley winemaking facility in conjunction
with Signorello Vineyards of the Silverado Trail.  Residents’ private “backyard” at the
approximately 23,000 square-foot 7th level Great Room will feature two private theaters, Chef’s
Demonstration Kitchen, white sand beach pool and upscale fitness center among many other
offerings.

This contrasts with other developments financed by Mortgages, Ltd. which have resulted
in lawsuits, halted projects or developments that were never able to break ground as a result of
the company’s recent financial operations.  
 
 Furthermore, Centerpoint Principal and Managing Partner, Ken Losch, has notified
Mortgages, Ltd. that Centerpoint’s new financing will not be dependent on Mortgages Ltd.’s
overall corporate restructuring and settlement efforts with other Arizona projects.  
 
 “We have several new financing options.  We appreciate the cooperation of the new
leadership at Mortgages, Ltd. in this regard.  And we are ready to proceed with our new
financing plan that makes sense for all involved.  The capital infusion ensures we can bring
current all of the great construction work that has gone into completing Tower One and that will
be necessary to complete Tower Two, which has always been planned to open six months after
Tower One,” Losch said.
 
 Losch said the Tower One residents will begin moving in within 60-90 days from the
close of the new loan agreement; with the Aroma market-caffé, Trattoria M and the trademarked
real.life.style® program, including resident’s “backyard” amenities, scheduled to open for the
holidays.  
 
 Centerpoint has more than 200 interested buyers anxious to visit the model home floor
slated to open in mid-September.  Some $24 million of new homes have already been purchased.  
 
 Losch reports a wide-range of buyers from those looking to downsize to those who prefer
a more urban experience in close proximity to Sky Harbor International Airport to parents
buying condos for their students attending Arizona State University.  Combined, Tower One and
Tower Two comprise 375 homes ranging in price from the low $300,000s up to premium pricing
of the penthouse units in the millions.
 
 Recent project tours have impressed attendees, although they may not be for those scared
of heights.  The top floors of both towers, notably the highest points in Tempe, embody a 7,104
square-foot luxury penthouse on the entire level.  Floor-to-ceiling windows open out to the
penthouse’s private 4,159 square-foot outdoor patio with 33 foot long glass-encased negative
edge swimming pool overlooking panoramic views of the Valley.
 
 Centerpoint is conducting a media tour August 20 at 7:30-9:30 a.m. to offer a behind-
the-scenes preview of Centerpoint as it nears completion.  Look into ASU’s Sun Devil Stadium,
down on Sky Harbor Airport, over Mill Avenue, photograph the impressive interior layouts and
see about the coolest personal pool and Jacuzzi you’ll ever see – 350 feet in the air.

Centerpoint

Corner Unit with Views facing South

0 commentsTom Tokoph • August 04 2008 02:53PM

Centerpoint Condominiums Financial Heartbeat

And the beat goes on!

In a news report in the Arizona Republic today (Article) it was reported that Mortgages Limited is working on a plan to give Avenue Communities additional funding-- about $4.5M to be exact.  This would allow the developer to secure the nearly completed high rises from the elements.  Mortgages Limited has said that this would be part of a larger plan to provide additional funding to Centerpoint in the future.  According to the report, Mortgages Ltd has met with undisclosed lenders who are willing to give Centerpoint additional funding.  Of particular note, the report claims that the attorney for the investors (who have already placed approximately $132M in the Centerpoint development through Mortgages Ltd) said that the investors would be willing to subordinate their loan to allow for an additional lender.  This is surprising considering that Robert Sarver (owner of the Phoenix Suns) recently backed out of a deal to provide additional lending due in large part from pressure from investors who were unwilling to subordinate the existing loan.

We will keep our eye on this very important piece of the Downtown Tempe puzzle!

Centerpoint Condominiums

The first of a planned 4 tower development is 22 stories.  The remaining towers are 30 stories each.

 

Centerpoint Views

Stunning views of the Valley await those who choose to live in the Centerpoint Condominiums.

 

0 commentsTom Tokoph • August 02 2008 02:31PM

Tempe Lures Hip Yogurt Concepts

The Pinkberry (www.pinkberry.com), YogoTango (www.yogotango.com), Red Mango (www.redmangousa.com) and other similar concepts which team a hip, modern and usually urban space with "good for you" frozen yogurts and toppings have been sweeping some Asian countries for years.  In the last year or so, California has practically been breeding these new concepts.  In downtown San Diego alone there are already four of these cool spots!  So, it was only a matter of time that the purveyors of these creamy delights set their eyes on their neighbor next door (Arizona).  Downtown Tempe has landed one such concept currently under construction in the Brickyard on Mill development along Mill Avenue.  This is great news for those Tempe residents who want a tasty treat, but would rather keep the intake of fat from a Cold Stone Creamery down to once a month. (ok, maybe once a week!)


Yogurt Tempe
Photo of "Bliss Yogurt" - a Hip Yogurt Concept Under Construction at the Brickyard on Mill

 

Tempe Yogurt Concept

New Bliss Yogurt space in Downtown Tempe on the first floor of the Brickyard On Mill under Bamboo Club

 

I've also heard that this will not be the only new yogurt concept in downtown Tempe.  Rumor has it another Tempe yogurt concept is planning on opening for business in the new retail space on the northeast corner of 5th Street and Mill Avenue along with the new "Starbucks Style" Dunkin Donuts.  So, I'm sure there will be more to come!  Let's just hope that one of these new concepts is "Yolicious" enough to survive!

If you want more information on living, working or just playing in downtown Tempe, give Urban Realty & Development a call.  We live, work and play in Downtown Tempe and we'd love to help you do the same!

Tom Tokoph

Designated Broker

Urban Realty & Development

602-549-9000

0 commentsTom Tokoph • August 01 2008 05:52PM

Urban Living Advantages Continue to Receive National Coverage

The USA Today cover page on Tuesday, July 29, 2008 read, "Reinventing America's Suburbs... Gas prices help drive push for more town centers to go with housing".  You can read the whole story below.  We predict the media will continue to promote the benefits of urban living as fuel costs continue to rise.

USA TODAY ARTICLE

0 commentsTom Tokoph • July 30 2008 04:02PM

Downtown Tempe Gives Change for Change

Over the past month or two, the City of Tempe and the Downtown Tempe Community (Tempe Leadership Class) have been adding the following signs to the Mill Avenue District.  An idea which has proved successful in other downtown environments, the "Give Change for Change" campaign maintains that sometimes a "hand out" is not always a "hand up".
Taken from the actual signage: "Giving change or food to panhandlers or homeless people may hurt more than it helps by encouraging life on the streets and by discouraging people from seeking the real help that they need."  It continues, "If you really want to help, feed the change for change parking meters mounted to most of these directory locations instead...".  The idea being that the change you give to the meter will actually go to aid organizations who help the homeless get off the streets.

Mill Avenue District Change for Change

Mill Avenue Gives Change for Change

 

Change for change

Signage in the Mill Avenue District

 

Although this project will probably not completely solve the problem, it will certainly go a long way towards helping clean up the streets and we applaud the Tempe Leadership Class for promoting such an aggressive campaign.

0 commentsTom Tokoph • July 28 2008 06:17PM

Downtown Tempe National Media

In case you missed a recent issue of Sunset Magazine- this was a great little expose on downtown Tempe.  We always love seeing Downtown Tempe in the media, but when it receives national play, we are thrilled!

Congratulations to the Mill Avenue District, Tempe Town Lake, and the local shops that made the cut.

 

Downtown Tempe living

0 commentsTom Tokoph • July 17 2008 03:02AM

City of Tempe Parking Garage Plus Retail

The parking garage next to Tempe city hall is going up fast and most are looking forward to its completion.  Why you ask?  Why would anyone care about another parking garage in downtown Tempe?  Well, for obvious reasons, additional parking is very good for the downtown environment.  But, that isn't why we are looking forward to it.  This garage will also be wrapped at the street level with retail space thus hiding it's more mundane purpose.  Here is a rendering of what it will look like:

City of Tempe Parking

No word yet on who the retailers, or cafes may be.  But, we'll report here as soon as we know.  We'll keep our fingers crossed that they can draw some good tenants even in this slower market.  Here is a current photo of the construction progress:

City of Tempe Parking Garage

City Parking Garage Tempe

 

Others are interested too! Here is a link to an Arizona Republic Article on the garage: City of Tempe Parking Garage with Retail

For more information on living the downtown Tempe lifestyle, feel free to contact us.  Urban living in downtown tempe condos or lofts is what we specialize in!

Tom Tokoph

602-549-9000

0 commentsTom Tokoph • July 14 2008 02:31PM