Downtown Tempe Lofts & Condos

It was interesting to see Cramer, from CNBC's "Mad Money", give his prediction for when he believes housing would hit the "bottom".  He actually predicted the day!  309 Days from August 26th or around the third quarter of 2009.

Obviously, no one has a cristal ball, but he is very entertaining to watch and he makes some convincing arguements.

VIEW FULL ARTICLE & VIDEO HERE

Moving around Downtown Tempe is about to get a whole lot easier... and we're not talking about the long awaited light rail project either.  Two new concepts are preparing to open on Mill Avenue and along Tempe Town Lake.

The first, located in the Centerpoint on Mill development along Mill Avenue will be the "Campus Scooter" store.  They have just announced the public hearing, so it will probably be a little while before they are actually open for business.

The second will be "Segway of Tempe" along the shores of Tempe Town Lake.  They plan on providing tours for $75 per tour.

READ ARTICLE about Segway of Tempe in the Arizona Republic Here

Tom Tokoph
Downtown Tempe Broker
Urban Realty & Development
602-549-9000

UrbanRealtyAZ.com

Bridgeview at Hayden Ferry Lakeside is currently the premier development in downtown Tempe.  Perched beside Tempe Town Lake, the watery blue glass structure boasts amazing amenties.  Full time concierge service, billards room with a theater, gourmet kitchen and a club room are just a few of the special features Bridgeview residents experience.  These are on top of the amenities one has come to expect like a swimming pool, jacuzzi, work out rooms, spa, etc.

If you are looking to purchase a property in this amazing development, this unit may be just the deal you are looking for!  Urban Realty has just reduced our client's property by $50,000.  This makes the property $100,000 less than the next comparable unit available through the developer.

To see much more information about this property visit:

BRIDGEVIEW AT HAYDEN FERRY LAKESIDE #212

Here you will find a very large Photo Gallery as well as a Video of the property.

If you want more additional information on this or other properties in dowtown Tempe, please visit our website.

Tom Tokoph
Downtown Tempe Broker
Urban Realty & Development
602-549-9000

UrbanRealtyAZ.com

August 21, 2008

UPDATE: CVS Pharmacy officially opened their doors this week on the corner of Mill Avenue and University in the very heart of Downtown Tempe.  This is exciting news considering that our long awaited grocery store (Whole Foods) has now been put on hold.  While it may not be a daily shopper for most, this little CVS is surely located in the perfect spot providing the downtown Tempe resident with a walkable spot to pick up milk, eggs, beverages, and many other typical household needs.  While it isn't all we had hoped for (like a Whole Foods), it is definitely the next step in helping make downtown Tempe truly urban!

CVS GRAND OPENING

We think the CVS signage is a bit oversized, but it is obvious everyone made a nice effort to urbanize the store.

(The store was pushed out to the street and the parking lot is hidden in the rear.)

Huge selection of cold beverages

Food and other household needs now available to downtown Tempe residents

Light bulbs - Laundry Needs - Pet Care - all available at CVS on Mill Avenue

August 20, 2008

UPDATE: According to a report in the Phoenix Business Journal, the Centerpoint Condos development may be close to finishing a deal with a lender to fund the remaining $75M to complete the project.  Not all too surprising, the money looks like it will be "funneled" through Mortgages Ltd after all.  Just a little speculation on our part, but our guess is that the new money is coming from an investor or a group of investors who were involved in the original loan of $132M from Mortgages Ltd to the Centerpoint Condos and this will insure that the investors will not be required to take a second position to the new financing.  No facts there, just speculating.

What remains to be seen is how the developer plans to sell these new condos at the same prices as before.  The construction loan may finally give the developer what they need to finish the development, but then what?  With the real estate market slowdown, we estimate that Centerpoint may still need to perform an appropriate downward price adjustment.

FULL STORY HERE

If the Phx Business article is true, this will be very good news for downtown Tempe city council and the residents already living in the area.  With the recent plans to put on "hold" the Whole Foods Market in the Mosaic development, downtown Tempe needs to see the "Aroma Cafe & Market", which is planned for the plaza level of the Centerpoint Condominiums, open up for business.  This would be good for everyone involved!

FEATURED PROPERTY FOR RENT AND FOR SALE: The Lofts at Orchidhouse Live/Work Property

Live & Work at the Orchidhouse Lofts 1 Bedroom, 2 Bedroom and various units available, 11ft Ceilings, loft style exposed ductwork, concrete ceilings, wood floors.  Fantastic urban location in the heart of downtown Tempe close to shopping, restaurants, walk to ASU, Tempe Town Lake and everything else downtown Tempe has to offer! Units currently available for rent for $1,650 through $1,995 per month and units for sale from $355,000 to $479,000.  Call or email for more information.

Urban Realty & Development, provides full service real estate sales, consulting and brokerage services to those who, like us, are looking for their very own home in the modern world. Whether that "home" is a minimalist sanctuary in the penthouse suite, an industrial style office space with exposed ductwork and concrete floors, or a hip new retail shop on "Main Street", Urban Realty & Development is ready to show you that life is in the heart of the city.

Call us at our live/work loft in downtown Tempe. Urban Realty would love an opportunity to share with you what we know about urban living and help you find your own fresh start.

We specialize in downtown Tempe Lofts, Tempe condos, & Tempe Brownstones. Exciting properties like Orchidhouse Lofts, Edgewater at Hayden Ferry Lakeside, Centerpoint Condominiums, The Vale, 525 Town Lake, Brownstones at Tempe, Millstone, Mosaic, Lumina Tempe... and the list goes on!

Tom Tokoph
Urban Living Broker
Urban Realty & Development
602-549-9000

UrbanRealtyAZ.com

UPDATE: On Thursday, August 14, 2008 the East Valley Tribune interviewed the developer of the Centerpoint Condominiums, Ken Losch.  This provides the Tempe community with a good update on the current status of this key development in the heart of Downtown Tempe.

CLICK HERE TO SEE VIDEO INTERVIEW WITH KEN LOSCH

CLICK HERE TO READ THE FULL TRIBUNE ARTICLE

As previously discussed on this Blog, the little "found" retail space behind the post office at the corner of Mill Avenue and 5th Street was under construction and ready to accept a new tenant. (Earlier Post)  Now, the space has officially opened it's doors as the "Thirsty Dog 2 Go".  This very unique space is part urban convenience store, part liquor store and part gourmet hot dog stand.  The Mill Avenue or downtown Tempe resident can now find a very convenient place to pick up snacks, assorted beverages, cold beer, wine and while they are at it... enjoy a savory dog!  This is really a great addition to Mill Avenue!

Granted, a hot dog slash convenience store isn't normally something that the typical Mill Avenue hipster would get too excited about.  It isn't a wine bar, it isn't organic, it probably isn't even good for you!  However, when you stumble into the Thirsty Dog for the first time on your way into the post office, here is why you should be excited:  First, it is a locally owned concept (read "Mom & Pop" store).  Although we don't fully agree that national chains have "taken over" Mill Avenue, everyone can agree that we need more unique concepts.  Well, the Thirsty Dog 2 Go fits that mold... it is unique!  Second, the owner, Gil Schmitt (also owner of Cold Stone Creamery on Mill Avenue) understands Mill Avenue.  Gil understands what it takes to succeed in the downtown Tempe district and is ready to adapt his concept wherever necessary.  Actually, he was the one who approached the post office with the idea of re-creating the unused "back alley" space into the Thirsty Dog.  Just for innovating and putting his money where his mouth is-- Gil should earn kudos!  One especially unique addition that Gil created was outside and along 5th Street.  There are now three, bar-height, tables along the brick sidewalk for those who want to stand and enjoy their tasty dog while watching the Mill Avenue scene.  We enjoyed a dog today while leaning against one of these new tables.  What a unique Mill Avenue experience!  We wouldn't suggest this in the middle of August, but we predict these tables will all be full come Fall!

Now, if only we had 10 more "Gils" to create other new experiences along Mill Avenue!

Thirsty Dog 2 Go

Entry to Thirsty Dog

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 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."

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!