2008 - The Year of Transformation for Downtown Phoenix
2008 looks to be the year of transformation for downtown Phoenix. Numerous active projects are scheduled this year, and their collective surfacing in the downtown core will have a profound effect.
CityScape
When this project began in late October 2007, RED Development Principal Michael Ebert and Barron Collier Chief Executive Paul Marinelli announced their goal was “to create a new, cohesive urban core for the city that provides day and night activities and uses for residents, tourists and conventioneers”. Once all phases are completed, this $900 million structure will include four towers with a mix of office and residential, as well as 250,000 square feet of retail, dining and entertainment.
The wide variety of retail should appeal to the varied population of students, downtown residents, tourists and suburban residents attending downtown events.
The availability of entertainment venues, conference facilities, and the addition of the 250-room Hotel Palomar will also contribute to the popularity of this downtown destination.
Light Rail
Completion of this 20-mile light rail line will be the crucial link to drawing outside residents, students, and tourists to the downtown core.
The cost of the project is $1.4 billion dollars with an estimated completion date of August/2008.
Walter Cronkite School & Taylor Place Dorms The Arizona State University is undergoing a major renovation to its downtown campus to include the new Walter Cronkite School of Journalism as well as facilities to house 1800 students.
With a completion date of December/2008, the estimated cost of the Journalism building is $71 million, and the dorms an additional $150 million. Future developments are slated to increase enrollment to 15,000 students by the year 2015.
Phoenix Convention Center Expansion
The expansion of the existing center will result in 900,000 square feet of meeting and exhibition space. This translates into a forecasted $500 million to be spent annually by visitors to the convention center.
The cost is $600 million and the completion date is June/2008.
44 Monroe
This 34-story, 196 unit condo tower is designed to bring more full time residents to the downtown core.
The completion date is slated for October/2008 at cost of $160 million.
Sheraton Phoenix Downtown Hotel
Phoenix will have the largest hotel in the state once this 31-story, 1,000-room Sheraton hotel is completed. Also including meeting facilities, ballroom, and a fitness center, this hotel is conveniently located only one block away from the Phoenix Convention Center and other downtown entertainment venues.
The Sheraton Phoenix should be completed in October/2008 at a cost of $350 million.
“There s no place like home,” say the dedicated Phoenix REALTORS at OZ Realty. Contact them for all of your Phoenix real estate needs.
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