http://www.azcentral.com/story/money/rea...ef=Default

Arizona State University revealed Friday the first look at plans to transform 330 acres near downtown Tempe into an urban hub with offices, apartments and a hotel that could potentially bring in hundreds of millions of dollars for athletic facilities during the next two decades.

Among the highlights of the ASU Athletics Facilities District:

– It will include 3.5 million square feet of office space, 2,500 to 3,000 apartments or condos and two hotels.

– The Verde Dickey Dome, ASU's indoor football facility, will move closer to Sun Devil Stadium.

– None of the names of the athletic facilities will be changed.

– Alternative parking for sports events will be provided when the main lots are disrupted by construction.

(06-25-2015 03:56 PM)dbackjon Wrote:  http://www.azcentral.com/story/money/rea...ef=Default

Arizona State University revealed Friday the first look at plans to transform 330 acres near downtown Tempe into an urban hub with offices, apartments and a hotel that could potentially bring in hundreds of millions of dollars for athletic facilities during the next two decades.

Among the highlights of the ASU Athletics Facilities District:

– It will include 3.5 million square feet of office space, 2,500 to 3,000 apartments or condos and two hotels.

– The Verde Dickey Dome, ASU's indoor football facility, will move closer to Sun Devil Stadium.

– None of the names of the athletic facilities will be changed.

– Alternative parking for sports events will be provided when the main lots are disrupted by construction.

If ASU already owns controls all of the ground, and the area in question, good idea assuming a Developer takes all of the risk......and ASU get a cut. 3.5 Million Sq. Ft, of office is a ton. That costs about 700 Million to finish out. That much demand there, I thought vacancy rates were really high in Phoenix.

(06-25-2015 04:29 PM)SuperFlyBCat Wrote:  

(06-25-2015 03:56 PM)dbackjon Wrote:  http://www.azcentral.com/story/money/rea...ef=Default

Arizona State University revealed Friday the first look at plans to transform 330 acres near downtown Tempe into an urban hub with offices, apartments and a hotel that could potentially bring in hundreds of millions of dollars for athletic facilities during the next two decades.

Among the highlights of the ASU Athletics Facilities District:

– It will include 3.5 million square feet of office space, 2,500 to 3,000 apartments or condos and two hotels.

– The Verde Dickey Dome, ASU's indoor football facility, will move closer to Sun Devil Stadium.

– None of the names of the athletic facilities will be changed.

– Alternative parking for sports events will be provided when the main lots are disrupted by construction.

If ASU already owns controls all of the ground, and the area in question, good idea assuming a Developer takes all of the risk......and ASU get a cut. 3.5 Million Sq. Ft, of office is a ton. That costs about 700 Million to finish out. That much demand there, I thought vacancy rates were really high in Phoenix.

It will be built out over a number of years.

Vacancy rates really depend on the area. This area is one of the hottest markets right now. State Farm is building a series of high-rises just north of the stadium right now.

It is a great location - minutes from the airport, and accessible via light rail or freeway from the airport. ASU is booming, so tons of housing going up as well.

I go by quite often. There is already quite a bit of high end commercial building there. It's an odd assortment of college sports facilities and top of the line large commercial buildings that rise above their lake. It's like a college campus and a high rent financial zone merged together.

http://www.lifeintempe.com/tempe-town-lake.html

Mind you, those pictures are old. There are quite a few more buildings even closer to the Stadium.


http://www.azcentral.com/story/news/loca.../19174437/

There you go.

So, when does Arizona State, Arizona, UCLA, USC, Stanford, California, and Texas create their new conference? : )

I didn't read the article, so i admittedly might be in left field, but it sounds like the university is trying to fund its athletic department by making speculative real estate investments that aren't closely related to education during a booming market under the theory that it will continue to boom.

That will end well... [rolls eyes and is thankful for not being an Arizona taxpayer]

(06-27-2015 09:19 AM)nzmorange Wrote:  I didn't read the article, so i admittedly might be in left field, but it sounds like the university is trying to fund its athletic department by making speculative real estate investments that aren't closely related to education during a booming market under the theory that it will continue to boom.

That will end well... [rolls eyes and is thankful for not being an Arizona taxpayer]

It is just as speculative to say that it wont end well. Then again, if you were one to actually be able to drive by and see the companies that already exist there...well then you might realize it's not as speculative as you might think.

Great idea. I am curious about what the state will say.

(06-27-2015 09:50 AM)He1nousOne Wrote:  

(06-27-2015 09:19 AM)nzmorange Wrote:  I didn't read the article, so i admittedly might be in left field, but it sounds like the university is trying to fund its athletic department by making speculative real estate investments that aren't closely related to education during a booming market under the theory that it will continue to boom.

That will end well... [rolls eyes and is thankful for not being an Arizona taxpayer]

It is just as speculative to say that it wont end well. Then again, if you were one to actually be able to drive by and see the companies that already exist there...well then you might realize it's not as speculative as you might think.

No. Saying that the market will go up or down tomorrow is speculative. Saying that it will only go up/down for 20 years is speculative to the point of delusion. Saying that a volatile market in a volatile industry will have ups and downs over the course of the next 20 years is a pretty safe bet.

Real estate is one of the quickest ways to make a million dollars, but it is also one of the fastest to lose it.

(06-25-2015 04:40 PM)dbackjon Wrote:  

(06-25-2015 04:29 PM)SuperFlyBCat Wrote:  

(06-25-2015 03:56 PM)dbackjon Wrote:  http://www.azcentral.com/story/money/rea...ef=Default

Arizona State University revealed Friday the first look at plans to transform 330 acres near downtown Tempe into an urban hub with offices, apartments and a hotel that could potentially bring in hundreds of millions of dollars for athletic facilities during the next two decades.

Among the highlights of the ASU Athletics Facilities District:

– It will include 3.5 million square feet of office space, 2,500 to 3,000 apartments or condos and two hotels.

– The Verde Dickey Dome, ASU's indoor football facility, will move closer to Sun Devil Stadium.

– None of the names of the athletic facilities will be changed.

– Alternative parking for sports events will be provided when the main lots are disrupted by construction.

If ASU already owns controls all of the ground, and the area in question, good idea assuming a Developer takes all of the risk......and ASU get a cut. 3.5 Million Sq. Ft, of office is a ton. That costs about 700 Million to finish out. That much demand there, I thought vacancy rates were really high in Phoenix.

It will be built out over a number of years.

Vacancy rates really depend on the area. This area is one of the hottest markets right now. State Farm is building a series of high-rises just north of the stadium right now.

It is a great location - minutes from the airport, and accessible via light rail or freeway from the airport. ASU is booming, so tons of housing going up as well.

Many quasi urban areas are pretty strong, especially if you have rail and infill opportunities, converting vacant or old industrial into office/residential. I wish ASU much success.

(06-27-2015 12:23 PM)nzmorange Wrote:  

(06-27-2015 09:50 AM)He1nousOne Wrote:  

(06-27-2015 09:19 AM)nzmorange Wrote:  I didn't read the article, so i admittedly might be in left field, but it sounds like the university is trying to fund its athletic department by making speculative real estate investments that aren't closely related to education during a booming market under the theory that it will continue to boom.

That will end well... [rolls eyes and is thankful for not being an Arizona taxpayer]

It is just as speculative to say that it wont end well. Then again, if you were one to actually be able to drive by and see the companies that already exist there...well then you might realize it's not as speculative as you might think.

No. Saying that the market will go up or down tomorrow is speculative. Saying that it will only go up/down for 20 years is speculative to the point of delusion. Saying that a volatile market in a volatile industry will have ups and downs over the course of the next 20 years is a pretty safe bet.

Real estate is one of the quickest ways to make a million dollars, but it is also one of the fastest to lose it.

You still know nothing or next to nothing about the local situation there and within the greater Phoenix area. Well known and recognized national financial companies are already located there. This is going on because there is a demand.

By all means though, continue trying to apply your "rules" to the situation. It honestly doesn't matter to me. I don't have any money in on the project nor am I an ASU Alumni. I do know a few more things about the local market than you do, because I live here, but I realize you will stick with your little rules for whatever reason.

Coming around stating that it is doomed to fail is just funny. Bad day for you or something?