Luxury hotel to become attainable luxury apartments

per Trillium Management president Kenneth Losch.A swanky, landmark hotel in north Phoenix that's been shuttered for several years will get new life as "attainable luxury" apartments near the planned Metrocenter mall redevelopment.

Why it matters: That area of north Phoenix is in the midst of a massive transformation and the redevelopment of the Sheraton Phoenix Crescent will add to the area's renewal.

The big picture: Foundation 8, a partnership between Trillium Management and Gia Hospitality, plans to convert the hotel into an apartment complex called The Crescent, per Trillium president Kenneth Losch.

State of play: The $120 million project will blend "high‑quality residential living with resort‑style amenities at rental rates accessible to working professionals."

• Losch told Axios that the complex will also accept renters with past credit problems that have since been resolved.

Zoom in: The complex is slated to have 258 studio, one-bedroom and two-bedroom apartments in the former hotel and another 350-plus units in three smaller buildings that won't block views from the former Sheraton.

• The developers plan to keep the hotel building structurally intact but will repaint it with new colors, Losch said.
• He said the first phase, which will only include the hotel conversion, is expected to be completed in 12-18 months.

Zoom out: Losch said he and his partners look for projects that have "tailwind," meaning "the demand is moving to a new level in the area" due to improving market conditions.

The big picture: Foundation 8, a partnership between Trillium Management and Gia Hospitality, plans to convert the hotel into an apartment complex called The Crescent, per Trillium president Kenneth Losch.

• Metrocenter has been demolished and will be replaced with the Metropolitan, a huge residential and retail center served by a recent light rail hub.
• The massive Taiwan Semiconductor Manufacturing Co. complex is nearby and accessible via Interstate 17, Losch noted.
• Both are expected to drive housing demand.

The intrigue: The apartment plans aren't set in stone, and the developers left open the possibility that the building could once again become a full-service hotel if there's demand from someone like TSCM or its suppliers.

• Yes, but: That would only happen under the right circumstances that would have to occur quickly, Losch said.

Catch up quick: The hotel has been closed since January 2023 due to an electrical fire.

• The property was tied up in legal disputes for years and a court-appointed receiver unsuccessfully attempted to sell the building at auction.

Flashback: The Sheraton Phoenix Crescent was built by Charles Keating's American Continental Corporation and opened in 1986.

• American Continental declared bankruptcy in 1989 after the infamous collapse of Keating's Lincoln Savings and Loan Association, and the federal government seized the Sheraton Phoenix Crescent later that year.

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New details emerge on redevelopment of Phoenix’s Punchcard Building

 New details emerge on redevelopment of Phoenix’s Punchcard Building

By: Audrey Jensen, Phoenix Business Journal

Posted 9:41 AM, Jan 10, 2025

PHOENIX — New York-based development firm Left Lane is working through plans to turn the former Phoenix Financial Center into an urban, mixed-use resort to be called Recess Phoenix.

Left Lane has envisioned converting the 18-story office tower, known as the Punchcard Building, into 209 hotel rooms and 143 multifamily units, according to the company's website, which prominently displays the Phoenix project among its current developments.

The former financial center, recognized for its distinctive slots resembling vintage computer punch cards, is located in midtown at Central Avenue and Osborn Road.

Two 9,000-square-foot rotundas on the site could also be converted into uses such as restaurants, while the developer wants to add new buildings and amenities throughout the overall seven-acre property.

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Developer plans to demolish Metrocenter Mall soon

 Developer plans to demolish Metrocenter Mall soon

It will need to be done in steps, he said, because the mall was built when asbestos was common in building materials. Crews will remove asbestos first and demolish “as we go,” Betts said. Including demolition, the redevelopment is expected to cost about $850 million.

The site will then be graded to make way for the new development. Betts estimates demolition and grading will take about 10 months.

Betts said the team has also begun negotiations with potential users for some of the sites, such as apartment developers or other businesses interested in having a location in the development. Those conversations couldn’t begin until the development team knew they were moving ahead with demolition.

Metrocenter Demo

 How a new Arizona law has slowed Metrocenter Mall redevelopment in Phoenix

Betts said construction financing should close by mid-August with demolition to begin by the end of the month. It could take 10 months because of asbestos removal.

He said the Metrocenter Mall’s two-story design provides an opportunity to have levels within their walkable urban village concept. After demolition and grading, water and sewer lines will be installed, and a public park should be built before construction begins.

“So this will be a two-year endeavor before you're able to see the village come out of the ground,” Betts said.

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Original Article

A look at life in metro Phoenix in the 1980s

A shot of downtown Phoenix on May 4, 1989.

The Republic

Brian Burch, 8, gets a bird's eye view of Mesa and Tempe from the balloon of Marvin Kerby in May 1980.

The Republic

Big Surf water park in Tempe in 1980.

Tempe History Museum

Interstate 10 stack interchange under construction in Phoenix in 1980.

The Republic

Former ASU football head coach Frank Kush riding a bike in the Great Arizona Bicycle Ride in 1980.

The Republic

A Phoenix police Hughes 500 series picks up a Phoenix fire crew on South Mountain in April 1980.

The Republic

John Driggs standing in front of the Rosson House in downtown Phoenix in April 1980.

The Republic

A clean-room technician at the Chandler Intel manufacturing plant that opened in 1980. In the three-plus decades since Intel's arrival, the high-tech industry has become a huge economic driver for Chandler. Intel has expanded many times.

Chandler History Museum

Save The Date

 Northwest Extension Phase II Opening

On January 27, 2024, service begins on the Northwest Extension Phase II that helps connect the West Valley to destinations in Phoenix, Tempe and Mesa. The 1.6-mile extension from 19th Ave/Dunlap to the Metrocenter area adds three new stations, including the system’s first elevated station across I-17. Riders will be able to access a new transit center with bus connections and a new park-and-ride garage. Public art adorns the stations, transit center and park-and-ride incorporating the unique character of the communities they serve. The expansion of service to Metrocenter supports the community reenergizing that is planned over the next few years.

Message from Councilwoman Ann O'Brien (Oct 20, 2023)

 Message from Councilwoman Ann O'Brien

Regarding Cortez Park and I-17, we are partnering with the Arizona Department of Transportation (ADOT) and the Phoenix Police Department to clean, sanitize, and clear encampments located under the I-17 and Cortez Park underpass. This is to address the concerns of public safety and hygiene. Measures are also being taken to address unwanted activities and public nuisances at the ramada in Cortez Park. This initiative will enhance our community’s safety and help diminish criminal activity in this area. Last, we are retrofitting lights and cameras in Cortez Park to improve security in the area. Additionally, there will be full night shift rangers and private security personnel to further enhance safety at the park. To clarify any confusion, the Metrocenter demolition project is well underway and was started in August. They are currently focusing on the interior portions of the structure before moving to the exterior. We will keep you updated on the progress and any potential impacts on our community. 

How Circle the City is connecting Arizonans experiencing homelessness with health care

 How Circle the City is connecting Arizonans experiencing homelessness with health care

John Finocchi said he had been keeping a careful eye on his sugar intake. He hadn’t had insulin in three weeks, and as a Type 1 diabetic, he knew he was at risk of serious complications.

Finocchi had been trying to fit a doctor’s visit into his schedule while living on the Human Services Campus in downtown Phoenix. He was starting to feel weak after limiting the foods he ate for some time. 

These are the types of situations Circle the City’s mobile medical units are made for, staff said. The clinics, each outfitted with two medical bays in a truck, are stationed in different places around the Valley to provide medical assistance for people experiencing homelessness. Their goal is to make care easier to access for as many people as possible.

This city’s residents have banded together to make a huge change to their front yards — and it’s saving them tons of money

 This city’s residents have banded together to make a huge change to their front yards — and it’s saving them tons of money

Phoenix residents who want to save both money and water are replacing their moisture-guzzling grass with beautiful, low-maintenance desert plants, Business Insider reports.

The “anti-lawn movement” is a push to stop growing turf lawns and start growing plants suited to the local environment. It has grown in popularity in recent years as the western U.S. has struggled with drought, driving up the cost of water. 

Phoenix takes big step toward Scottsdale-style canals, but residents wonder

 Phoenix takes big step toward Scottsdale-style canals, but residents wonder

Picture a canal. Scottsdale has the waterfront, Venice romantic gondolas. Amsterdam is synonymous with canals. In Bruges, they made a movie that featured them. Even San Antonio has a must-see entertainment district on its canal.

Now, decades after Phoenix's canals were built, the city wants in on the act. Mayor Kate Gallego touts how the city has 180 miles of canals compared to Amsterdam's 60.

Phoenix officials have spent years trying to bring their vision of a "Grand Canalscape" to reality, and earlier this month they took a major step toward bringing it to fruition.

Why is ATSC 3.0 Taking So Long?

 Why is ATSC 3.0 Taking So Long?

Commentary: The NextGen TV broadcast standard is facing several threats, including some of its own making.

Here’s why the metro Phoenix freeway system was mentioned on ‘Jeopardy!’

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PHX At Your Service: Monthly Newsletter

 April 2023 Monthly Newsletter

Valley Metri NW Expansion Q123 Update

 

PROJECT STATUS 

• Traffic on Dunlap Avenue will shift in December 2022 for track and roadway installation at 25th and Dunlap avenues. Traffic will remain restricted to one lane in each direction outside of the future light rail guideway (where the train tracks are located). 

• Utility relocations in the project corridor will be completed by January 2023. • Trackwork and station construction will continue through spring 2023. 

• Bridge construction on 25th Avenue over the Arizona Canal and Diversion Channel is complete; 25th Avenue road, rail and station work will continue through spring 2023. 

• Interstate 17 light rail bridges work, which includes track and station infrastructure, will continue through 2023. 

• Coordination and collaboration continues with local area community groups, business owners and residents. 

NEXT STEPS 

• Overhead Catenary System (OCS) poles and wiring construction will continue through spring 2023. 

• Trackwork is estimated to be completed in February 2023. 

• Station construction is estimated to be completed in spring 2023. 

• Construction of the light rail bridges over I-17 will continue into 2023. Expect overnight freeway restrictions in this area through spring 2023. No additional full freeway closures are expected

Phoenix launches ongoing survey to gather input, measure public perception

 Phoenix launches ongoing survey to gather input, measure public perception