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 250000 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 250room Hotel Palomar will also contribute to the popularity of this downtown destination.

Light Rail

Completion of this 20mile 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 15000 students by the year 2015.

Phoenix Convention Center Expansion

The expansion of the existing center will result in 900000 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 34story 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 31story 1000room 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.

About the writer:  ”There’s no place like home” say the dedicated Phoenix REALTORS

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