Overview
- Project Name: ?
- Location: SW corner of Van Buren and 2nd Avenue (201 W. Van Buren)
- Type: Mixed-Use
- Status: Proposed Construction
- Expected Completion: ?
- Last Update: 05-Nov-2018
- Developer: PMG
- Builder: ?
- Design Contractor: Kimley-Horn & Associates
Project Details
201 W. Van Buren is a yet-unbranded 2-phase residential project by Chicago-based PMG group under an updated GPLET development contract with the City of Phoenix.
The project will consist of 2 towers approximately 275 ft. tall, each containing about 300 residential units and 20,000 sq. ft. of ground-floor retail. Between them, the agreement also calls for 1000 parking spaces indended to to serve the nearby Orpheum Theater, along with various other improvements.
Note: The current rendering was done for the previous design. An updated one is not yet available.
Quick Facts
- 2x 275′ towers
- 600 Total Residential Units
- 40,000 sq. ft Retail/Office
- 1000 Parking spaces
New developer, New design
The agreement is an revised version of one that Phoenix entered into in 2012 with Chicago-based Golub Corporation. Unfortunately Golub was never able to execute on that project due the Great Recession. They have transferred the property to another Chicago developer, Property Markets Group (PMG), to move forward with it.
The original agreement outlined a single high-rise tower with 300,000 sq. ft. of commercial space, 650 parking spots, and ground-floor retail.
To move forward with the conveyance of the property to the new developer, the City of Phoenix proposed new terms.
The changes reflect the updated priorities and market reality in the years since 2012. Commercial space is drastically reduced to 40,000 sq. ft., replaced instead with 600 residential units. Parking is slightly increased, with Phoenix wanting to provide parking for events at the nearby Orpheum theatre. The agreement also carries forward the original GPLET agreement, which was negotiated prior to the 2018 update by Arizona’s legislature that restricted the program’s use after it generated a lawsuit related to another project.
A booming downtown
Downtown has become a hotbed of growth since the end of the Great Recession, adding over 3500 residential units since 2010, with another 5100 in development. Even still, the projected increase is not likely to keep pace with demand. Phoenix ranks 5th nationally in fastest-growing rents, rising 4.4% since 2017, more than twice the national average of 2%. (Data from DTPHX and RentCafe)
The growth is driven in parts by improved economics, the metro light rail, ASU Downtown, and the emerging preferences of Millennials and Baby Boomers alike for a more urban, walkable style of living.
The new agreement calls for construction to begin within 24 months, with an allowance for an additional 12 months if PMG needs it.
Update 11/5/2018 – Post updated to include the design firm and to reflect the address found on design & permit documents.