General Area in Phoenix>Question Details

Andrew, Home Buyer in Phoenix, AZ

Who has faith in downtown Phoenix?

Asked by Andrew, Phoenix, AZ Sat Jun 7, 2008

I absolutely love all of the urban housing projects in and around downtown BUT most of them are in the middle of slums. They are fairly high priced which makes it hard for me to want to risk the investment. I don't know if enough is being done to "clean up" downtown. ASU can only do so much...

Help the community by answering this question:

Answers

9
Faith? I don't think you need faith to see what downtown Phoenix will become. The money is coming and more is on its way. Remember that the downtown renaissance is in its infancy. Each time I go there, there are more places to eat and to be with friends and I have no fear walking the streets at nights in most areas. Even 10 years ago and less I had no reason to go there. It was an office wasteland, but now its drawing me in, so much so that we're moving to Midtown soon.
We have been investing in real estate in downtown/midtown and so have many of our clients. Add to this the rising cost of energy and the increasing distaste for suburbia then follow the money, follow it to downtown and midtown Phoenix. I encourage you to take a bike and ride the streets on a weekend morning then go at night to all those old little houses, many of which now are galleries or places to have a good beer.
1 vote Thank Flag Link Sat Jun 7, 2008
As fuel keeps going up, I think more will be moving to live more centrally.
Web Reference: http://getprequalified.com
1 vote Thank Flag Link Sat Jun 7, 2008
Interesting that this just popped up again. I'm sitting right now at Lola Coffee along Roosevelt Ave and I just finished a conversation with a few people about how wonderful this area is, how life in Downtown Phoenix is simply awesome, fun, exhilarating: full of culture, great people. It's both developed and eclectic, it has character which some areas have lost, like downtown Tempe. It's good now and it will only get better.
0 votes Thank Flag Link Mon Dec 28, 2009
A year and a half after this question was asked I can tell you that without a doubt downtown Phoenix is gaining popularity and people. Go downtown and week end evening and you will see people of all types walking around and enjoying great restaurants like Local Breeze, The Pasta Bar, Sens (sp?), and others, or catching live theater, events at the convention center, sporting events, concerts at Dodge Theater, or just hanging out. The opening of the light rail and ASU have added a vibrancy to downtown Phoenix that was sorely lacking.

Andrew, I have "faith in downtown Phoenix" and you should too.
0 votes Thank Flag Link Mon Dec 28, 2009
Andrew,
One year ago we placed our real estate office in downtown Phoenix and had to expand its size this year. Downtown Phoenix is booming, residential and commercial real estate is selling.

There is so much more that is going to happen downtown. With the current state of the housing industry and the Light Rail months away from going live, now is the perfect time to buy. I personally have bought residential and commercial properties, statistics bear me out. Commercial and Residential Properties that had Light Rail increased in value 2-3 times. Look at the examples in San Diego to Denver.

More than $3 billion of both private and public money is currently being invested in Downtown Phoenix Copper Square to build new offices, housing, entertainment and retail centers.
There are close to 6 million square feet of office space in this area. In addition, there are a number of new luxury apartments and urban housing projects that provide housing for workers and spur continued office and retail development.

Several major projects are being completed, providing additional space for new and expanding businesses.
• The Phoenix Biomedical Campus at Copper Square plans for
2 million square feet of biomedical related facilities that will
house the Phoenix campus of the University of Arizona - College
of Medicine, Arizona State University Department of
Bioinformatics that will join the recently built headquarters and
research facility for the International Genomics Consortium and
the Translational Genomics Research Institute.

• The remodel of the Phoenix Convention Center will result in
900,000 square feet of rentable exhibition, meeting and ballroom
space. It will be completed in two phases culminating in 2008.
• The recently approved Phoenix CityScape project will include
2.5 million square feet of mixed use space in the heart of downtown
Phoenix, including 550,000 square feet of office space,
over 1,200 residential units, 250,000 square feet of retail
space, and a newly designed Patriots Park.
Amenities.

At the heart of Downtown is Copper Square.
This 90 square block center of business, finance, and government serves Greater Phoenix and offers
something fun for everyone 365 days a year including performing arts, museums, professional sports,
entertainment, dining and nightlife at venues such as:
• Arizona Science Center
• Phoenix Museum of History
• Orpheum Theatre
• Herberger Theater Center
• Phoenix Civic Plaza
• Symphony Hall
• Dodge Theater
• US Airways Center (NBA, AFL, WNBA, ECHL)
• Chase Field (MLB)
• Heritage Square Historic District
• Arizona Center (shopping, restaurants and night
clubs, 24-screen movie theatre)
This does not include the expansion of the Convention Center and ASU.

There is so much more to tell. If you are interested; we represent the development Tapestry on Central (a great value per square foot) and have a website that has additional information.
Log on to: TapestryonCentral.net
Good Luck! Happy House Hunting.
Catherine
0 votes Thank Flag Link Fri Jun 27, 2008
I think what is going on downtown is awesome. Although it doesn't work for me and my family, just 15 years ago, I would have loved it. Heck, when Arizona Center came to downtown I was a big fan, expecting more projects like it. With quality high rise living now available, more restaurants, and shopping soon to come, living downtown is becoming viable for those that don't need/want their own yard/pool, and for those that don't enjoy driving 45+ minutes to get into work.

What we see now is a period of transition. Remember the warehouse district that was where Chase Field is at now? You would never know what that portion of downtown looked like before, by what you see now. That kind of transition doesn't happen overnight, but it is happening, people are finding the value, and slowly it is indeed changing.
0 votes Thank Flag Link Sat Jun 7, 2008
I really don't think downtown Phoenix is a gamble but a rational decision and plan, that will take time to fully mature. The planning has been going on for a long time. Take a look at what a light rail type system did in other major cities similar to Phoenix, sprawling cities like Phoenix, and the gamble becomes an educated guess, then look at what the poplation is doing and it becomes a natural progression.
0 votes Thank Flag Link Sat Jun 7, 2008
Your question is very valid and I am not sure if Phoenix will turn as quickly as people think. A lot of people are buying into the light rail system but others has their doubts. I think its really a gamble. It could be a win or lose.
Web Reference: http://www.garymiljour.com
0 votes Thank Flag Link Sat Jun 7, 2008
There is a big push for downtown Phoenix to become a 24/7 vibrant area. There's been announcements in the past year of quite a bit of development including grocery stores committing to downtown over the course of the next so many years. Grocery stores are obviously a "must" to have a true urban core besides condos.

Sales of condos downtown have been decent but not great by any standard. With gas prices over $4 a gallon ... and only going to continue to rise ... I think that areas like downtown Phoenix and Tempe will start to see positive growth over the course of the next few years as people start to think, "Do I really want to live 30 miles away from work? Do I really want to have to drive to get everything? Do I really want to have to drive to eat?"

I do have faith in downtown Phoenix and downtown Tempe and think the current economic shift will not only spur growth in our urban cores but promote continue mass transit options, like the light rail.
0 votes Thank Flag Link Sat Jun 7, 2008
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer