Urban Realty's Downtown Tempe Lofts & Condos Blog

The New Urban Realty Tempe Blog

Urban Realty & Development — Wed, 04 Nov 2009 03:45:24 -0600

For all those looking to stay on top of all things involving Downtown Tempe, make sure to check out and subscribe to our new blog location!

New Link Here: Downtown Tempe Life, Lofts & Condos Blog

Tom Tokoph | 602.549.9000

Urban Realty & Development

I Recall... Mill Ave in Fall...

Urban Realty & Development — Sat, 13 Jun 2009 15:39:40 -0500

Many of the more astute Mill Avenue dwellers have noticed a tree planting frenzy occurring on our beloved “Main Street” in Downtown Tempe.

Over the years, some of the great Ficus trees that shade Mill Avenue have succumb to our Summer Monsoons, vandalism, insects, or the crazy micro-burst thunderstorm last year that clocked winds up to 100 miles an hour! The new trees are replacing the large holes and stumps where the previous Ficus once stood. While that may be obvious, what is not so obvious is that the new trees planted will drastically change the look of Mill Avenue come Fall. The new trees are the “Chinese Pistache” tree and according to web sources “The leaves of the Chinese Pistache are lustrous and dark green in the summer and a beautiful orange to red in the fall.”

While some of our Ficus trees are still standing grand and tall, the plan is to replace the Ficus with the Chinese Pistache as the Ficus age. There is no doubt that this new burst of color along Mill Avenue will insure that the already popular street will become even more popular during the fall and winter months. Way to go City of Tempe!

Tom Tokoph | 602.549.0000

Designated Broker | Urban Realty & Development

Beginning this April- "Music On Mill" Avenue

Urban Realty & Development — Thu, 26 Mar 2009 18:39:33 -0500

In an effort to help create a more vibrant Mill Avenue District, the Tempe community group has created a new street experience called “Music on Mill”. Beginning April 9th, 2009, the weekly event will be held every Thursday evening from 5pm to 9pm along Mill Avenue. According to published reports, the plan is to create:

“a showcase of local musicians and performers. Music on Mill is a nod to Tempe's vibrant music history, and particularly Mill Avenue, where all of the bars were located that sprouted such bands as the Gin Blossoms, The Refreshments, Dead Hot Workshop and the Meat Puppets. Musicians and performers, covering a gamut of musical genres, will activate public space and give visitors a positive, unique experience in the Mill Avenue District. Musicians scheduled to perform for “Music on Mill” can easily be identified by branded donation buckets that will be placed at each of their locations. The public is encouraged to donate towards performances so musicians return week after week. Merchants are also being prompted to host live musical acts within their venues to add to the “Music on Mill” experience.”

While we are excited about the prospect of adding this new energy and creative experience to Mill Avenue, we hope that this look backwards to what Mill Avenue “used to be” isn’t a substitute for what Mill Avenue could become. Mill Avenue has too much potential! That potential will not be fully realized by trying to recreate what Mill Avenue used to be. A totally different, unique experience, one that may include a music scene, will be what makes the “New Mill Avenue” special. Hopefully, Music on Mill gets that new experience rolling.

For more information, please visit our local blog at www.Tempe360.com

Tom Tokoph | www.UrbanRealtyAZ.com

Urban Realty Deal of the Week

Urban Realty & Development — Tue, 24 Feb 2009 01:22:58 -0600

"EDGEWATER AT HAYDEN FERRY LAKESIDE"

This 1,727 Square Foot Condo located on the 1st floor of the Edgewater building boasts a very large patio, 2 bedrooms, 2 bathrooms and easy access to the beautiful Tempe Town Lake park and boardwalks. Enjoy this Downtown Tempe Condo and everything else that Mill Avenue has to offer! Hayden Ferry Lakeside is mere moments away from 100’s of restaurants, bistros, coffee shops, the Metro Light Rail, Sky Harbor Airport, and ASU.

Priced at $399,900 (only $232/ s.f.!), this is the lowest priced two bedroom unit Urban Realty has ever seen available at Hayden Ferry Lakeside!

Click here for more information and pictures on this Edgewater at Hayden Ferry Lakeside condominium.

MoJo Yogurt Gives Away Free Yogurt

Urban Realty & Development — Thu, 19 Feb 2009 02:10:53 -0600

On Friday, February 20th between 1pm and 8pm be sure to swing by the new MoJo Yogurt in downtown Tempe (on Mill Avenue and 3rd Street) for FREE yogurt! You’ll get to enjoy some of the best “good-for-you” yogurt around in a truly hip and modern space. Go to MoJo Yogurt’s website for more.

Click www.UrbanRealtyAZ.com for more information on loft and condo living in Downtown Tempe.

Another Centerpoint Condo Update!

Urban Realty & Development — Fri, 13 Feb 2009 17:26:14 -0600

The following article appeared in the Arizona Republic yesterday.

Click here to read the full article

Quick synopsis: Mortgages Limited, the lender for Centerpoint Condominiums, is attempting to force the developer into Chapter 7. Currently, the developer is in Chapter 11 whereby they hope to “reorganize” and obtain an additional 45 million dollars from a new lender and finish the first tower. By convincing a judge to move the developer from Chapter 11 to Chapter 7, Mortgages Limited will force the sale of the assets in order to pay back the creditors. Hearings are scheduled for Wednesday and February 26, 2009.

Click Here For More Information on Centerpoint Condos in Downtown Tempe

Tempe's Mill Avenue Gets a Little "Mojo"!

Urban Realty & Development — Tue, 10 Feb 2009 19:37:45 -0600

Fro-Yo- Mojo that is! The newest store from the “Mojo Yogurt” concept opens today with another sleek and modern space mere steps off the light rail station at Mill Avenue and 3rd Street. With a fresh, good-for-you product, this yogurt lounge is also “self-serve”, allowing yogurt fans to pile on any of the 28 flavors and toppings as high as they want. But before everyone runs over and starts filling up 5 gallon buckets, remember that they charge by weight (.39¢ an ounce). For those who prefer to drink their yogurt, you can also create your own bowl and then have one of the Mojo-cuties behind the counter mix it up into a smoothie.
With it’s red glittering tile, flat screen TV’s, and furniture that looks as though it was taken out of Austin Power’s lair, this new yogurt shop is much welcome “Mojo” for Mill Avenue!

For more information on Downtown Tempe Lofts and Living

Tempe Town Lake is Growing

Urban Realty & Development — Fri, 06 Feb 2009 02:40:00 -0600

According to published reports, the bike, walking and jogging boardwalk surrounding Tempe Town Lake is about to expand. Near the South bank of Tempe Town Lake, the paths will extend between Rural Road, past the Eastern dam, all the way to McClintock Drive. This is the equivalent of another mile of paths. The extension is slated to be completed within the next 8 or 9 months.
For all those who haven’t taken advantage of the giant recreation and linear park area that is Tempe Town Lake, take a stroll down by the lake and prepare to be impressed. The City of Tempe has given it’s residents, especially it’s Downtown Tempe residents, a truly amazing public park.

Click here for more information about Tempe Town Lake and the downtown Tempe condominiums, lofts and homes that surround it

Las Palomas Condos Rocky Point Vacation Rental

Urban Realty & Development — Wed, 04 Feb 2009 14:51:13 -0600

As Springtime quickly approaches, we thought now was a great time to start planning for some modern style seaside escapes. Enter “HipGetaway.com”! Our sister website promotes modern condominium vacation rentals on Sandy Beach in Rocky Point, Mexico. With their hip designer touches and eclectic lounge vibe, these Mexico getaways will satisfy any weary traveler. Enjoy relaxing at the swim-up pool bistro and bar within the Las Palomas Seaside Golf Community overlooking the mellow Sea of Cortez, some cool pools, a lazy river, and a very cozy jacuzzi.

Click www.HipGetaway.com for more info on these modern Las Palomas Condos in Rocky Point, Mexico

City Market and Deli Opening at HFL

Urban Realty & Development — Thu, 15 Jan 2009 03:16:06 -0600

We were pleasantly surprised to see construction underway for the “City Market & Deli” in the vacant retail space underneath the parking garage at Hayden Ferry Lakeside! (74 E. Rio Salado Parkway) The market’s grand opening is scheduled for sometime in February.
Offering “Boars Head” meats in all of their sandwiches, a salad bar, a generous wine selection, and groceries to go this “city market” is sure to be a hit with all of the residents at Edgewater & Bridgeview in Hayden Ferry Lakeside. Here is a sample of their daily sandwich specials:

Italian Cold Cuts
Stacked with Boars Head ham, cappicola, dry salami, and provolone cheese. Dressed with the finest imported olive oil and vinegar, salt and pepper, fresh oregano, crisp romaine lettuce, tomato, red onion and mild pepperoncini.
Italian Meatballs
Homemade meatballs topped with our marinara sauce, melted provolone and parmesan cheeses and a dash of fresh oregano.
City Deli Steak and Cheese
Piled high with Philly steak, melted provolone cheese, mayo and your choice of any or all bell peppers, onions and mushrooms.
City Deli Beef Dip Au Jus
Stacked skyscraper high with lean Boars Head oven roasted beef, topped with melted Swiss and served on a toasted roll with a steaming cup of Au Jus.

For more information on the City Market & Deli, visit their website here: citymarketanddeli.com

For more information on Hayden Ferry Lakeside or other condominiums on Tempe Town Lake, visit www.UrbanRealtyAZ.com We specialize in downtown Tempe lofts, condos and townhomes!

aloft Ready to Open on Tempe Town Lake

Urban Realty & Development — Thu, 15 Jan 2009 03:10:14 -0600

aloft, Tempe’s newest hotel, will open on February 5th. The eco & tech friendly hotel offers 136 rooms and some hipster- style amenities. aloft Hotels is a vision of the “W Hotel” brand and offers an alternative to the typical travel destination. With its loft inspired design and free flowing energy, aloft lets guests customize their stay and celebrate their style.
The Tempe aloft is located on the North shore of Tempe Town Lake just off Rural Road and Playa Del Norte Drive, the cool new hotel will open just in time for the NBA All-star Game and the always popular Tempe spring events. Based upon its location and contemporary style, there is little doubt that the W XYZ Bar will be all Abuzz!

Click here for more information on aloft Tempe
For more information on downtown Tempe lofts, condos and townhomes visit www.UrbanRealtyAZ.com We specialize in Tempe urban living!

Food Sojourning on the Metro Light Rail

Urban Realty & Development — Tue, 06 Jan 2009 18:02:44 -0600

Now that Metro light rail cars are sliding into stations all across the Valley, we know many city people who are anxious to sample the plethora of good eats next to or near the light rail stops. Obviously, Mill Avenue in downtown Tempe has enough to keep foodies busy for years, (see Mill Avenue dining hot spots here) but a whole new world of deli’s, bistros, lounges, and ethnic restaurants are now available only moments away from the rail. We did a little internet sleuthing and came across a fantastic article by Michele Laudig of the Phoenix New Times on the eateries along the light rail line. Here are excerpts from that article:

“...Near the 19th Avenue/Camelback station, fill up on cheap, homey Cuban food at Sabor Cubano Buffet (2030 W. Camelback), or indulge in budget-friendly Vietnamese eats at Da Vang (4538 N. 19th Ave.).

It's already quite the bustling intersection, but expect the Central Ave./Camelback stop to only get busier, thanks to the sheer variety of spots. There's classy, family-run Italian (Aiello's, 5202 N. Central, aiellositalianrestaurant.com), and a well-rounded restaurant that does it all, from morning 'til night (Maizie's, 4750 N. Central, maiziescafe.com). In the next couple of months, two more high-profile places are set to open in this 'hood, too: St. Francis Place (111 E. Camelback) and the second location of Postino Wine Cafe (5144 N. Central, postinowinecafe.com).

Further down Central (Indian School and Osborn stations)” "...where would we go for some fish and chips and a pint of Guinness (George & Dragon, 4240 N. Central, georgeanddragonpub.net) Or the best homemade mozzarella sandwich in town? (Pane Bianco, 4404 N. Central, pizzeriabianco.com) Or a killer cocktail and some great Middle Eastern-inspired noshes (Fez, 3815 N. Central, fezoncentral.com) In the case of China Chili (302 E. Flower, chinachilirestaurant.com)”

“Near the Thomas and Central Avenue station, you can go fancy or casual. Swanky Durant's (2611 N. Central, durantsaz.com) features valet parking and top-notch steaks, while Wild Thaiger (2631 N. Central, wildthaiger.com) and Switch (2603 N. Central, switchofarizona.com) are more stylishly laid-back, with classic Thai eats at the former and a globetrotting assortment of salads, sandwiches, and shareable plates at the latter.

Heading to the Heard Museum? Your best bet — and frankly, your only bet — at the Encanto station is Arcadia Farms, tucked right into the museum (2301 N. Central, arcadiafarmscafe.com). Fuel up on a gourmet sandwich or salad before checking out the exhibitions. Or, if the Phoenix Art Museum is on your agenda, Arcadia Farms runs the in-house café there, too (1625 N. Central). Also around the McDowell station is Thai Hut (101 E. McDowell), with affordable noodles and curries in a diner setting, as well as Cheuvront Restaurant & Wine Bar (1326 N. Central, cheuvronts.com), where the menu of 40-plus cheeses is irresistible.

Hop off at the Roosevelt station to get to several restaurants just beyond the downtown fray. Carly's Bistro (128 E. Roosevelt, carlysbistro.com) is cozy and open late, serving sandwiches and salads, while two blocks over from famous Matt's Big Breakfast (801 N. First St., mattsbigbreakfast.com) is restaurateur Matt Pool's lesser-known hangout, The Roosevelt (816 N. Third St.). It's basically a bar, open only in the evening, but the menu is crave-able even when you're not in the mood for a beer.”

“Halfway between the Third Street and 12th Street stops along Jefferson, Mrs. White's Golden Rule Café (808 E. Jefferson) is a must-try for excellent fried catfish, fried chicken, cornbread, and other soul-satisfying dishes. And on the westbound side of the line, try Los Dos Molinos (1010 E. Washington, losdosmolinosaz.com), where the wait is never as bad as this New Mexican restaurant's south Central Ave. sister location.

Heading toward Tempe from there, the rail line passes through some long stretches of industrial and office parks, and the better options, such as the time-honored Stockyards (5009 E. Washington, stockyardsrestaurant.com), aren't in very pedestrian-friendly locations, despite their proximity to the rail...”

“...Some of the best ethnic cuisine in the Valley crops in along the eastern stretch of the light rail. The intersection of University and Rural offers scrumptious Ethiopian eats at Blue Nile (933 E. University), but if Middle Eastern food is what you're craving, ride to the next stop, at Dorsey and Apache Boulevard. Haji Baba (1513 E. Apache) is a cafe/market where you can gobble up cheap falafel before stocking up on Middle Eastern staples, while Tasty Kabob (1250 E. Apache, tastykabobaz.com) is a nicer sit-down place known for its appealing Persian menu. Khai Hoan's Vietnamese menu clearly doesn't fit in with the Middle Eastern mix, but it's a great stop for cheap pho in this part of town (1537 E. Apache).

The Dhaba (1876 E. Apache, the-dhaba.com) is the only reason to get off at McClintock/Apache Boulevard, although it's no ordinary Indian restaurant. Here, they serve casual chaat dishes (Indian truckstop snacks) that you won't find anywhere else in town...”

“Here, at the Sycamore/Main Street station, you can choose from excellent, authentic Chinese food (Asian Café Express, 1911 W. Main) or tasty Guatemalan cuisine (Grill El Quetzal, 1933 W. Main) on the east side of Dobson, or a plethora of Chinese and Vietnamese spots at the brand-new Mekong Plaza (66 S. Dobson, mekongplaza.com) right across the street...”

Metro Light Rail Observations From Downtown Tempe

Urban Realty & Development — Sun, 04 Jan 2009 03:09:32 -0600

With child-like excitement, Urban Realty & Development watched this week as the Metro Light Rail slid open it’s car doors to the public for the very first time. It was truly a momentous occasion for Arizona, but especially for Mesa, Downtown Phoenix, and Downtown Tempe. After all of the train dust settles, the rail fees take effect, and the grand opening events are over, we will see what the lasting effects of the light rail will have on our downtown. In the meantime, we thought we’d share some of our initial observations from the Downtown Tempe perspective.

The first item of significance was the general uptick in the pedestrian traffic on Mill Avenue. The “main street” in downtown Tempe was truly transformed over the last week. Of course, there were the ubiquitous young professionals and urban hipsters, but there were also the usually unseen groups of people like happy parents chasing their small children, groups of teenagers meandering about, and empty nesters and grandparents strolling the Avenue. We saw lines formed outside a number of the local shops and we were told by some of the restauranteurs that business had definitely increased. This remained true even on Friday, after the “free ride” days had come to an end.

Now, we are well aware that this next observation may be biased, so we will go ahead and concede that point right from the start. However, after riding the majority of the 20 mile light rail route, we’ve come to the opinion that Downtown Tempe has the most exciting part of the light rail track-- by a mile! Consider these features of the downtown Tempe section of the light rail route: the modern architectural detailing of the new Tempe Transit Center, the section of track that provides landscaped views of Tempe Butte (aka “A” Mountain), the immediate access to all that Mill Avenue has to offer from the Mill Avenue/3rd Street station, and finally, cruising over Tempe Town Lake on the multi-colored light bridge. From our perspective, it is easy to see why Downtown Tempe’s section boasts the best part of the rail. (Honorable mentions must be given to Phoenix for the 44th Street/Washington station that provides quick access to Sky Harbor airport as well as the 3rd Street and Washington/Jefferson stations that drop passengers off directly next to the professional sports stadiums in downtown Phoenix. With the addition of the light rail running through the center of downtown Phoenix, it is now much easier to see the Phoenix developing into a truly revitalized downtown environment that any urbanite would enjoy. Without the rail, it was much more difficult to see the evolution!)

Another observation was the amount of phone calls we’ve received from potential clients immediately following the light rail grand opening. Their common request: “We want to live within walking distance of the light rail!” Of course, as an urban real estate company we have always predicted this. We just didn’t expect it to happen so quickly! This is a fantastic indication of what the long term effects might be for both businesses and the loft condominium developments near the light rail stations. Not only in downtown Tempe, but all along the light rail’s path.

Now that the tracks are hot, it is easy to see how the Metro light rail will become a major draw for all urban living enthusiasts in Arizona.

Contact Tom Tokoph | 602.549.9000 for more
Or click here for information on living near a light rail station in Downtown Tempe.

Metro Light Rail Grand Opening- As Viewed Through a Camera-Phone

Urban Realty & Development — Mon, 29 Dec 2008 17:41:26 -0600

We thought that Urban Realty’s first ride on the new light rail system this Saturday deserved to be filmed... even if only on a poor quality camera-phone! So, we filmed it, the video above was the result. ;-) Click the image above to see the movie.

After so many years of talking about and dreaming about the light rail, it was amazing to finally take the first ride. We boarded at the main Tempe Transit Center and headed West past Mill Avenue, crossed over the bridge at Tempe Town Lake, flew past Sky Harbor Airport, and stopped at the center of Downtown Phoenix. Only 25 minutes after we boarded the train we stepped off within view of the Diamondback’s Chase Field, the Phoenix Suns US Airways Center and the Phoenix Convention Center. We were particularly surprised by the large turn out of Phoenician’s so anxious to ride mass transit and so ready to cram into the busy light rail cars in true “New York Subway” style. Who would have thought that would ever happen in Arizona?

Congratulations Arizona on the new Metro light rail and for taking another giant step towards creating an authentic, urban living transportation option for Valley residents!

Metro Light Rail Ready to Open With a "Beep-Beep"

Urban Realty & Development — Sat, 27 Dec 2008 04:13:00 -0600

After years of planning, millions of dollars spent, and much anticipation-- the 20 mile long “Metro” Light Rail Service begins today with celebratory grand opening parties all along the rail line. The main celebration will be at the Downtown Tempe Transportation Center at Veterans Way and College Avenue, but there will be parties at various train depots including those located in Mesa and Phoenix.
Here is the calendar of events for the Tempe celebration:

9:30 - 10 am: Grand Opening Ceremony
10 am: Metro Free Rides begin
10 am - Noon: Chuck E Baby and the All Stars (pop/classic)
Noon - 2 pm: Ringo McLennonSon (Beatles cover band)
2 - 2:45 pm: Chris Parker Project, 1st set
3 - 3:45 pm: Chris Parker Project, 2nd set
4:15 - 5:30pm: Roger Clyne & the Peacemakers
5:30 pm: Fireworks

This is such an exciting time for Urban Realty and all Downtown urbanites! We hope to see everyone at this event and riding the Metro for years to come!

HELPFUL LIGHT RAIL LINKS:
Click Here to find out all about Tempe’s Light Rail Party
Click Here to learn all about the Metro Light Rail Service
Click Here for all articles/videos/slideshows from AZ Republic
Click Here to find places to live/work/play on the Metro

Regions Bistro & Bar Coming to Mill Avenue & Six

Urban Realty & Development — Mon, 22 Dec 2008 19:35:44 -0600

While we don’t know a whole lot about this new restaurant concept slated to open on the Southwest corner of 6th Street and Mill Avenue in downtown Tempe just yet, we do know that it will be called “Regions bistro & bar” and that it’s forthcoming web site will be at www.RegionsBistro.com. Currently, all one can do on their web site is apply for a job!
The “Regions” concept looks like another innovative and unique restaurant coming to the Mill Avenue District. On the heels of the “La Bocca Urban Pizzeria & Wine Bar” opening, we are very hopeful that Regions Bistro will help continue the maturing of the culinary scene of Mill Avenue. While the beer & chicken wings crowd definitely deserves a place in the downtown, we think there is also plenty of room for these new concepts too. Maybe one day, when someone asks an Arizonian where they can get great food in a great atmosphere, the “Mill Avenue District” will be the answer!

Click Here for More Information on Downtown Tempe Restaurants and Bars

Tom Tokoph | 602.549.9000 | Urban Realty & Development

Entrepreneurs Wanted in Downtown Tempe!

Urban Realty & Development — Fri, 12 Dec 2008 20:13:50 -0600

“Hip and authentic downtown environment needs entrepreneurs, visionaries, restauranteurs, retailers, urban dwellers, creatives, and aggressive city leaders to reinvent its main street/city center. Ability to think outside the box a plus.”

Blame it on the economy. Blame it on developers like DMB whose postponed “Centerpoint on Mill” re-development plan caused many Mill Avenue retailers and restaurants to go “dark”. Or, here’s a popular one, blame it on “Tempe Marketplace”! Whatever we want to blame it on, there is little doubt that Mill Avenue and downtown Tempe is in need of some new energy.

A few weeks ago, the Bamboo Club, a “not-popular-enough” Asian bistro closed it’s doors. Today, with rumors already swirling, Borders Books & Music posted giant, yellow “store closing” signs. This, on the heels of other recent closings-- Harkins Centerpoint Cinemas, Abercrombie & Fitch and Bath & Body Works. Once Borders Books closes it’s doors, Mill Avenue will barely look the same to those who haven’t been around the block since last years Christmas time Fantasy of Lights.

So, what is the downtrodden urbanite to do? Should we all just pack it up and move back to the stick, stucco and red tile roof suburbs? We don’t think so... these urbanites prefer to look at the brighter side of things (we know that is a very unpopular stance to take nowadays, but hey, urbanites are usually counter culture anyway, right?).

Just take a gander at this list: Chronic Tacos, La Bocca Urban Pizzeria & Wine Bar, Fresh & Easy, Bliss Yogurt, Dunkin’ Donuts, Chipotle, and CVS Pharmacy. These are all brand new stores and restaurants that have just recently opened or will soon be opening on Mill Avenue. Couple that with the following list: Metro Light Rail, Tempe Center For the Arts, Tempe Town Lake+Beach Park & Boardwalk, the top ranking for Best Downtown in Arizona, Top ranking for Best place to work for small businesses, and Mill Avenue- which is the most authentic, urban experience bar none in Arizona. Add all that up and what we have is an opportunity to re-invent downtown Tempe all over again. Sure, we will miss the edamame at Bamboo, and the quick reads at Borders, but we are sure to love the new concepts that will take their places on Mill Avenue and are yet to be discovered.

So, all you entrepreneurs, visionaries, restauranteurs, and urbanites... what are you waiting for? CREATE! Mill Avenue is counting on you!

Click here to find out more about retail, office, and live/work opportunities on Mill Avenue and Downtown Tempe

Tempe Has Best Downtown for Small Biz!

Urban Realty & Development — Wed, 10 Dec 2008 19:43:48 -0600

Small businesses love Downtown Tempe and believe it has the best quality of life in Arizona-- this is according to a recent survey of 3,000 Arizona small businesses. Although Urban Realty has been promoting the urban lifestyle for living and working for years, it is great to finally see it confirmed with hard statistics!

Read the complete article here
Find an office or retail space for your small business here

Read another article about working in downtown Tempe

Centerpoint Condos Makes Announcements

Urban Realty & Development — Fri, 05 Dec 2008 19:35:52 -0600

Urban Realty received the following letter from the owners/developers of the Centerpoint Condominiums development today. We thought it was worth sharing:

“We are excited to notify you that Centerpoint’s 22-story residential tower may open as early as this Spring with the retail plaza level following this Summer! We value our relationship with you, so we wanted to be sure to keep you informed of our significant milestones. We are writing to update you on a new strategic direction that we have selected to take in order to move forward more expeditiously to open Centerpoint Condominiums.

As the tallest towers in Tempe’s Mill Avenue District, Centerpoint Condominiums changes the City’s skyline and augments Mill Avenue’s status as the most vibrant and vital urban main street in the Valley. And the views, as you know, are incredible. In partnership with Valley celebrity chef, Michael DeMaria, Centerpoint will feature a 180-seat contemporary Italian restaurant, Trattoria M, and accompanying market-caffé, Aroma. Aroma will be a highly unique destination; offering artisan foods, locally grown, natural and organic whenever possible, in-house bakery, house made gelato, coffee barista, floral shop and a world-wide selection of cheeses and vintages. Residents of Centerpoint will also enjoy their own private “backyard” at the approximately 23,000 square-foot 7th level Great Room complete with a white sand beach pool with cabanas, poolside food and beverage service and an upscale fitness center with a Yoga and Pilates studio, among many other offerings. Centerpoint is likely the most innovative and exciting mixed-use destination to hit the Valley.

Our new plan, that we would like to share with you, has received overwhelming support from our homeowners and subcontractors as this sound business structure enables our homeowners to move into Tower One this Spring and the retail plaza level opened to the public by Summer. This will create a tremendous new destination for Tempe’s Mill Avenue District and the greater metropolitan area.

To give you some background, Centerpoint has been under construction since 2005 and was proceeding successfully, having procured many pre-sale commitments for condominium homes, until late 2007 when lender Mortgages Ltd., Arizona’s largest private lender who filed Chapter 11 in U.S. Bankruptcy Court on June 23, began defaulting on its funding obligations to us. This slowed and eventually stopped construction as you may know. After much patience over the past year and willingness on our end to work toward a resolution with Mortgages Ltd. and its investors, we have determined that they have no intention or ability to approve an equitable agreement with us. So, we are now taking action on our own terms to complete Centerpoint, and protect our investment in this landmark project.

In the recent past, we have negotiated a financing agreement of $75 million with a new lender. This plan has been in front of Mortgages Ltd. and its project investors for many months. Unfortunately, we have made little, if any, progress to obtain this new financing through Mortgages Ltd.’s bankruptcy court process. So, in an asserted effort to protect our asset and finish the job, we filed a lawsuit against Mortgages Ltd. for defaulting on their funding obligations to Centerpoint; as well as have filed Chapter 11 in U.S. Bankruptcy Court to afford us the opportunity to obtain new financing through our bankruptcy court’s authority. Gaining the court’s authority will allow us to move forward in a more streamlined, efficient and productive direction, benefiting all parties.

We requested our new lender finance $44 million initially. These are the funds needed to open Tower One so our homeowners can move in, and complete the retail plaza level, resident’s private “backyard” amenities level, the extension of 6th Street and the exterior of Tower Two. We are very excited to have established a partnership with this new lender who shares our commitment to providing the highest level of integrity and quality in every aspect of Centerpoint Condominiums.

While filing Chapter 11 may sound serious, it is an appropriate and routine step to take in this business situation and gives the federal court authority to restore order and protect assets. Once the bankruptcy court approves our new loan, which we hope to occur expeditiously, we will complete Tower One approximately 60-90 days after the close of the new loan agreement; then, the retail plaza level will open approximately three months following.

While much of our attention is on finalizing the terms of our new loan agreement, we certainly remain focused on delivering what Tempe Mayor Hugh Hallman and many other community and business leaders throughout the Valley refer to as a landmark project for the Mill Avenue District.

Please feel welcome to contact us with your inquiries. We will continue to update you on our progress as well. In the meantime, for your reference, we have attached the press releases recently distributed regarding our lawsuit and Chapter 11 filing, as well as a copy of the lawsuit. Please feel welcome to review them for further information.

Again, we sincerely value our relationship with you and look forward to sharing exciting milestones ahead. The lack of progress and commitment to our project by Mortgages Ltd. was unexpected. Nevertheless, good things come to those who wait; and in that regard, we know Centerpoint will be an amazing community for all of us.

Sincerely,
Kenneth K. Losch and David C. Dewar
Principals”

MORE:
Click Here to View News Release
Click Here to View Attorney’s Letter
Click Here to View East Valley Tribune Article
Click Here to View Arizona Republic Article

Click Here to learn more about the Centerpoint Condominiums

Mosaic Condos and Mortgages Limited

Urban Realty & Development — Wed, 03 Dec 2008 20:37:43 -0600

It was announced in the Arizona Republic today that the judge in the Mortgages Limited bankruptcy case has approved an agreement between the developer, KML Development, of Mosaic Condominiums and their lender, Mortgages Limited. In the ruling, the judge reduced the principal owed on the amount currently funded by Mortgages Limited by more than half-- from $30.3M to $14.9M. Of greater importance to all Tempe urbanites was the revelation that plans for the Mosaic development site are now focusing on high-end student housing. Developing...

Read the Full Article Here

More Downtown Tempe Living Options

Dunkin' Donuts On Mill Avenue

Urban Realty & Development — Wed, 03 Dec 2008 20:29:29 -0600

If the Dunkin’ Donuts slogan is true that “America Runs on Dunkin’”, then it appears “Mill Avenue Runs on Dunkin’” now too!
Quietly opening a few weeks ago, Dunkin’ Donuts is a great addition to the Mill Avenue District and the tempe urban scene. Offering a quick, in and out, self serve option for those on the go, Dunkin’s staples are donuts and coffee. But, one can also enjoy a small selection of bagels and cream cheese (a good option previously missing on Mill Avenue) as well as muffins, specialty coffees, etc. The best part of Dunkin’ Donuts is their prices. Compare “DD” with other coffee shops and prepare to be pleasantly surprised!

The “official” grand opening event will be held on December 1st, when Dunkin’ Donuts will pay for all metered parking on Mill Avenue for the entire day. Mayor Hugh Hallman will be sharing in the event and will be pouring coffee beginning at 6AM.

Find out more about Urban Living

“Mill Avenue Runs on Dunkin’”!

Centerpoint Update: Construction Start in ’09?

Urban Realty & Development — Fri, 21 Nov 2008 13:35:11 -0600

Centerpoint Condominiums is looking to receive the second and final installment of $2M of the $4.8M it was agreed to be paid in a hearing before the Mortgages Limited bankruptcy judge in December. The developer is also hopeful that a deal will finally be done allowing for a new lender to take a “first lien” position and provide Centerpoint with the estimated $70M still needed to complete the high profile project. If this happens, the developer believes that construction could begin again in January 2009 and buyers would be able to begin moving in as early as April 2009.

For More:
Arizona Republic Article
East Valley Tribune Article

Fresh & Easy in Downtown Tempe

Urban Realty & Development — Wed, 19 Nov 2008 13:16:37 -0600

According to the Arizona Republic, the British "Fresh & Easy Market" concept is coming soon near downtown Tempe. If you've never seen one of these urban style, neighborhood groceries, they are a real treat. The current plan calls for the market to take over the space that will soon be vacated by Walgreens at Broadway and Mill. Walgreens recently built a free standing store at the Southwest corner of the same intersection. If you want to get a sneak peak at what the store may be like, there is another Fresh & Easy already open at 425 W. Baseline Road - Kyrene & Baseline. (Or check them out online at http://www.freshandeasy.com/)

Although we don't think the location is within a realistic walking distance to downtown, it is close enough to be our only real "neighborhood" grocery and it is definitely within biking or scooter range!

Hayden Ferry Lakeside - $200,000 Below Developer Pricing! WOW!

Urban Realty & Development — Tue, 04 Nov 2008 14:40:51 -0600

$200,000 below developer pricing! Are you kidding?
Very aggressively priced... try to find a better bargain at Bridgeview at Hayden Ferry Lakeside... it would be hard to find a better deal available at Bridgeview!

Beautiful, new, first class development. With it's 2 Bedrooms, 2 bathrooms, plus laundry room-it has everything a city resident could want... and then some! Too many upgrades to list, but includes stainless steel appliances and storage space in garage. Also includes a 111 sf of balcony space with spectacular views of Tempe Town Lake. Sit back & enjoy the sailboats skim across the lake or walk to Mill Avenue's shops and restaurants, the future light rail, ASU, & enjoy everything Downtown Tempe has to offer! Aggressively priced at $679,000

THIS IS THE LOWEST PRICED 2 BEDROOM AT $200K BELOW DEVELOPER PRICING!
SELLER IS MOTIVATED AND WOULD LIKE TO CLOSE ESCROW SOON.

CLICK HERE FOR MORE PHOTOS!

CLICK HERE FOR A VIDEO TOUR!

Tom Tokoph
Urban Living Broker
Urban Realty & Development
602-549-9000

http://www.UrbanRealtyAZ.com

Lofts at Orchidhouse - Best Places to Work!

Urban Realty & Development — Tue, 04 Nov 2008 14:29:40 -0600

Congratulations to the Lofts at Orchidhouse at the Brickyard on Mill, which were recently announced as one of the best places to work by Phoenix Magazine! Keane Creative, one of the creative live/work tenants at the Orchidhouse were selected as one of the "Best Places to Work" in the "Super Small" category. See the full article below:

PHOENIX MAGAZINE

Author: Ginger S. Eiden
PRINT Issue: November, 2008, Page 110

SUPER SMALL
Keane Creative
keanecreative.com
In an industry that thrives on the concepts of young and hip, Keane Creative is truly leading the pack. The Tempe-based marketing design firm was founded by 25-year-old owner and Arizona State University alumnus Russell Perry (this helps the young vibe quite a bit) and prides itself on a smart use of technology and just the right touch of social interaction – happy-hour soirees translate to client meetings and networking missions. Located in downtown Tempe’s +, Keane’s urban chic loft-style atmosphere helps employees, clients and guests let down their guards, get comfortable and, most importantly, get creative. And just to sharpen its competitive edge, the Keane Creative team plays a lot of Nintendo Wii. Founded in 2005, Keane currently has a staff of six.

With only six employees, Keane Creative in Tempe is still a baby in the market, but its loft-style office and laid-back atmosphere already make it a great place to work.

CLICK HERE to view the entire article

For more information on how you can utilize the Orchidhouse Lofts as your new live/work space - BIG OR SMALL, contact Tom Tokoph at Urban Realty & Development. We specialize in The Lofts at Orchidhouse and would love to help you find your own creative live/work office space in the heart of downtown Tempe.

Tom Tokoph
Urban Living Broker
Urban Realty & Development
602-549-9000

UrbanRealtyAZ.com