Mortgage And Real Estate News

Thursday, September 13, 2012

4333 Building plan still viable, extension sought

A prominent, triangular-shaped corner in downtown Scottsdale still is slated to house a multistory building with retail, office and residence despite a long, recession-prompted delay.

In 2007, the city's Development Review Board approved a site plan, building elevations and landscaping for the 4333 Building, an infill project on the southeastern corner of Scottsdale Road and Drinkwater Boulevard.

The 18,914-square-foot building would include first-floor retail, second-floor office and a single residence on the third floor.

It would include 12 on-site parking spaces.

The plan has not changed.

The corner now houses a vacant, two-story office building that would be demolished to construct the building.

The owner, 4333 Investments LLC, was set to begin construction, and then the economy plummeted. The project has been on hold since.

The Development Review Board granted an extension of the previous approval in 2009. The approval will expire in October, so 4333 Investments LLC has submitted a request for another extension, said Kim Chafin, senior city planner.

The proposal has not required Planning Commission and City Council approval, she said.

"The vacant office building still stands," Chafin said. "The owner's request for a two-year extension of the previous approval indicates the reason is 'the lending community has been negatively affected by the current economic climate. The ability to obtain financing for construction has diminished and will not be readily available in the immediate future.' "

Still, Tom Boyle, manager of 4333 Investments LLC, is confident the project will commence as soon as a bank or other retail tenant can be located for the first floor.

"I believe in downtown Scottsdale and believe this is the best corner in downtown," he said. "You drive by and there's the Galleria Corporate Centre on three sides and that's a highly successful project."

According to the project narrative submitted to the city, the 4333 represents a "prominent entrance into downtown Scottsdale, creating an opportunity for a design intended to serve as a focal feature to the residents and visitors of the community."

Boyle said the retail space would be best suited for a bank.

"There's more interest this year than there has been in the last three years," he said. "We see more activity in the market for sure."

by Edward Gately - Jul. 25, 2012 The Republic | azcentral.com



4333 Building plan still viable, extension sought

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