The Hotel Monroe project is located in heart of downtown Phoenix along the light rail transit corridor. This $41 Million project will take a 156,968 sq. ft. National and Local historic landmark building that has been vacant for more than 25 years and turn it into a Hilton Garden Inn (HGI) hotel that will serve business travelers, student traveler, and tourists in downtown Phoenix market. Situated in the heart of downtown Phoenix along the light rail line, the HGI is estimated to open in Dec 2015.
YDI is a private, not-for-profit agency incorporated in Arizona in October of 1996. This nine acre campus in central Phoenix, provides intensive and specialized treatment for youth referred to residential treatment by the Arizona Juvenile Courts and/or by other Arizona child placing agencies (Behavioral Health, Child Protective Services, etc.) for emotional problems and/or serious behavior disorders. The locked 84-bed residential treatment facility is licensed by the Office of Behavioral Health as a secure Level I residential facility and for outpatient services, including assessment and evaluation, counseling, and intensive day treatment services.
This 2006 project redeveloped a 1960 auto repair facility of 8,910 square foot located within a city redevelopment area and transformed the building into office/incubator space for small businesses along the newly constructed Phoenix light rail line. The loan proceeds were used for exterior rehab and tenant improvements and acquisition of a parking lot south of the site. The interior office build out consists of four offices and contains 8,910 total SF, of which 2,200 SF is occupied by Northern Global, Inc. The NMTC financing was extremely important in getting this project off the ground as the borrow was unable to secure normal financing from local lenders. In addition, upon completion, the Great Recession hit Phoenix so finding occupants took longer than anticipated. This required patient capital when foreclosures were the norm in Phoenix and commercial real estate took a significant hit in value. An added benefit was the property was located along the Light Rail line that extended westward into downtown and central Phoenix and eastward to Arizona State University, downtown Tempe and Mesa.
This project redeveloped an existing 65,000 sq. ft. building on 5.5 acres of property that was formerly a sports athletic facility and convert this into office space for the State of Arizona Department of Economic Security (AZDES). This project was a major remodel of what was a former sports/ fitness facility and roller rink. The building was nearly vacant, covered in graffiti and attracting transients. Major renovations were needed including a new roof, electrical service, office spaces, break rooms, restrooms, lighting, landscaping, a new parking lot, site drainage and exterior faÃ§ade.
This $5.8MM project was started in 2006 and is on a nine (9) acre parcel located on the southwest corner of the original 100 acre Motorola Semiconductor campus at 5005 East McDowell Road. The AA Building was constructed in 1979 by Motorola and used by ON Semiconductor until the fall of 2005. The building has been vacant since December 2005. The SW Parking Lot has been abandoned since 1999. The building will undergo extensive re-modeling of the interior spaces including removing the Automated Storage and Retrieval System, and re-configuring the first floor space to provide a more flexible open floor plan.
Action Compaction Services Inc. (ACS) used $1 million in NMTC financing for the acquisition and renovation of three buildings totaling 24,564 SF including 3.2 acres of land in late 2005.
In 2005, AZ Board of Regents (ABOR) began rehabilitating three vacant historic Phoenix Union High School (PUHS) buildings totaling 90,000 square feet for use by the University of Arizona College of Medicine. The campus was built in 1911 and the buildings were placed on the National Register of Historic Places in 1982. The rehabilitation of these structures was part of the downtown Phoenix bioscience campus development, which eliminated blight in the downtown core while spurring new development and job opportunities. The project preserves three historic buildings and serves as a catalyst for the bioscience campus development. In addition, this project helped address the growing need for physicians and nurses within the community.
New 32,000 square foot YMCA facility.
This project will build out the 45,000 square feet of the vacant 9th floor of the hospital by adding 48 private rooms including equipment and furnishings for the pediatric acute care population. Construction on this $15.7 million project is expected to commence in January of 2014 and be completed in November 2015. This project is projected to create 90 full-time equivalent positions with an average wage of about $65,500 and up to 50 construction jobs.
This 2007 project expanded and rehabilitated a recently purchased facility of 35,000 square feet of existing multitenant office space. The actual changes involve the addition of nearly 30,000 square feet of office space and construction of a 280 space, three level parking garage. The Arizona Disability Empowerment Campus will become the future home for eight non-profit and three governmental organizations that serve people with disabilities in Phoenix and throughout Arizona. It is a state of the art, universally designed, accessible and transit-oriented non-profit disability resources campus to serve the community.