Tag Archives: Downtown Phoenix

Elvis Presley, Johnny Cash music publisher’s estates look to sell prominent Phoenix land

Jan 13, 2017

Land is for sale at the southwest corner of Indian School Road and Central Avenue in midtown Phoenix neighboring Willo Historic District, Encanto-Palmcroft Historic District, FQ Story, Alvarado and Ashland Place districts.

That is one of the busiest intersections in the region and is also on the Metro light rail systems. The land is owned by real estate entities managed by trusts of the Aberbach family.

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Richard Nixon and Elvis Presley

Julian J. Aberbach, who died in 2004, was the music publisher for Elvis Presley. Music publishers do deals related to song writing and royalties when compositions are used.

Public records and real estate databases show land at the Indian School/Central land is owned by Aberbach Investments LLC and Vembec LLC.

Those entities are managed by estates for Julian J. Aberbach and his family.

Greg Vogel’s Land Advisors Organization is marketing the land.

The corner was previously home to an AM/PM gas station which is no longer there, parking lots and a Yoshi’s restaurant.

Vogel said the land for sale totals approximately 3 acres with an asking price of $50 per square foot.

Vogel sees the Indian School/Central land as a good spot for a new apartment development.

Julian Aberbach and his late brother Joachim Jean Aberbach were in the music publishing business and forged deals with Elvis Presley, Ray Charles and Johnny Cash.

Julian Aberbach died in 2004 at age 95.

The New York Times outlined in his obituary the business ties to Presley whom he first forged a deal with in 1955. That included telling Presley to hire songwriters to provide him more music.

“I gave Elvis a check for $2,500, an advance against the royalties of his stock ownership,’’ Aberbach said in a 2002 interview with Billboard magazine according to the Times obit. “And he promptly went to the Cadillac dealer and got a pink one.”

Elvis first appeared on the “Ed Sullivan Show” in 1956.

Land Advisors is a leading real estate firm in the state and region. Vogel’s group forged the deal that is bringing Lennar-developed apartments to the northwest corner of McDowell Road and Central Avenue.

by Mike Sunnucks Senior Reporter Phoenix Business Journal

Tuft & Needle Buys Historic Paper Heart Building on Grand Avenue

Mattress retail startup and Phoenix cheerleaders Tuft & Needle have purchased an historic and iconic building on Grand Avenue.

Owners JT Marino and Daehee Park bought a 6,000-square-foot building at 750 Grand Avenue, most recently known as the Paper Heart, a performance space, music venue, gallery, coffee shop and bar.

The building opened in the 1960s as a Quebedeaux Chevrolet, and was designed by Victor Gruen, the Austrian architect known as “the father of the American shopping mall.”

The Paper Heart was opened by Scott Sanders in 2000 and ran until the end of 2007. The space was one of the early participants of downtown Phoenix’s First Fridays art walk.

Steph Carrico and JRC, owners of the Trunk Space — a long-standing Grand Ave. music venue that has since moved— were involved in the Paper Heart as well.

Park and Marino heard about the space and its history from the Grand Avenue community, and decided to purchase it to preserve the building and the lower Grand Avenue corridor, according to representatives.

The T&N headquarters is across the street on Grand Avenue.

Marino and Park then established Grand Paper Heart, LLC in fall 2016 to purchase the building, which has a full cash value of $512,200, according to Maricopa County records.

T&N declined to disclose the purchase amount, and are not sure what they plan to do with the building.

“We just want to make sure while we’re investing in this area that the other buildings are preserved,” said company representatives.

Marino and Park were runners-up in the Phoenix Business Journal’s 2016 Businessperson of the Year.

Real estate around Grand Avenue is soaring and many believe it’s the next Roosevelt Row where all cool things happen as part of Garfield Historic District and Roosevelt Historic District. Districts near Grand Avenue like Woodland Historic District and Oakland Historic DIstrict are still hidden gems with values increasing more rapidly than other districts. These districts border the core of downtown Phoenix and are walking distance to the State Capitol and other government buildings.

If you’re interested in buying or selling a home in any of these districts or surrounding historic districts, call Laura Boyajian at (602) 400-0008, a Historic Phoenix Real Estate Specialist.

Architects to Take Over Historic Phoenix Building

Mike Sunnucks Senior Reporter | Phoenix Business Journal | Sep 19, 2016

An international architecture firm has leased and will renovate a historic mid-century building in Phoenix.

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A rendering of the interior

Minneapolis-based Cuningham Group Architecture has leased the Farmers & Stockmens Bank Building at Washington and 50th streets near Papago Park.

The 6,000-square-foot building was built in 1951 by famed Los Angeles architect William Pereira.

He also designed the Transamerica Pyramid in San Francisco, Luke Air Force Base in Glendale, CBS Television City in Los Angeles, the Arizona State Prison in Florence and much of Los Angeles International Airport.

The Washington Street building has a historic designation from the city of Phoenix.

Cuningham Group currently has its Phoenix offices near First Avenue and McDowell Road north of downtown Phoenix.

The architecture firm plans on moving this fall.

“For a firm such as ours that deeply respects good design, it is an honor to make this landmark our home,” said Cuningham Group Principal Nabil Abou-Haidar. “There is a clean-lined simplicity to the building that remains attractive to this day. It is certainly an approach we bring forward in contemporary architecture for our clients, and in our other offices around the world.”

Cuningham’s Phoenix office has approximately 20 architects and designers.

The firm’s project portfolio includes work in South Korea, China as well as Disney’s California Adventure.

Cuningham Group is leasing the 1950s era bank building from owners Mike and Gary Smith. They own Phoenix-based Jokake Companies, which acquired the property and in partnership with the city of Phoenix in 2015.

They restored the building’s exterior.

“We are delighted we were able to save the historic property,” said Jill Clements, president of Jokake Real Estate Services. “There are not many historic buildings left in the Phoenix area. So when we were able to save this one, we were thrilled. The Smiths are happy to be working with such a prestigious architectural firm as Cuningham Group and look forward to their long-term tenancy at the property.”

Call Laura Boyajian for all of your Historic Phoenix Homes Buying and Selling needs.

REPORT: Phoenix Ranked Second-Best Metro Area For Homeowners

Bankrate.com Aug 31, 2016

The Phoenix metro area is the second-best in the nation for homeowners, according to a Bankrate.com report released Wednesday.

Portland, Phoenix, Atlanta, Las Vegas and Minneapolis/St. Paul round out the best metropolitan areas for homeowners, according to the report. Bankrate.com is a leading aggregator of financial rate information and this marks their first time releasing such a report.

The study reviewed eight factors: home affordability; price appreciation; property taxes; homeowners’ insurance, energy and maintenance costs; foreclosures and how rapidly rents rose over the past six years for which data are available.

Phoenix ranked high on the list for several reasons, including strong home-price appreciation, few foreclosures and inexpensive homeowners’ insurance, according to the report.

“Phoenix was one of the best cities in all the categories we looked at,” said Claes Bell, Bankrate.com analyst. “We were looking to see which cities were the best for attainability, sustainability, affordability and if there was a rewarding financial benefit to owning a home in these areas.”

The Phoenix area scores fifth lowest on the scale of rent hedging, which is a way of measuring rent increases compared with the home price appreciation. In Phoenix, house prices have also been rising faster than rents over the past five years, contributing to the Valley’s high ranking. The Phoenix metro area had the tenth highest energy cost among the 50 metro areas, a reflection of high air conditioning bills during the summer months, according to Bankrate.com.

Home values plunged during the housing bust, but now they are recovering, according to Bankrate.com, and the pace of home appreciation in Phoenix in the last five years is second fastest among the 50 largest metro areas.

The greater Phoenix area also has bounced back from the foreclosure crisis. For the last three years the city has had the second lowest foreclosure rate among top metro areas.

“Builders stopped building during the housing bubble and now demand beats out supply,” Bell said. “Phoenix is no different in that way from the rest of the country. What’s different is the property tax rate and the affordability of the home itself. In cities like New York and L.A., housing costs are half to three-quarters of a person’s annual income.”

Strong home-price appreciation over the past five years is a common thread in Phoenix, Atlanta and Las Vegas. The Twin Cities’ best housing attributes are strong home-price appreciation and a dearth of foreclosures.

Hartford, Connecticut ranks last because of high carrying costs: It has above-average property tax, energy, homeowners’ insurance and maintenance fees. The New York City metro area is second-worst due to high property taxes, minimal home-price appreciation and expensive maintenance costs. Only Los Angeles (fourth-worst) prevented a northeastern sweep of the bottom five (Providence is third-worst and Buffalo is fifth from the rear), according to the report.

“Major cities in the middle of the country did really well in this ranking,” Bell said in a press release. “Out of the top 15 metro areas, only one is within 250 miles of an ocean. Homeowners in America’s largest coastal cities face a number of challenges, ranging from sky-high mortgage payments gobbling up an outsized portion of homeowners’ incomes to high property insurance rates, especially in hurricane-prone areas, and our ranking reflects that.

It’s a terrific time to buy or sell a home in the Phoenix Metro area.

An Inside Look at Welnick Marketplace & Liefgreen Seed Co. Building In Historic Downtown Phoenix

August 18, 2016
by Courtney McCune

As downtown Phoenix anxiously waits to find out what the future holds for the renovated Welnick Marketplace and Liefgreen Seed Co. building, PHXTV offers this look back at the history of the 1927 building and the process of restoring it to its former glory featuring one of our own Phoenix agents, Sherry Rampy.

Big plans are underway for the historic buildings located at West Van Buren Street and North 4th Avenue, very close to Roosevelt Historic District. With the help of historic preservation funds and private investment, these historic buildings are being restored and renovated for public use.

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Mortgage Rates Hover Near All-Time Low

HISTORICPHOENIXDISTRICTS.COM DAILY REAL ESTATE NEWS | FRIDAY, JULY 01, 2016

Fixed-rate mortgages this week dropped to their lowest averages of the year, which analysts attribute to the fallout from last week’s “Brexit” vote.

The 30-year fixed-rate mortgage averaged 3.48 percent this week, only 17 basis points from its all-time record low of 3.31 percent in November 2012, Freddie Mac reports.

“In the wake of the Brexit vote, the yield on the 10-year U.S. Treasury bond plummeted 24 basis points,” says Sean Becketti, Freddie Mac’s chief economist. “This extremely low mortgage rate should support solid home sales and refinancing volume this summer.”

Freddie Mac reports the following national averages for the week ending June 30:

30-year fixed-rate mortgages: averaged 3.48 percent, with an average 0.5 point, falling from last week’s 3.56 percent average. Last year at this time, 30-year rates averaged 4.08 percent.
15-year fixed-rate mortgages: averaged 2.78 percent, with an average 0.4 point, dropping from last week’s 2.83 percent average. Last year at this time, 15-year rates averaged 3.24 percent.
5-year hybrid adjustable-rate mortgages: averaged 2.70 percent, with an average 0.5 point, falling from last week’s 2.74 percent average. A year ago, 5-year ARMs averaged 2.99 percent.

Source: Freddie Mac

It’s never been a better time to buy a home. Money is inexpensive but that doesn’t mean you should spend a lot, unless you’re wealthy, of course. Call Laura B. for a free consultation on buying a home in any one of the Historic Phoenix Districts, historic adjacent, Uptown, Midtown, Downtown, Scottsdale, Biltmore, Paradise Valley, Arcadia or Surrounding suburbs.

Phoenix Approves Sale of Historic Downtown Building

The city of Phoenix will sell a 101-year-old historic downtown building to a developer for $2.28 million.

Jun 23, 2016

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Barrister Building in downtown Phoenix sale approved and will be renovated

The Arizona Republic reports that the city-owned Barrister Building, which sits on the corner of Jefferson Street and Central Avenue, will be sold to Crescent Bay Development Services LLC. The developer plans to renovate the century-old building, which the city bought in 1990.

Development plans include at least 88 condos in the existing six-story building as well as two new buildings.

This is the latest effort to renovate and preserve the historic building, which originally opened in 1915, and at one time was the tallest building in the state. The city had approved another project plan two years ago but it eventually fell through.

The building was long home to the Jefferson Hotel, featured in Alfred Hitchcock’s 1960 movie “Psycho.”

“We’re really excited about the project,” said Geoff Beer, a principal with Scottsdale-based Crescent Bay.

Beer said plans calls for construction of two new six-story buildings to go along with the six-story, 100-year-old Barrister building. The Jefferson Hotel/Barrister building was built in 1915.

Beer expects condos to be priced between $250,000 and $650,000 with an average unit size of 1,170 square feet. He said Crescent’s bid calls for buying the city-owned building for $2.28 million. It will also include some ground level retail and restaurant space.

Phoenix could reimburse Crescent Bay up to $1.9 million for infrastructure and preservation improvements, according to the Republic.

Tim Gallen and Mike Sunnucks

Phoenix Business Journal

Phoenix’s Encanto Park named among best in nation

Fresh air: Phoenix’s Encanto Park named among best in nation

KTAR May 16, 2016

The Valley of the Sun is famous for our hot summers, but we’re also pretty well known for having some of the best weather in the country during other parts of the year.

We also have some great ways to mark that weather — hiking trails, lakes and one of the best parks in the nation.

Really.

Lifestyle website Thrillist said Phoenix’s Encanto Park is one of the nation’s best 15 city parks.

The site said it selected the 222-acre park because it has a lot to offer Phoenicians — think an amusement park, golf courses and swimming, among other activities — within a short drive from the central part of the city.

The park has also been highly rated by Forbes.

Encanto Park is located near 15th Avenue and McDowell Road. It was built in the 1930’s and designed by William G. Hartranft, who wanted to build something that would rival San Francisco’s Golden Gate Park or San Diego’s Balboa Park — the former was named the fifth-best city park in the nation by Thrillist, while the latter was named the second-best.

The park borders the popular and elite Encanto-Palmcroft Historic District and just across the street is Fairview Place Historic DIstrict with more affordable homes than Encanto. Just a short walk to the north is the popular North Encanto Historic District also offering homes more affordable than Encanto-Palmcroft.

Thrillist said Forest Park, in St. Louis, Missouri, is the best city park in the nation. Built to host the 1904 World’s Fair, it has numerous museums, the country’s biggest outdoor theater and a waterfall.

If you are curious about homes in this area, contact Laura B.

Downtown Phoenix grocery store could be delayed

How the downtown Phoenix grocery store could be delayed by a Cold War-era bomb shelter

May 5, 2016, 10:12pm MST

Like many downtown Phoenix residents, I was ecstatic when news broke that Fry’s would be landing a long-desired grocery store in the city core.

And while the store isn’t slated to open for a while, there might be a few things that will require a little extra patience for us long-suffering downtown denizens.

According to a report this week in The Arizona Republic, when developers break ground later this year on the project at Second and Jefferson streets, officials with the city of Phoenix expect them to unearth a bevy of city history including remains of old jail cells and prehistoric artifacts.

Oh, and possibly a Cold War-era bomb shelter.

That’s right. A bomb shelter. Turns out the parcel of land on which the Fry’s and accompanying mixed-use high-rise will be built has had quite a history.

It used to be home to a J.C. Penney store, as well as a city-operated jail.

Phoenix officials told the Republic the bomb shelter made sense in the middle of the 20th Century during the height of the Cold War and when children across the nation spent time in drills learning to “duck and cover” in the event of a nuclear blast.

But for a 21st Century grocery store as part of an ongoing gentrification period? The Republic story doesn’t mention what developers might do with an excavated bomb shelter, though it could be redeveloped into a planned basement for the Fry’s. Developers plan to house the grocery store’s bakery and other operations in a basement.

Regardless, it is likely that if developers do uncover the bomb shelter, it will add a little bit of time to the project’s time table.

Apparently, such historical finds are common for downtown developments.

The Republic reports that construction of the CityScape project in downtown unearthed an old bank vault and other artifacts.

Tim Gallen

Digital Editor