Western Real Estate Business magazine covers the multifamily, retail, office, healthcare, industrial and hospitality sectors in the Western United States.
Issue link: https://westernrealestatebusiness.epubxp.com/i/873170
C A L I F O R N I A & H A WA I I 34 • September 2017 • Western Real Estate Business www.REBusinessOnline.com S O U T H W E S T CATHEDRAL DEVELOPMENT COMPLETES $33 MILLION CONVERSION OF HISTORIC HOTEL TO AFFORDABLE COMMUNITY PHOENIX — Cathedral Development Group has completed the $33 million conversion of a historic luxury hotel in Phoenix into The Historic West- ward Ho Apartments, an affordable seniors housing community. Originally built in 1928, the hotel hosted famed guests such as Presi- dent John F. Kennedy, President Ron- ald Reagan, Jackie Gleason and Paul Newman throughout its history. Ca- thedral purchased the property in 1978 and has spent 40 years trying to preserve and restore the property. Cathedral Development Group uti- lized public/private programs to help fund three separate renovation proj- ects. In the most recent project, the firm utilized including federal historic tax credits, 9 percent low income tax credits allocated through the Arizona Department of Housing competitive scoring process, a new first mortgage through HUD's FHA 221(d)(4) loan program and the resubordination of an existing HUD Marked to Market sec- ondary debt and resubordinated third debt through the City of Phoenix. The renovations included new en- ergy efficient heating and cooling features, a new plumbing system throughout the property to enhance water efficiency, new features in select units such as kitchen cabinets, floors, bathroom fixtures, energy efficient windows, a lightning protection sys- tem for the building and the restora- tion of the historic courtyard fountain. In a related but separately funded project, the first floor commercial space was remodeled and a long-term lease signed with Arizona State Uni- versity. The property can now host up to 289 elderly and disabled residents. Based in Providence, R.I., Cathedral Development Group is working on projects in Rhode Island, New York, Maine, Arizona and Delaware. PANATTONI DEVELOPMENT COMPLETES SOUTH 15 AIRPORT CENTER IN HENDERSON HENDERSON, NEV. — Panat- toni Development has completed a 482,300-square-foot industrial build- ing at South 15 Airport Center in the Las Vegas submarket of Henderson. The building is situated on a 28-acre parcel on Executive Airport Drive. The $24 million project has a clear height of 36 feet. The project is the only large industrial development lo- cated in the south end of the valley. The facility is owned by PDC USIF South 15, LLC, a joint venture be- tween Panattoni Development and Hillwood. It was built by Alston Con- struction and designed by Tectonics Design Group. BLUEPRINT STUDIOS TRENDS LEASES FORMER IGT HEADQUARTERS LAS VEGAS — Blueprint Studios Trends has leased an 81,000-square- foot space within the Southwest Corporate Campus in Las Vegas that formerly served as the headquarters of International Gaming Technology (IGT). The campus is located at 7900 West Sunset Road. The studio plans to use the space to produce designs for large-scale events, including: tradeshows, gen- eral sessions, exhibit booths, summits and sales kick-off meetings. Notable neighboring tenants include IGT, IKEA, Pepsi, UFC, Freeman Compa- ny, Scientific Games, Ainsworth and Switch. Blueprint was represented by the Naseef Team of Colliers International. Susan Borst, Dan DohertyChris Lane and Jerry Doty of Colliers Internation- al represented the landlord, Panattoni Development, in this transaction. POPBAR OPENS FIRST LOCATION IN PHOENIX PHOENIX — Popbar, the maker of customizable, handcrafted frozen treats, founded in New York City in 2010, has opened its first location in Phoenix at Westgate Entertainment District. The company currently has 24 locations. Popbar has 12 stores in the U.S., in states such as New York, California, North Carolina and Florida, and 12 stores internationally in countries like Canada, Panama, Singapore and Rus- sia. There are currently seven stores under construction in new territories, and many more to come. Popbar's newest location, Phoenix, is the third to open this year and is located in the vibrant, interactive Westgate Enter- tainment District. Popbar serves handcrafted gelato, sorbetto and yogurt in a new way — on a stick. All pops are made in-house daily with all natural ingredients. While Popbar is expanding rapidly, the brand maintains a 'mom and pop' feel at all locations with the help of its hand-selected franchisees. New stores quickly become classic neighborhood spots, and supplies like fruit and milk are purchased locally. Top Tier customer satisfaction is why we were voted the #1 COMMERCIAL TITLE TEAM in Arizona for 2017. Amy Osborn Carol Rieger Belinda Rosthenhausler VP Commercial Escrow Frieda Jimenez Commercial Escrow Officer AVP Commercial Sales Escrow Officer Dina Hart Commercial Escrow Officer 480.278.8484 | cleartitleaz.com Commercial Title & Escrow Ser vices Underwritten by First American Title Biltmore Commercial Office 2901 East Camelback Road, Ste 100, Phoenix, Arizona 85016