Ritz-Carlton project placed on Nov. 4 ballot
Housing: Barron’s Calls A Bottom
“Amongst Barron’s data: Home price indexes are skewed by steep drops in the value of subprime properties - which account for only 10% of the all U.S. housing. A $300B congressional effort to allow FHA support of troubled mortgages, and/or a government takeover of Fannie (FNM) and Freddie (FRE), would ease lack-of-credit concerns. Home sales of 5M/year are the same as a decade ago - yet the population has grown by 25M and the job market by 10M since then. The much-feared hump in adjustable-rate-mortgage resets has been blunted by early mortgage defaults. Early- and late-stage delinquencies on subprime properties have been falling for the past 6-8 months.” (Seeking Alpha, July 13th)
Ritz-Carlton project placed on Nov. 4 ballot
from AZCentral.com, Town residents will vote Nov. 4 on a referendum to determine the fate of the Ritz-Carlton, Paradise Valley Resort project, the Town Council decided Thursday. The council April 10 unanimously approved a special use permit to construct the resort/residential mixed-use project, but Preserve Our Paradise, a citizens group opposed to the density of some of the residential units, collected enough valid signatures to take the project to a public vote. The project developed by Scottsdale-based Five Star Development calls for a 225-room resort hotel and 161 residences ranging from 1-acre home sites to patio homes on 105 acres northwest of Lincoln Drive and Scottsdale Road. The town uses an all-mail ballot format for its local elections. This time, voters will have to vote on the measure in person unless they request an early mail-in ballot because the referendum will be included on the same ballot as the presidential and other national and state races.
Aquaterra part of Fiesta district revitalization
from the East Valley Tribune, reports that progress has not slowed on a high-end condominium project that's expected to help transform the Fiesta Mall area into a destination for young business professionals. Aquaterra is viewed as a major catalyst to the revitalization of the Fiesta district as an urban village. Plans for Aquaterra include a 6-story condo complex with 430 units, a plaza with shopping, dining and services, and a 132-key Starwood Hotels brand midlevel hotel, built in three phases. Cathy Ji, a Mesa economic development specialist said, "It's a nice, urban, mixed-use project that really helps speed transformation in that area. When you drive by, you're going to know that you're in the Fiesta district because it's such a unique design and a unique concept for the area." According to Thomas Roszak, president of Aquaterra's developer, Roszak/ADC, construction on the condos is expected to begin in spring/summer 2009 in two phases, and overall construction should be completed in about three years. The condos will range in price from the $190,000s to the $900,000s.
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