Tom Tokoph

While we don’t know a whole lot about this new restaurant concept slated to open on the Southwest corner of 6th Street and Mill Avenue in downtown Tempe just yet, we do know that it will be called “Regions bistro & bar” and that it’s forthcoming web site will be at www.RegionsBistro.com. Currently, all one can do on their web site is apply for a job!
The “Regions” concept looks like another innovative and unique restaurant coming to the Mill Avenue District. On the heels of the “La Bocca Urban Pizzeria & Wine Bar” opening, we are very hopeful that Regions Bistro will help continue the maturing of the culinary scene of Mill Avenue. While the beer & chicken wings crowd definitely deserves a place in the downtown, we think there is also plenty of room for these new concepts too. Maybe one day, when someone asks an Arizonian where they can get great food in a great atmosphere, the “Mill Avenue District” will be the answer!

Click Here for More Information on Downtown Tempe Restaurants and Bars

Tom Tokoph | 602.549.9000 | Urban Realty & Development

“Hip and authentic downtown environment needs entrepreneurs, visionaries, restauranteurs, retailers, urban dwellers, creatives, and aggressive city leaders to reinvent its main street/city center. Ability to think outside the box a plus.”

Blame it on the economy. Blame it on developers like DMB whose postponed “Centerpoint on Mill” re-development plan caused many Mill Avenue retailers and restaurants to go “dark”. Or, here’s a popular one, blame it on “Tempe Marketplace”! Whatever we want to blame it on, there is little doubt that Mill Avenue and downtown Tempe is in need of some new energy.

A few weeks ago, the Bamboo Club, a “not-popular-enough” Asian bistro closed it’s doors. Today, with rumors already swirling, Borders Books & Music posted giant, yellow “store closing” signs. This, on the heels of other recent closings-- Harkins Centerpoint Cinemas, Abercrombie & Fitch and Bath & Body Works. Once Borders Books closes it’s doors, Mill Avenue will barely look the same to those who haven’t been around the block since last years Christmas time Fantasy of Lights.

So, what is the downtrodden urbanite to do? Should we all just pack it up and move back to the stick, stucco and red tile roof suburbs? We don’t think so... these urbanites prefer to look at the brighter side of things (we know that is a very unpopular stance to take nowadays, but hey, urbanites are usually counter culture anyway, right?).

Just take a gander at this list: Chronic Tacos, La Bocca Urban Pizzeria & Wine Bar, Fresh & Easy, Bliss Yogurt, Dunkin’ Donuts, Chipotle, and CVS Pharmacy. These are all brand new stores and restaurants that have just recently opened or will soon be opening on Mill Avenue. Couple that with the following list: Metro Light Rail, Tempe Center For the Arts, Tempe Town Lake+Beach Park & Boardwalk, the top ranking for Best Downtown in Arizona, Top ranking for Best place to work for small businesses, and Mill Avenue- which is the most authentic, urban experience bar none in Arizona. Add all that up and what we have is an opportunity to re-invent downtown Tempe all over again. Sure, we will miss the edamame at Bamboo, and the quick reads at Borders, but we are sure to love the new concepts that will take their places on Mill Avenue and are yet to be discovered.

So, all you entrepreneurs, visionaries, restauranteurs, and urbanites... what are you waiting for? CREATE! Mill Avenue is counting on you!

Click here to find out more about retail, office, and live/work opportunities on Mill Avenue and Downtown Tempe

Small businesses love Downtown Tempe and believe it has the best quality of life in Arizona-- this is according to a recent survey of 3,000 Arizona small businesses. Although Urban Realty has been promoting the urban lifestyle for living and working for years, it is great to finally see it confirmed with hard statistics!

Read the complete article here
Find an office or retail space for your small business here

Read another article about working in downtown Tempe

Urban Realty received the following letter from the owners/developers of the Centerpoint Condominiums development today. We thought it was worth sharing:

“We are excited to notify you that Centerpoint’s 22-story residential tower may open as early as this Spring with the retail plaza level following this Summer! We value our relationship with you, so we wanted to be sure to keep you informed of our significant milestones. We are writing to update you on a new strategic direction that we have selected to take in order to move forward more expeditiously to open Centerpoint Condominiums.

As the tallest towers in Tempe’s Mill Avenue District, Centerpoint Condominiums changes the City’s skyline and augments Mill Avenue’s status as the most vibrant and vital urban main street in the Valley. And the views, as you know, are incredible. In partnership with Valley celebrity chef, Michael DeMaria, Centerpoint will feature a 180-seat contemporary Italian restaurant, Trattoria M, and accompanying market-caffé, Aroma. Aroma will be a highly unique destination; offering artisan foods, locally grown, natural and organic whenever possible, in-house bakery, house made gelato, coffee barista, floral shop and a world-wide selection of cheeses and vintages. Residents of Centerpoint will also enjoy their own private “backyard” at the approximately 23,000 square-foot 7th level Great Room complete with a white sand beach pool with cabanas, poolside food and beverage service and an upscale fitness center with a Yoga and Pilates studio, among many other offerings. Centerpoint is likely the most innovative and exciting mixed-use destination to hit the Valley.

Our new plan, that we would like to share with you, has received overwhelming support from our homeowners and subcontractors as this sound business structure enables our homeowners to move into Tower One this Spring and the retail plaza level opened to the public by Summer. This will create a tremendous new destination for Tempe’s Mill Avenue District and the greater metropolitan area.

To give you some background, Centerpoint has been under construction since 2005 and was proceeding successfully, having procured many pre-sale commitments for condominium homes, until late 2007 when lender Mortgages Ltd., Arizona’s largest private lender who filed Chapter 11 in U.S. Bankruptcy Court on June 23, began defaulting on its funding obligations to us. This slowed and eventually stopped construction as you may know. After much patience over the past year and willingness on our end to work toward a resolution with Mortgages Ltd. and its investors, we have determined that they have no intention or ability to approve an equitable agreement with us. So, we are now taking action on our own terms to complete Centerpoint, and protect our investment in this landmark project.

In the recent past, we have negotiated a financing agreement of $75 million with a new lender. This plan has been in front of Mortgages Ltd. and its project investors for many months. Unfortunately, we have made little, if any, progress to obtain this new financing through Mortgages Ltd.’s bankruptcy court process. So, in an asserted effort to protect our asset and finish the job, we filed a lawsuit against Mortgages Ltd. for defaulting on their funding obligations to Centerpoint; as well as have filed Chapter 11 in U.S. Bankruptcy Court to afford us the opportunity to obtain new financing through our bankruptcy court’s authority. Gaining the court’s authority will allow us to move forward in a more streamlined, efficient and productive direction, benefiting all parties.

We requested our new lender finance $44 million initially. These are the funds needed to open Tower One so our homeowners can move in, and complete the retail plaza level, resident’s private “backyard” amenities level, the extension of 6th Street and the exterior of Tower Two. We are very excited to have established a partnership with this new lender who shares our commitment to providing the highest level of integrity and quality in every aspect of Centerpoint Condominiums.

While filing Chapter 11 may sound serious, it is an appropriate and routine step to take in this business situation and gives the federal court authority to restore order and protect assets. Once the bankruptcy court approves our new loan, which we hope to occur expeditiously, we will complete Tower One approximately 60-90 days after the close of the new loan agreement; then, the retail plaza level will open approximately three months following.

While much of our attention is on finalizing the terms of our new loan agreement, we certainly remain focused on delivering what Tempe Mayor Hugh Hallman and many other community and business leaders throughout the Valley refer to as a landmark project for the Mill Avenue District.

Please feel welcome to contact us with your inquiries. We will continue to update you on our progress as well. In the meantime, for your reference, we have attached the press releases recently distributed regarding our lawsuit and Chapter 11 filing, as well as a copy of the lawsuit. Please feel welcome to review them for further information.

Again, we sincerely value our relationship with you and look forward to sharing exciting milestones ahead. The lack of progress and commitment to our project by Mortgages Ltd. was unexpected. Nevertheless, good things come to those who wait; and in that regard, we know Centerpoint will be an amazing community for all of us.

Sincerely,
Kenneth K. Losch and David C. Dewar
Principals”

MORE:
Click Here to View News Release
Click Here to View Attorney’s Letter
Click Here to View East Valley Tribune Article
Click Here to View Arizona Republic Article

Click Here to learn more about the Centerpoint Condominiums

It was announced in the Arizona Republic today that the judge in the Mortgages Limited bankruptcy case has approved an agreement between the developer, KML Development, of Mosaic Condominiums and their lender, Mortgages Limited. In the ruling, the judge reduced the principal owed on the amount currently funded by Mortgages Limited by more than half-- from $30.3M to $14.9M. Of greater importance to all Tempe urbanites was the revelation that plans for the Mosaic development site are now focusing on high-end student housing. Developing...

Read the Full Article Here

More Downtown Tempe Living Options