Okay in my last post I said I had some gripes with a recent issue of “Phoenix Business Journal“. Let’s just say that the fact that we still devote a major spread to “Commercial Real Estate” when it’s in the crapper, tells you a little bit about how the main stream media and local governments don’t understand other economies.
First article of refute “Skysong has risen”
228,000 square feet of research, development and commercial space… $300 million valuation… The project is distinguished by a soaring 125-shade structure…
That’s right folks. $300 million from this brain trust gets us an award winning and noteworthy, SHADE STRUCTURE. While art is important and the piece out front gives Skysong a hint of character (something it completely lacked before), it still is a poor investment of $300 million.
But once it was off the ground, would tenants come? They did.
*cough* bullshit *cough*.. Your biggest draw is Ticketmaster. Yeah, Ticketmaster, innovator of the bend you over ticket convenience fee.
The connection with ASU has driven a majority of tenants to date. The school has a great global reach and they’re a huge innovator and technology engine in North America
Unless we are counting the innovative ways ASU students have advanced consuming alcohol, I suspect this is a purely speculative comment. The statement might hold for Standford or MIT, but ASU… Not to mention if they are developing such great innovators why is Skysong recruiting international companies instead of bolstering ASU grads/alumni?
that was the plan all along: Leverage ASU’s global connections to attract international companies, then use that to appeal to local, more conventional firms
Well I’ll be a monkey’s uncle. You mean this craptastic execution was in fact the plan all along? I know so many startups who are clamoring to locate next to a no name international company that it’s not even funny. No wonder Skysong is leasing space so quickly (sic) everyone wants to be next an international power house like Litree or iAxil.
his team developed a strategy they hoped would put Sky Song on foreign companies’ radar screens.
Because spending millions to beg international firms to locate a few workers in Arizona is a way to build a technology/innovation economy from the ground up? Don’t get me wrong, having some international players and recruiting in companies to the economy is important, but the money would be much better served helping the local start-up scene.
The big lie here, is that Sky Song is NOT an innovation center, it is a REAL ESTATE DEAL. It’s true motive is to make money for those that invested in it. Pure and simple. Think anything less and you are a fool. In fact two of the developers are not even based in Arizona, Higgins Development Partners (Chicago) and USAA Real Estate Co (San Antonio). There is nothing wrong with real estate deals nor making money on them. There is just nothing innovative in doing so.
