We're still left wondering why the building has been shut down ‼️ NOW you can do a sequel about this guy, but instead, tell us WHY the building shut down (sarcasm )😉
Absolutely incredible that 12 Nsws has provided this link, captioned "FULL STORY" - and comments are filled with complaints about the video content. I've been looking for info about GOLDEN EAGLE RESTAURANT for months so I was thrilled with video! ❤ Thank you!
Help the encampment people to succeed with feeling like they successfully made it somewhere by helping the people at cass in PHX getting them homes up there in that building put it to good use already
Agree! Why is it empty? Why did Chase "demolish the floors" what? This was entertainment, or more like pain, watching how great life was when people needed to drink alcohol just to tamp down the greatness.
the only hint i got was that she mentioned they were opening the floors up...i guess vs calling it "tearing down the insides" so it seemed like maybe it wasn't about to die? though wonder what clever idea for it came up after so long...or maybe it's a secret so they don't know? but then that'd seem like a news story in itself...hope it wasn't bought by a cult for pennies :-D
I worked in that bldg for 8 years. It is a beautiful building with a giant atrium below ground and well constructed. It can use a few updates but 3 elevator lobbies for each section of floors make maneuvering fairly fast. Right across from bus and train stations. Well worth saving
Move government offices into it. It can probably be had for a reasonable price. It happen to my old home town. A bank abandoned a large building. The city bought it on the cheap and got a nice building for local government.
@@Rhaspun if local government can take up that much space…there in lies the problem in itself. Government has already gotten too big. Turn it into residential upscale living. Have restaurants on certain floors. Same for other businesses. Dry cleaning. Medical offices. It’s so hot in the summer who wants to go outside. Some would like to just stay inside some days.
The Valley back in the early 1980s was something else; there was still plenty of rural and western appeal and the state was kind of like a diamond in the rough. Not too crowded or overly popular, it felt just right
and that water that led to the growth is about to be cut, the states have until next month to decide how the 4 million acre feet cuts will dolled out, if there is no agreement the feds will make the cuts and Arizona will bear the brunt of those cuts
I lived there in 1976 and it was a Valley National Bank building then even. I always used it traveling down Central to know which direction I was going
office space is super expensive. and now with more connectivity large businesses dont need massive corporate offices in every major city. so a lot of the large buildings are empty in these secondary cities.
Remote work makes these types of buildings pointless. You run a business that doesn't need office space anymore, are you gonna waste tens of millions a year just to rent out a building, or are you gonna get people to work from home, rent out a much cheaper building for when you need to do meetings, and in turn save a ton of money while also having a happier workforce?
I worked as a security officer from June 2018 to late October 2021 before I was transferred out of there because the Tower was closing. I saw people all over downtown Phoenix come to the Tower to get lunch, to do business, etc to only 20 people left (engineers, security guards, housekeeping) to an empty shell. It was really sad having to say goodbye to people.
I was the head of security at this building from 2002 until just recently. I do not recognize your name. You don’t have to lie to leave a comment Alejandro.
Here in Buffalo we had a similar situation with our tallest building six years ago. The 38 story former HSBC Center was vacated by HSBC moving its USA headquarters to Virginia and two other large tenants moved their offices out which left the building vacant for two years. A successful and creative developer from Washington DC purchased the building and has successfully completed its transformation from an unneeded corporate office building to a mixed use building with offices, shops, and residences. It is now known as the Seneca One Tower which was built in the early 70s the same time this office tower in Phoenix was built. If we can successfully transform an obsolete corporate tower into a mixed use building in a still stagnant city like Buffalo than there is no reason why this former corporate tower in Phoenix cannot be successfully redeveloped. Phoenix is a wealthy growing city, Buffalo is not.
Rehab the building and Phoenix should have a downtown underground interconnected shopping / entertainment/ walking bike paths to avoid surface temps. Convert the surface areas to covered / drought plants trees and reduce parking lots w integrated public transit.
I met my husband in one of the elevators back when it was Bank One building. I worked in the mail room and had forgot the executive key at the main office. He was the security guard that gave me access to the 40th floor. I could have swore there were 42 floors. Anyways, that was 23 year's and 2 kids ago.
I think that you're correct on there being 42 floors. I was a member of the Arizona Club from the early 90's on, and if memory serves we had the 41st and 42nd floors.
@@ddenv Ads for GOLDEN EAGLE RESTAURANT say it's on 37th floor ... and it has been described as 'top of Valley Bank building' - you're saying there were more floors above the restaurant? It wasn't on top floor?? Arizona Club ... was there a Kachina room ... Kachina bar ... Kachina club?
I worked at Valley National Bank for several years but in the credit card department which was over near Tempe. It's a shame it's been vacant. I wish they'd build something more spectacular than all the beige and brown shoeboxes we know as the downtown Phoenix skyline.
Many years ago, when a fire sprinkler system was installed in the building, I was a member of a team commissioned to perform an Environmental Assessment of this building. It is a steel frame structure with a non-structural exterior skin. As was common during it’s original construction, the steel structure was “fireproofed” with a thick costing of material calked Monokote. A primary ingredient in this material is asbestos. When untouched this encapsulated asbestos presents no problem to the occupants. When the material is altered, for interior remodeling where things must be attached to the structure, very specific precautions must betaken to remove the material and restore the necessary fire rating to the steel as work is completed. The presence of the hysterically dreaded asbestos makes building insurers and real estate folks lose their minds often resulting in the demolition of perfectly safe and code conforming structures. As it stands there are two options that will keep the structure in place: first, the current owner must gut the interiors, remove the asbestos, restore the fire rating of the structure so that this “problem” is resolved and the building may be sold. This could easily cost a hundred million dollars. The second would be to discount the price to a point where the new owner can remove the material as stated above and “safely” occupy the building. Taking ownership of a major structure with asbestos in it makes lenders run for cover. So this option is typically reserved for ONLY large governing agencies with very deep pockets. In summary there are only two possible futures for the structure: ownership by the Federal government for use, lets say, by a multitude of federal agencies and courts, or an enormously expensive demolition for which funding will be virtually impossible to get.
Wow! I didn't realize that this building, completely shut down. I worked there, from 1999 - 2003, in both of the vault departments, The Wills and then, later, Loans and Deeds.
Wow! I spent many of years in the underground working for chase in the tower. Never thought I'd see something like this. They just remodeled the whole unground offices back in 2011.
Seeing the 'reporters' didn't cover WHY, and just went off topic about the 70s drug and alcohol fueled party scene, I looked up why it was vacant. Also, the building went through several hands so far, with none of them wanting to fund the asbestos removal to make it 'safe' to remodel. As of July 2021, Chase is in the process of vacating the building as most employees have been transferred to Chase's new corporate campus in (east suburban) Tempe. The last employees are expected to transition to the new location by September 30, 2021. At that point, the building will stand empty. No future plans for the tower have been announced.[6] As of November 1, 2021, the Chase sign atop the building has been removed.
Well i hope they find something to do with it, rather than tear it down. Its a cool looking building i think, blue glass and white sandstone. I've been up there to the golden eagle three times, once as a kid in the 80s - i rode my bike downtown with a buddy we checked out some smaller tall buildings and then the Hyatt Regency round spinning compass restaurant and the Valley National Bank tower riding the elevators up and down lol and checking the views from the 37th floor restaurant before their dinner rush, also we were seeing if the doors to the roofs were open in the stairwells, they mostly were! :) was fun and exciting on the roofs, and then once to the golden eagle restaurant on a date in the 1990s and then once after 9/11 to ride the elevator and check out the views once again and to defy bin laden as he had issued a warning not to go into anymore tall buildings in America. I like how the tower is set in 3-4 feet below street level and the cool underground tunnel to the building from the parking garage across the street. I have some fun memories in that building maybe they can find a way to save it, i hope.
When I heard this I was a bit shocked.All I could think of was it must be loaded with asbestos,outrageous rent or in severe need of an electrical and HVAC upgrade .I really hope that C D I out of Maryland hasn't been offered to bid on it! It really isn't that old .Not like that would really matter to our eager and over aggressive erase history community!
To be fair, most of their abandoned buildings have never been occupied. China built tons of luxury apartments (still kinda like here) to help inflate their gdp but didn’t account for the fact that no one can afford to live in luxury apartments so now they all stand empty. Japan on the other hand does have quite a bit of abandoned infrastructure due to their population decline and the max exodus of people moving to major cities like Tokyo
Man there are several office towers in downtown Nashville built around that same time, in the 70's/80's(1957 for the L&C tower). All of them are mostly occupied, updated, renovated to modern specs. Don't get why this one in Arizona is vacant/abandoned. From the tone of the news report they are considering tearing it down.
There was another news report that it was recently sold. The new owner is demolishing each floor, opening up the building for a potential hotel, retail or residential development.
Fondest memory from this building is not when I went up to the roof at night but when I accidentally got locked out in the emergency exit stairs, had to climb down 28 floors of stairs! 🤦🏻♂️
Not only robots but let's do climate control a complete autonomous system Hydroponics electrolysis and inverted growing all that put together you can easily double or triple the yield of normal vegetables two or three skyscrapers like that you could easily feed millions of people how convenient we've got empty ones lying all over our Capitals in every state around the country
I remember when Valley Center was built. A couple of years later I was working at their ops center and saw the check from a company that bought the top half. $34 million. Fast forward a couple of decades and I found myself at Bank One Tower with an office on the 29th floor, with a view looking north on Central Ave. Once, I had an opportunity to go up to the roof. I immediately ran to the edge and looked down because, well, I just HAD too! And to think that magnificent building is empty now? Wow.
It was a different decade and lifestyle. Look at what happened to shopping malls. Buildings (brick and mortar)are not needed any longer. Even today, more and more stores are disappearing because businesses like BEST BUY realized then can sell ANYTHING on line !
The tallest building in the valley and its empty, Chase abandoned it for what, oh yeah that's right. To save money like you guys are broke. I know one of the reasons and that was maintenance costs. Now the real estate on that building is expensive too so it would be interesting to see what happens next🤷♂️
They were too ambitious thinking that whole building would fill up and stay, considering the high rent and overinflated increases these days. They didn't think about the maintenance cost- and all that glass? Meanwhile, lots of homelessness in the city and getting worse. There are many abandoned or empty buildings around the valley that could be reappropriated or zoned for housing. But, oh, noo-oooo. NIMBY.
@@williamhaynes7089 - No, not there. I get that. But there could be other empty buildings in certain areas to refurbish to house, at least temporarily, with conditions and incentives offered to stay off the drugs and work. The homelessness is not going away. It's getting worse. It's just that this building is an example of an ostentatious, financial misfire juxtaposed to structures which could be of use for those who have nothing. Just an ironic observation that struck me at the time.
This seems pretty typical of Phoenix. It seems like everything turns to crap in this city. Either they never finish a project, scale it down, or some idiotic politics take hold.
California keeps moving in on us trying to influence things. Also, I am happy to say Phoenix is far from crap. Remember what a phoenix is meant to do in its nature.
The Arizona Center is closing too. Phoenix has lost Metrocenter, Paradise Valley Mall, Greyhound Park and now Arizona Center. The city is on a steady decline with a huge increase of drug addicted homeless folks.
Probably won't be popular here, but take a hint from downtown Tucson currently. It's hip and has a cool vibe going on. Marriot Bonvoy is a cool place to stay. Plenty of places to eat, drink or catch some live music, all within walking distance.
@@lastnamefirst4035 Technically mid-own but very close to downtown and within tram distance, but the same could be said for ASU and the light rail if people would bother to use it. My personal avoidance of travelling to downtown Phoenix has more to do with homeless pan-handlers just getting there. Once there they are pretty much the same. That being said downtown Tucson is pretty hip but not trying to perpetuate the whole stupid Phoenix vs. Tucson thing. I'll leave that to the 'North Mexico' dumbasses I am surrounded by here in the Valley.
Valley National Bank was the worst bank ever. I moved to the Valley in 1984 and opened an account with $500. dollars. Stayed for 3 months then moved back home for family emergency. Returned in 1987, VNB had closed my account and kept my money and never returned it. Minimum wage $2.30 hrs. then. So is was lots of money back then for a 23 yr old. And no my money was never turned over to the state. It was just stolen by bank officials.
hopefully for Phoenix this building is resurrected just like our Seneca One Tower in Buffalo NY. It sat empty for years until a developer came along and now it is helping to revitalize downtown buffalo.
Down town phoenix needs some attractions. It's dead most of the year. Nothing to bring crowds down town besides a sun's game. Wide big open streets that are usually empty. Oh and let's not forget our water crisis
@Bdpjev When I say it they say I'm gating on the city. But you're right. Downtown is dead and the bars on Washington never really bounced back after the Coronavirus epidemic combined with the rail construction.
What kind of news report is this? I wasted my precious time watching the whole video and yet, it didn't even give any information or reason as to why it's empty now, lol!
@@mlilof84 The "work from home" set up of businesses is just a temporary thing because of the pandemic and a lot of them have already came back to the office set up. This seems more like a permanent thing since they've already barricaded the whole building so no one can enter, lol!
@@rm_alfaro work from home is definitely not temporary. It may have spiked because of the pandemic, but there are too many financial benefits to companies. As surveillance technology improves, more companies will move in that direction. Of course, some activities will require in-person collaboration, but why pay to house employees eight hours a day otherwise?
In the early 80's the eagle club bar was the most impressive place to take a first date when I was in college. Park at the garage across the street, take the elevator to the red tunnel that went under the street and opened up into the middle of the lobby then hit the elevator tot he eagle club, made for a great first impression. The view of the sunset couldn't be beat.
watching from Australia, really interesting learning about Gary, please do another story about this charismatic fellow, he seems very cool indeed, come to Australia for a visit, people are gonna dig you dude!
What? Demolishing so corporate hacks get their trickle down?? Yeah forget the housing crisis for families and homelessness just destroy a perfect building - that type of democracy can go to hell
@@mlilof84 I was only speaking about the history of the building. I'm a transplant from Florida, this landscape the architecture and everything is built entirely different than what I'm used to. I've been in construction my entire life therefore I can appreciate a structure like this. I didn't mean to rub your bubble the wrong way, Jesus Christ calm down all I was trying to do is appreciate the structure in and of itself. However it is an absolute waste of space as it sits, would be much better used fully blended into society God damn it we could probably turn it into a shelter for people that are displaced right now. Let's turn it into a family housing center I'm pretty certain we could fit approximately umpteen million m************ rooms.... But we won't do that because it don't make any sense right? I guess if the government ain't making any money on it it ain't worth talking about.
I think these tall sky scrapers are starting to show their flaws after all these years, even in Chicago I have heard both the Sears (Willis or whatever, we will ALWAYS call it Sears) Tower and the building formerly known as the John Handcock Center has gone through some troubling times in recent years with a lot of vacancies and the old JHC having a lot of condos for sale unsold after several years on the market with major slashes to their prices; just no one wants to live in a 50 year old building anymore in a somewhat dying city.
The government has stopped affordable. The government gives grants/student loans and college tuition goes up. The government raises minimum wage and rent goes up. The government has caused inflation. There is NO such thing aa afforadable. Stop printing money and prices will drop.
Most of us are working from home nowadays and soon remote jobs will be outsourced to India. I doubt they can pump enough water up that building to make bathrooms for apartments. It is a beautiful waste of materials!
When did Chase Tower become vacant? I dont ever remember hearing that it became empty, I honestly thought Chase was still there and that it was occupied
EVERYONE is having a difficult time right now: this administration is DESTROYING America and times are damn difficult. It could be our mom(s) or dad(s), our brothers or sisters - relatives, friends, - ourselves who are having a bad time - I believe, that everyone (given the chance and opportunity) wants to have a good life. This building is empty and could be quickly modified, and furnished to accommodate those in NEED. It's time that these billionaires such as Gates and Buffet - and these super trillionaires like Bezos, give back - they could spend a few hundred million and help Americans in need. It's a damn good thing that I was not in political office - I'd MANDATE that these trillionaires and billionaires GIVE BACK! They made their fortunes from America - now it's time to give back and help.
It would make absolutely ZERO sense for the building to be torn down, I don’t know that that’s even in the discussions. What’s the reason behind the vacancy? Is this an outlier in the area or similar to what other buildings are facing? Knowing all that goes a long way.
@@ChrisVela602 what is for the inspection? The building doesn’t have to be vacant for an inspection to take place anyways. They have inspections more often than every 40 years anyways. Not sure where you got that from.
Other than deficiencies in the building itself, there is downward pressure on office space everywhere because more people are working from home. Combined with Amazon killing off physical stores, there won’t be much call for giant expensive-to-cool hulks like this. There are few physical barriers to expanding the city outward, so vertical real estate won’t command much of a premium. In addition, the major story about Phoenix outside the area is whether the city will continue to have running water in the future, so any company expanding into Phoenix will not want a major investment into troubled infrastructure like this.
A perfect place to house our homeless. City needs to confiscate the building and get our citizens into a human situation and offer public services. Lived in Phoenix since early sixties , parents very wealthy never heard of this restaurant, went to the Kiva Club and restaurant on top of another famous building but not this one. House our homeless first!!
Trying to house people in a building like that will turn it into another Cabrini Green - a horror controlled by gangs preying on people who have nowhere else to go.
Turning an office complex into housing for the homeless is extremely expensive. How much money are you willing to chip in ? Then in no time it will turn into an uninhabitable dump .
Chase is my Bank. I used to visit this building. It has a very nice layout. They should sublease for restaraunts and bars inside with the lower floors and convert the top floors to apartments.
There was a building here locally also a bank building, think it was Union Bank, not sure what the deal was with it, but it was like 6 stories high, built in the late 70's-80's also, they tore it down. I think the land it's on was worth more than the building on paper so tax write off for someone perhaps .......
Five bucks says it's full of asbestos, and the owners are trying to figure out what to do without drawing attention (and perhaps lawsuits). "Demolishing each floor, and opening it right up" is a hint that an abatement project could be underway. Inspiring.
FULL STORY: www.12news.com/article/news/history/arizonas-tallest-building-chase-tower-vacant-history/75-d593ad63-b87f-45b5-bc02-94155517b4b6
We're still left wondering why the building has been shut down ‼️
NOW you can do a sequel about this guy, but instead, tell us WHY the building shut down (sarcasm )😉
@@kellikelli4413 They relocated to Scottsdale.
Absolutely incredible that 12 Nsws has provided this link, captioned "FULL STORY" - and comments are filled with complaints about the video content. I've been looking for info about GOLDEN EAGLE RESTAURANT for months so I was thrilled with video! ❤ Thank you!
Help the encampment people to succeed with feeling like they successfully made it somewhere by helping the people at cass in PHX getting them homes up there in that building put it to good use already
This was a cool story about Gary but not much about the building like why it's vacant, future possibilities, etc.
Seems like you are looking for old school journalism - not available in 2022
That's what I was thinking, also!
Agree! Why is it empty? Why did Chase "demolish the floors" what? This was entertainment, or more like pain, watching how great life was when people needed to drink alcohol just to tamp down the greatness.
@@BrisLS1 it wasn't just alcohol but yeh lol. I liked the story a bit but not why I clicked.
the only hint i got was that she mentioned they were opening the floors up...i guess vs calling it "tearing down the insides" so it seemed like maybe it wasn't about to die? though wonder what clever idea for it came up after so long...or maybe it's a secret so they don't know? but then that'd seem like a news story in itself...hope it wasn't bought by a cult for pennies :-D
I worked in that bldg for 8 years. It is a beautiful building with a giant atrium below ground and well constructed. It can use a few updates but 3 elevator lobbies for each section of floors make maneuvering fairly fast. Right across from bus and train stations. Well worth saving
I used to eat at the cafeteria in the atrium just a couple of years ago.
Move government offices into it. It can probably be had for a reasonable price. It happen to my old home town. A bank abandoned a large building. The city bought it on the cheap and got a nice building for local government.
Let me move there and live in it. I work 6 days a week but live in a dilapidated RV on the street without electricity or running water.
@@Rhaspun if local government can take up that much space…there in lies the problem in itself.
Government has already gotten too big.
Turn it into residential upscale living.
Have restaurants on certain floors. Same for other businesses. Dry cleaning.
Medical offices.
It’s so hot in the summer who wants to go outside. Some would like to just stay inside some days.
@@f430ferrari5 oh shut up.
I had a job interview on the 24th story of that building in 2008. Didn’t go well but I only went because I wanted to see the views. It was awesome
Hmmm
Turn them into apartments and condos. A local village, one floor can be shops, another, grocery store.
Great idea!
And likely an office. You must have an office to keep track of their businesses and apartments and likely studies
couldnt agree more, rent is insane right now...
NOW THATS A GREAT IDEA THEY SHOULD!!!!
The Valley back in the early 1980s was something else; there was still plenty of rural and western appeal and the state was kind of like a diamond in the rough. Not too crowded or overly popular, it felt just right
and that water that led to the growth is about to be cut, the states have until next month to decide how the 4 million acre feet cuts will dolled out, if there is no agreement the feds will make the cuts and Arizona will bear the brunt of those cuts
That seems so weird to imagine Phoenix as a small town! It's always been the second Los Angeles to me.
I lived there in 1976 and it was a Valley National Bank building then even. I always used it traveling down Central to know which direction I was going
I miss the rural western Route 66 feel. Now it’s just an LA
@OneDayAlways where did you move to? We want to follow you.
This news story covered everything...EXCEPT what everyone wants to know: WHY is the building completely vacated?!
@Luboman411
But only that one building is COMPLETELY empty because of online working?
Color me skeptical .
office space is super expensive. and now with more connectivity large businesses dont need massive corporate offices in every major city. so a lot of the large buildings are empty in these secondary cities.
@@Timbrock1000 Covid caused companies to send workers home and liquidate their large expensive buildings.
Exactly
Remote work makes these types of buildings pointless. You run a business that doesn't need office space anymore, are you gonna waste tens of millions a year just to rent out a building, or are you gonna get people to work from home, rent out a much cheaper building for when you need to do meetings, and in turn save a ton of money while also having a happier workforce?
I worked as a security officer from June 2018 to late October 2021 before I was transferred out of there because the Tower was closing. I saw people all over downtown Phoenix come to the Tower to get lunch, to do business, etc to only 20 people left (engineers, security guards, housekeeping) to an empty shell. It was really sad having to say goodbye to people.
I was the head of security at this building from 2002 until just recently. I do not recognize your name. You don’t have to lie to leave a comment Alejandro.
@@Henleyrocks I was the building’s CEO of Super Security and I don’t recognize EITHER of your names.
@@strnglhld oh come on bud. Grow up pal
Oh yeah?
Well, I was a pencil sharpener engineer there for two years.
@@im1who84u Of course. You were my star employee.
I never knew that building was empty 🧐
I knew it was since the last company moved out
You must not watch Fox news
@@ChrisVela602 only for weather
I didn't know it was empty either. Never been in it.
Chase moved the employees to low rise buildings scattered around town.
Here in Buffalo we had a similar situation with our tallest building six years ago. The 38 story former HSBC Center was vacated by HSBC moving its USA headquarters to Virginia and two other large tenants moved their offices out which left the building vacant for two years. A successful and creative developer from Washington DC purchased the building and has successfully completed its transformation from an unneeded corporate office building to a mixed use building with offices, shops, and residences. It is now known as the Seneca One Tower which was built in the early 70s the same time this office tower in Phoenix was built. If we can successfully transform an obsolete corporate tower into a mixed use building in a still stagnant city like Buffalo than there is no reason why this former corporate tower in Phoenix cannot be successfully redeveloped. Phoenix is a wealthy growing city, Buffalo is not.
Douglas Jemal did a good job. I’m from Buffalo too haha.
Rehab the building and Phoenix should have a downtown underground interconnected shopping / entertainment/ walking bike paths to avoid surface temps.
Convert the surface areas to covered / drought plants trees and reduce parking lots w integrated public transit.
I’ve always had this idea too it’s something I feel like everyone would enjoy
The bums would take over the shady underground and turn it to The Zone Part 2.
I met my husband in one of the elevators back when it was Bank One building. I worked in the mail room and had forgot the executive key at the main office. He was the security guard that gave me access to the 40th floor. I could have swore there were 42 floors. Anyways, that was 23 year's and 2 kids ago.
Good story
I met my wife in an elevator.
She was kissing another man.
We aren't married anymore.
I think that you're correct on there being 42 floors. I was a member of the Arizona Club from the early 90's on, and if memory serves we had the 41st and 42nd floors.
@@ddenv Ads for GOLDEN EAGLE RESTAURANT say it's on 37th floor ... and it has been described as 'top of Valley Bank building' - you're saying there were more floors above the restaurant? It wasn't on top floor?? Arizona Club ... was there a Kachina room ... Kachina bar ... Kachina club?
Not a good sign when our biggest building is empty. Like our malls. I guess it won't matter when our water runs dry.
The malls here sucked and died a long slow death.
Like a cancer our society has an ever increasing appetite and will soon consume the life out of the host.
@Dev Ames that's because the middle class is shrinking. Arrowhead mall is still doing great tho 👍
Invade you haven't noticed Phoenix is spreading out not growing up.
Guess y’all gotta move back to the northeast
I worked at Valley National Bank for several years but in the credit card department which was over near Tempe. It's a shame it's been vacant. I wish they'd build something more spectacular than all the beige and brown shoeboxes we know as the downtown Phoenix skyline.
It should be half a hotel and half apartments and please open the top restaurant back up!
Many years ago, when a fire sprinkler system was installed in the building, I was a member of a team commissioned to perform an Environmental Assessment of this building. It is a steel frame structure with a non-structural exterior skin. As was common during it’s original construction, the steel structure was “fireproofed” with a thick costing of material calked Monokote. A primary ingredient in this material is asbestos. When untouched this encapsulated asbestos presents no problem to the occupants. When the material is altered, for interior remodeling where things must be attached to the structure, very specific precautions must betaken to remove the material and restore the necessary fire rating to the steel as work is completed.
The presence of the hysterically dreaded asbestos makes building insurers and real estate folks lose their minds often resulting in the demolition of perfectly safe and code conforming structures. As it stands there are two options that will keep the structure in place: first, the current owner must gut the interiors, remove the asbestos, restore the fire rating of the structure so that this “problem” is resolved and the building may be sold. This could easily cost a hundred million dollars. The second would be to discount the price to a point where the new owner can remove the material as stated above and “safely” occupy the building. Taking ownership of a major structure with asbestos in it makes lenders run for cover. So this option is typically reserved for ONLY large governing agencies with very deep pockets.
In summary there are only two possible futures for the structure: ownership by the Federal government for use, lets say, by a multitude of federal agencies and courts, or an enormously expensive demolition for which funding will be virtually impossible to get.
Very informative comment!
Funding is never impossible as long as there are taxpayers.
That's too bad but thanks for the detailed explanation!
@@ripvanrevs 🤣💸💸💸💸
So it will stand there until it falls down?
"There was a Jack in the Box where City Hall is today"
Idk why but that line had me laughin XD
I used to eat at that Jack in the box. I think the Jack would have been the better choice than what’s there now.
@@pcs9518 For sure Jack would serve the city much better.
There was a Schlotzsky's Deli too.
It is still a very sharp looking building
Wow! I didn't realize that this building, completely shut down. I worked there, from 1999 - 2003, in both of the vault departments, The Wills and then, later, Loans and Deeds.
Wow! I spent many of years in the underground working for chase in the tower. Never thought I'd see something like this. They just remodeled the whole unground offices back in 2011.
They should make it residential condos
I remember when we had our prom at the top of this building.
I read that as porn LoL
Same ours was in 2008
Damn. What school? Definitely a view to remember
Sunrise Mountain High School Prom 2005
@@ChrisVela602 Chandler High School, we had our senior prom here in 2008.
Just shows what a lame downtown the suburban wasteland of Phoenix has.
My dad was a Senior VP with Valley National Bank/ Bank One for 33 years for Len Huck.
I remember that bank when I was a kid. Wow!
Seeing the 'reporters' didn't cover WHY, and just went off topic about the 70s drug and alcohol fueled party scene, I looked up why it was vacant. Also, the building went through several hands so far, with none of them wanting to fund the asbestos removal to make it 'safe' to remodel.
As of July 2021, Chase is in the process of vacating the building as most employees have been transferred to Chase's new corporate campus in (east suburban) Tempe. The last employees are expected to transition to the new location by September 30, 2021. At that point, the building will stand empty. No future plans for the tower have been announced.[6] As of November 1, 2021, the Chase sign atop the building has been removed.
Well i hope they find something to do with it, rather than tear it down. Its a cool looking building i think, blue glass and white sandstone. I've been up there to the golden eagle three times, once as a kid in the 80s - i rode my bike downtown with a buddy we checked out some smaller tall buildings and then the Hyatt Regency round spinning compass restaurant and the Valley National Bank tower riding the elevators up and down lol and checking the views from the 37th floor restaurant before their dinner rush, also we were seeing if the doors to the roofs were open in the stairwells, they mostly were! :) was fun and exciting on the roofs, and then once to the golden eagle restaurant on a date in the 1990s and then once after 9/11 to ride the elevator and check out the views once again and to defy bin laden as he had issued a warning not to go into anymore tall buildings in America. I like how the tower is set in 3-4 feet below street level and the cool underground tunnel to the building from the parking garage across the street. I have some fun memories in that building maybe they can find a way to save it, i hope.
When I heard this I was a bit shocked.All I could think of was it must be loaded with asbestos,outrageous rent or in severe need of an electrical and HVAC upgrade .I really hope that C D I out of Maryland hasn't been offered to bid on it! It really isn't that old .Not like that would really matter to our eager and over aggressive erase history community!
This reminded me of the numerous abandoned buildings, malls, and housing complexes in China.
Sheesh
Complete cities
To be fair, most of their abandoned buildings have never been occupied. China built tons of luxury apartments (still kinda like here) to help inflate their gdp but didn’t account for the fact that no one can afford to live in luxury apartments so now they all stand empty.
Japan on the other hand does have quite a bit of abandoned infrastructure due to their population decline and the max exodus of people moving to major cities like Tokyo
Wow, you bring back memories. One of my roommates was a chef there in the 70s.
My family went to a family counselor there, won't forget looking out the window and seeing how high we were.
I used to live at 44 Monroe, right next door, right in the heart of downtown, and I loved it down there. Whole other world away from PHX.
Man there are several office towers in downtown Nashville built around that same time, in the 70's/80's(1957 for the L&C tower). All of them are mostly occupied, updated, renovated to modern specs. Don't get why this one in Arizona is vacant/abandoned. From the tone of the news report they are considering tearing it down.
There was another news report that it was recently sold. The new owner is demolishing each floor, opening up the building for a potential hotel, retail or residential development.
@@krabgrass The guy who owns the Florida Panthers in the NHL owns it.........
Fondest memory from this building is not when I went up to the roof at night but when I accidentally got locked out in the emergency exit stairs, had to climb down 28 floors of stairs! 🤦🏻♂️
At least you went down the stairs.....
wow!
It's already covered in glass turned it into a giant greenhouse and boom I just solved Arizona's agriculture problem
It would be a great demonstration project in 'vertical agriculture', something that's catching on in some places.
Not only robots but let's do climate control a complete autonomous system Hydroponics electrolysis and inverted growing all that put together you can easily double or triple the yield of normal vegetables two or three skyscrapers like that you could easily feed millions of people how convenient we've got empty ones lying all over our Capitals in every state around the country
💯
I remember when Valley Center was built. A couple of years later I was working at their ops center and saw the check from a company that bought the top half. $34 million. Fast forward a couple of decades and I found myself at Bank One Tower with an office on the 29th floor, with a view looking north on Central Ave. Once, I had an opportunity to go up to the roof. I immediately ran to the edge and looked down because, well, I just HAD too! And to think that magnificent building is empty now? Wow.
It was a different decade and lifestyle. Look at what happened to shopping malls. Buildings (brick and mortar)are not needed any longer. Even today, more and more stores are disappearing because businesses like BEST BUY realized then can sell ANYTHING on line !
The tallest building in the valley and its empty, Chase abandoned it for what, oh yeah that's right. To save money like you guys are broke. I know one of the reasons and that was maintenance costs. Now the real estate on that building is expensive too so it would be interesting to see what happens next🤷♂️
Blow it up with dynamite!!😈
They were too ambitious thinking that whole building would fill up and stay, considering the high rent and overinflated increases these days. They didn't think about the maintenance cost- and all that glass? Meanwhile, lots of homelessness in the city and getting worse. There are many abandoned or empty buildings around the valley that could be reappropriated or zoned for housing. But, oh, noo-oooo. NIMBY.
@@gayle9428 homeless wont pay for rent, so any attempt to house people there would turn into a slum
@@williamhaynes7089 - No, not there. I get that. But there could be other empty buildings in certain areas to refurbish to house, at least temporarily, with conditions and incentives offered to stay off the drugs and work. The homelessness is not going away. It's getting worse. It's just that this building is an example of an ostentatious, financial misfire juxtaposed to structures which could be of use for those who have nothing. Just an ironic observation that struck me at the time.
This seems pretty typical of Phoenix. It seems like everything turns to crap in this city. Either they never finish a project, scale it down, or some idiotic politics take hold.
Hey! Phoenix bird always rises from its own ashes! Just gotta burn up first, on a regular basis.
California keeps moving in on us trying to influence things.
Also, I am happy to say Phoenix is far from crap. Remember what a phoenix is meant to do in its nature.
@@cassandrarose2108 lolol…. No we don’t. You wish…
The Arizona Center is closing too. Phoenix has lost Metrocenter, Paradise Valley Mall, Greyhound Park and now Arizona Center. The city is on a steady decline with a huge increase of drug addicted homeless folks.
Whole country is the same , or worse
Its emptiness shows that America is in ruins!
Kinda sad how such a small and short building is the tallest in az
Not sad at all. There's plenty of room here. No need to build up. Why risk becoming another WTC?
AFFORDABLE HOUSING!
LOL... at one of the most exclusive addresses in the state? What fantasy land do you dreamers live in?
@@ChurchofSpeed it's empty and that's what we need.
@@aikanae1 empty does not equal up for grabs. And it's not even empty, did you watch the video?
Probably won't be popular here, but take a hint from downtown Tucson currently. It's hip and has a cool vibe going on. Marriot Bonvoy is a cool place to stay. Plenty of places to eat, drink or catch some live music, all within walking distance.
That's because the university is right downtown Tucson
But Tucson itself is UGLY!
@@lastnamefirst4035 Technically mid-own but very close to downtown and within tram distance, but the same could be said for
ASU and the light rail if people would bother to use it.
My personal avoidance of travelling to downtown Phoenix has more to do with homeless pan-handlers just getting there. Once there they are pretty much the same.
That being said downtown Tucson is pretty hip but not trying to perpetuate the whole stupid Phoenix vs. Tucson thing. I'll leave that to the 'North Mexico' dumbasses I am surrounded by here in the Valley.
Valley National Bank was the worst bank ever. I moved to the Valley in 1984 and opened an account with $500. dollars. Stayed for 3 months then moved back home for family emergency. Returned in 1987, VNB had closed my account and kept my money and never returned it. Minimum wage $2.30 hrs. then. So is was lots of money back then for a 23 yr old. And no my money was never turned over to the state. It was just stolen by bank officials.
Are they still in business?
Sue them!!!
Same here only it was late 70s. They kept $400
Baltimore had a vacant skyscraper that went the same way. It went for 5m and it didn't take long once the price dropped from 30m
Excellent report
hopefully for Phoenix this building is resurrected just like our Seneca One Tower in Buffalo NY. It sat empty for years until a developer came along and now it is helping to revitalize downtown buffalo.
Nice job 12 News on this story - thanks
Could be the start of a trend to come
I hope one day Phoenix mid Town or uptown central area gets a real sky scraper...not these dinky ones....
Why don’t they turn it into luxury apartments with a beautiful gym and spa where the restaurant once was... or a hotel...
And charge 300k for an apartment and gym 10,000 the year.
There is a high rise apt building downtown. Few people in it bc prices of apts are in the million $s
Down town phoenix needs some attractions. It's dead most of the year. Nothing to bring crowds down town besides a sun's game. Wide big open streets that are usually empty. Oh and let's not forget our water crisis
Not many go downtown unless they have to and it's too hot to walk around or and fool with finding a place to park.
@Bdpjev When I say it they say I'm gating on the city. But you're right. Downtown is dead and the bars on Washington never really bounced back after the Coronavirus epidemic combined with the rail construction.
A 40 story building in the middle of the desert what could be wrong with that?
Affordable apartments please!
Oh you mean a place to shoot up like Portland.
Good idea. Turn it into affordable housing.
I lived there in 1976 I remember that building well. I never knew there was a restaurant in it though
What kind of news report is this? I wasted my precious time watching the whole video and yet, it didn't even give any information or reason as to why it's empty now, lol!
Work from home
This building should be used to house families BUT there’s no pro family politics in this nation just money corporations banks and FU
@@mlilof84 The "work from home" set up of businesses is just a temporary thing because of the pandemic and a lot of them have already came back to the office set up. This seems more like a permanent thing since they've already barricaded the whole building so no one can enter, lol!
What is a WOMAN🤷♀️?marry one and you will learn 🧠🤔🤣My contribution to modern debate ….
@@rm_alfaro work from home is definitely not temporary. It may have spiked because of the pandemic, but there are too many financial benefits to companies. As surveillance technology improves, more companies will move in that direction. Of course, some activities will require in-person collaboration, but why pay to house employees eight hours a day otherwise?
Mean while a million people living on a street under it.
@ellenlandowski If you're that concerned why don't you let them stay at your house?
How about affordable housing?
In the early 80's the eagle club bar was the most impressive place to take a first date when I was in college. Park at the garage across the street, take the elevator to the red tunnel that went under the street and opened up into the middle of the lobby then hit the elevator tot he eagle club, made for a great first impression. The view of the sunset couldn't be beat.
watching from Australia, really interesting learning about Gary, please do another story about this charismatic fellow, he seems very cool indeed, come to Australia for a visit, people are gonna dig you dude!
I’m working on this building as we speak and we can’t speak about it lol
Tell me whats going on foo
We are demoing all floors right now and we aren’t able to say much other than that. They under strict rules
@@juliolujan5674 damn foo
Today we found vodka bottles from the 70s
@@juliolujan5674 thats crazy foo
So crazy to see how different places are watching this in my 58 floor apartment.
What city are you in?
Austin? Independent?
@@geedubb2005 New York City
I remember climbing up the chase tower when I was I. The MCC fire academy 😿. I’m saddened to see it go.
You can't make this s*** up I love hearing stories like this 💯🤙💯😂
What? Demolishing so corporate hacks get their trickle down?? Yeah forget the housing crisis for families and homelessness just destroy a perfect building - that type of democracy can go to hell
@@mlilof84 I was only speaking about the history of the building. I'm a transplant from Florida, this landscape the architecture and everything is built entirely different than what I'm used to. I've been in construction my entire life therefore I can appreciate a structure like this. I didn't mean to rub your bubble the wrong way, Jesus Christ calm down all I was trying to do is appreciate the structure in and of itself. However it is an absolute waste of space as it sits, would be much better used fully blended into society God damn it we could probably turn it into a shelter for people that are displaced right now. Let's turn it into a family housing center I'm pretty certain we could fit approximately umpteen million m************ rooms.... But we won't do that because it don't make any sense right? I guess if the government ain't making any money on it it ain't worth talking about.
Gary looks really good for a man in his 60's or maybe 70's
I think these tall sky scrapers are starting to show their flaws after all these years, even in Chicago I have heard both the Sears (Willis or whatever, we will ALWAYS call it Sears) Tower and the building formerly known as the John Handcock Center has gone through some troubling times in recent years with a lot of vacancies and the old JHC having a lot of condos for sale unsold after several years on the market with major slashes to their prices; just no one wants to live in a 50 year old building anymore in a somewhat dying city.
At least Sears is iconic nationwide, this is just a regular building and now abandon, city should demolish it
@@thevinceberry Make a homeless shelter out of it.
@@mtn1793 Like " Tower of David "
Phoenix is rising, while Chicago is dying though. Plenty of demand in Phoenix for a building of this nature.
Chicago isn't close to dying. It's been in a huge highrise construction boom the last few years with more coming.
It could serve the community by making it into affordable housing.
Affordable?
The government has stopped affordable. The government gives grants/student loans and college tuition goes up. The government raises minimum wage and rent goes up. The government has caused inflation. There is NO such thing aa afforadable. Stop printing money and prices will drop.
No way
Most of us are working from home nowadays and soon remote jobs will be outsourced to India. I doubt they can pump enough water up that building to make bathrooms for apartments. It is a beautiful waste of materials!
Convert into supported housing for seniors
So corporate greed took its profit and left this ugly building as trash behind.
That's not news!!!!
The producer has to go I still don’t know why the building is empty 👎🏿
When did Chase Tower become vacant? I dont ever remember hearing that it became empty, I honestly thought Chase was still there and that it was occupied
Their lease was up so they decided not to renew
It’s been empty for about 2 years now I believe
@@leomartin4463 whaat? That long? Damn
Who actually owns it?
China
@@FamilyWinn I suspected that.
A company in Detroit purchased it.
The building still looks good, even today.
Perfect HOME for the homeless! Really now - nothing in this world is ideal or perfect, but it's a viable option!!
That’s exactly what I was thinking, why let it sit empty when it can benefit everyone, especially those without a home
Probably a much cheaper way to bring it down vs. a controlled demolition. Great idea!
EVERYONE is having a difficult time right now: this administration is DESTROYING America and times are damn difficult. It could be our mom(s) or dad(s), our brothers or sisters - relatives, friends, - ourselves who are having a bad time - I believe, that everyone (given the chance and opportunity) wants to have a good life. This building is empty and could be quickly modified, and furnished to accommodate those in NEED. It's time that these billionaires such as Gates and Buffet - and these super trillionaires like Bezos, give back - they could spend a few hundred million and help Americans in need. It's a damn good thing that I was not in political office - I'd MANDATE that these trillionaires and billionaires GIVE BACK! They made their fortunes from America - now it's time to give back and help.
>> but it's a viable option!!
@@pontificusvascillious5287 my budget for a bicycle is 1000 USD
Great piece
It would make absolutely ZERO sense for the building to be torn down, I don’t know that that’s even in the discussions. What’s the reason behind the vacancy? Is this an outlier in the area or similar to what other buildings are facing? Knowing all that goes a long way.
I thought it was for inspection seeing as they have to do it every 40 years or so. Tearing it down doesn't make sense if that's the case.
@@ChrisVela602 what is for the inspection? The building doesn’t have to be vacant for an inspection to take place anyways. They have inspections more often than every 40 years anyways. Not sure where you got that from.
Other than deficiencies in the building itself, there is downward pressure on office space everywhere because more people are working from home. Combined with Amazon killing off physical stores, there won’t be much call for giant expensive-to-cool hulks like this. There are few physical barriers to expanding the city outward, so vertical real estate won’t command much of a premium. In addition, the major story about Phoenix outside the area is whether the city will continue to have running water in the future, so any company expanding into Phoenix will not want a major investment into troubled infrastructure like this.
A perfect place to house our homeless. City needs to confiscate the building and get our citizens into a human situation and offer public services. Lived in Phoenix since early sixties , parents very wealthy never heard of this restaurant, went to the Kiva Club and restaurant on top of another famous building but not this one. House our homeless first!!
No.
Can I be homeless then 🤷♂️
I’m homeless, I call dibs on the top floor
Trying to house people in a building like that will turn it into another Cabrini Green - a horror controlled by gangs preying on people who have nowhere else to go.
It's the perfect place to put a thieving drug dealer through a window!
Affordable housing and an observation deck, maybe?
Turn it into condos.. need housing
Az is full of still nice buildings that are empty all over the city. I think they over thought things trying to build to fast.
Arizona’s tallest building is as empty of tenants as the Republican GOP is empty of patriotism.
Bw Bacon The left are the anti-patriots. Your politics are confused. You are completely backwards.
In 1984 I was able to go outside of the top of the tower and look over the City.
How about a daytime shot of the building?
Affordable housing
I rode the elevator once. It was so fast! I remember that I had to change elevators because that one stopped about half way down.
Turning an office complex into housing for the homeless is extremely expensive. How much money are you willing to chip in ? Then in no time it will turn into an uninhabitable dump .
More expensive than empty? Assuming it'll be a dump is why there's an affordable housing problem (NIMBY).
Chase is my Bank. I used to visit this building. It has a very nice layout. They should sublease for restaraunts and bars inside with the lower floors and convert the top floors to apartments.
We been find all kinds of cool stuff in the walls and old memories from the 70s hmu if you want to know more
I wanna know more
How can I get some relics Julio???
@@taylorsmith9629 who are you news ?
@@juliolujan5674 no I’m a bisexual
I'm IN! I've been looking for inf o/ details of restaurant - and bldg - for months!🤚🙂
1:48 KOOL's Bill Close on the billboard. Last of the decent broadcasters.
Do you remember when Bill Close was held hostage on live air and how the ants were taken over the earth?
I really liked that anchor.
@@dragonfly4425 Yes! Wasn't that wild?
....But the pay stank! LOL
Put it into housing
There was a building here locally also a bank building, think it was Union Bank, not sure what the deal was with it, but it was like 6 stories high, built in the late 70's-80's also, they tore it down. I think the land it's on was worth more than the building on paper so tax write off for someone perhaps .......
Five bucks says it's full of asbestos, and the owners are trying to figure out what to do without drawing attention (and perhaps lawsuits). "Demolishing each floor, and opening it right up" is a hint that an abatement project could be underway. Inspiring.
New Mexico is having flash flooding in burn areas too. I didn't even know this was happening until I searched for it.
Tear it down if it's that bad.
Affordable apartments?
no wonder it went out of business... a restaurant that has no prices? that will be $1,800 dollars sir-
For the mistress and wives. Men got the $$$ menu.
To impress the ladies. Depress the men
Why don’t a corporation buy the buildings and make them apartments ? Or condos
That's what I was thinking. But it might be more cost effective to treat it down and build new apartments.
Use it for homeless housing..
I would like to rent it for Sun Valley Micro. Give me cheap rent in it and I will cover the cost of the building security.
I'm surprised that even here in the land of all things cheese, that our tallest building here in Milwaukee is even taller than this building.
Phoenix is actually a pretty flat city. And for many years the downtown was relatively small and quiet.
Public Housing!