Phoenix is set for a condo and high-rise construction boom….. At least four condominium projects have popped up or are planned & a $80 million high-rise Marriott hotel along with others is coming to downtown Phoenix.
Downtown’s first high-rise condo project, which changed direction during the recession, has re-entered the market.
- The Summit at Copper Square was planned for condos when built in 2007, but the project converted its units into rentals because of the economic downturn. But the project began selling condos recently, and leasing agents say fewer than 20 units out of 198 in the luxury high-rise remain available. Starting prices for a one bedroom are $179,000. Penthouses start at $469,000.
- Phoenix-based Senexco Arizona Star Holdings is developing a 44-unit project at Second and Moreland streets.
- Madot Ventures is developing a 76-unit project at Central Avenue and Willetta Street. Drawings for both projects are underway and developers hope to break ground by December at the earliest. Selling prices will range from $200,000 to $400,000.
- Scottsdale-based Sunbelt Holdings plans to break ground on Portland Park, a mixed-use project with 170 condos and retail, by the end of the year. The project, in collaboration with developer Habitat Metro, is the second phase of Portland Place, a high-end condo project to its immediate west. Portland Park will be on Portland Street just west of Central.
- An $80 million high-rise hotel with two Marriott brands is slated to break ground this spring within the historic Luhrs block in downtown Phoenix, the California developer told me this week. It will join other new downtown hotels, such as Hotel Palomar at CityScape one block north and the iconic Hotel Monroe, which was purchased last month for nearly $8 million and is slated for redevelopment, about four blocks north.
More people are taking a closer at condo and urban living. Phoenix has grown so far out that people are tired of the commute. People love walking (instead of driving) to restaurants, shopping stores, and love to have access to entertainment just outside their front door.
Our three popular urban living city’s (Tempe, Scottsdale, & Phoenix) are growing up, populations are booming, and people want to live downtown (Scottsdale, Tempe, phoenix), especially for your professionals & families tired of the commute. The time to get into these condos is now before prices go us. If you are ready to begin the condo buying or selling process Contact CondoAgent 007, the condo experts in Scottsdale, Tempe, and Phoenix.