Work is starting on a 34-story building in downtown Phoenix that, when finished, will become the tallest residential structure in Arizona.
The Weitz Co. crews have started preparing the site at 44 W. Monroe Street for a condominium building designed for 202 residences. The property is at the northeast corner of Monroe and First Avenue, where a vacant 10-story office building was dismantled earlier this year to make way for the condo building.
The new vertical community is named 44 Monroe, after the street address. The developer is Grace Communities, a Scottsdale-based company formed by Jonathon Vento and the father-son team of Donald and Ryan Zeleznak. Vento said a construction crane is expected to be in place by late December.
The building will offer residents seven levels of parking, with the eighth floor devoted to a fitness center, business center, pool, spa, and entertainment areas with a wine lounge.
Reservations are being taken. The condos range from 780 to 4,800 square feet. The price range is $480,000 to $3.2 million. The designer is Tucker Sadler Architects of San Diego. Completion is set for early 2008.
Mike Padgett
The Business Journal
