The Phoenix housing market remains sluggish, but an Israeli company is fast-tracking a proposal for three 34-story condominium towers at Central Avenue and McDowell Road.
The developer is gambling that the Valley’s housing market will regain its strength in the three years it will take to complete the first building.
The $385 million project, called One Phoenix, includes more than 900 luxury residences. Work on the 6-acre site at the northwest corner of the intersection could start in 2008.
Tentative pricing for the condos starts at about $500,000, with unit sizes ranging from 800 to more than 2,000 square feet. Retail tenants, including a high-end grocer, are planned on the ground floor.
The Business Journal of Phoenix – by Mike Padgett The Business Journal
Article may be found at http://www.bizjournals.com/phoenix/stories/2007/10/08/story2.html
