The heavily traveled intersection at Central Avenue and McDowell Road, just north of downtown, is the latest Phoenix corner to be targeted for high-rise condominiums.
Two different development teams have proposed projects for the area, saying that its proximity to light rail will help overcome the Valley’s soft housing market.
The first project, called One Phoenix, would include 921 units and could rise up to 375 feet. It would be located on the northwestern corner of the intersection and is the brainchild of two Israeli firms, BSR and Africa Israel.
One Phoenix is scheduled to go before Phoenix’s Planning Commission on Nov. 14.
The other high-rise is as yet unnamed. It is being proposed by SW Development Group and would consist of 650 units on the southeastern corner of the intersection. The Planning Commission approved the 500-foot project last Wednesday, and it could go before the Phoenix City Council on Nov. 11.
Luxury condos near the light-rail line are attractive to homebuyers, developers say.
"There is no question the market is soft today," said Beau Woodring, a principal with SW Development Group. "The condo market is not as soft as the suburban market because there is not so much supply."
Developers also list several other factors that they believe will make their projects a success, including the fact that they are located near desirable historic neighborhoods like Roosevelt and Willo and that they are close to downtown jobs and firms in the Central Avenue corridor.
They also believe that because high-rise developments can take a few years to go from the planning phase to construction, there’s a good chance that the housing market will have improved by the time the units are ready for purchase.
Both projects have enjoyed general support from neighborhood groups, but SW Development’s proposed condo towers have faced questions from the Roosevelt neighborhood.
The group voted generally to support the project in September, but said it has several unanswered questions about such things as traffic impact, height and shade, and has therefore not issued an official letter of support.
Jahna Berry
http://www.azcentral.com/arizonarepublic/business/articles/1031biz-phx-highrises1031.html
