Luxury condos planned for downtown Phoenix
Phoenix continues to make moves to try to attract potential residents to its downtown area.
The Phoenix Business Journal reports a $75 million luxury condominium project is coming to the heart of the city. Habitat Metro announced it will begin construction on Phase 2 of the project later this year.
The new project, called Portland on the Park because of its location between Portland Park and Margaret T. Hance Park bordering Central Avenue, is expected to be completed in 2016. The project will have 170 units in 4-story, 12-story and 14-story towers with condo prices ranging from the low $200,000s to roughly $1 million. Homes range from 745 square feet to 2,381 square feet.
Davis Architecture designed the first phase, winning the Golden Nugget Award for the best multifamily project in the West for its design.
The development will include space on its first floor for commercial retail.
Tim Sprague, principal of Habitat Metro, said there is a unique struggle for the building to blend in with the surrounding neighborhood.
"You probably have a few more challenges because you're going into an existing neighborhood, but on the other hand, you are able to compliment the neighborhood," Sprague told the Business Journal.
While demand for condos was wiped out during the recession and slow to recover after it, Sprague said he is confident the market is back.