Valley Condo Craze

Scottsdale company, Shea Commercial, expands beyond places to work to places to live...

The Arizona Republic reports that local commercial real estate developer Shea Commercial is jumping into the residential condo craze with the purchase of a site on Camelback Road near 24th Street, near the Phoenix Central Corridor. Shea Commercial President Jim Riggs said the company could build perhaps two residential towers there across from the upscale Biltmore Fashion Park to take advantage of growing interest in luxury condos.

The towers would join a growing number of luxury condo developments that have been planned, or completed throughout the Valley, including at least five near the 24th Street and Camelback intersection. Shea doesn't have prices yet and is interviewing residential developers who want to partner on the project.

Shea Commercial is known for its office condo projects throughout the Valley and has about 20 projects under development valley-wide, representing 1.5 million square feet. Shea is also buying existing buildings and converting them into office condos. The company is buying the 15-story building at 3030 N. Central Ave, the Royal Biltmore building at 2929 E. Camelback and the Parks at 4455 E. Camelback with the intent to convert them into office condos. More...