Toll Brothers Nabs Big Parcel Off Central Ave.

The Phoenix Business Journal reports that Toll Brothers plans to develop a high-rise, luxury condo project on 3.3-acres at Central and Thomas Roads in the heart of Phoenix.

The project will have several hundred residences and will be similar to Toll Brothers' project in Scottsdale called Residences on Main.

The site was marketed by Michael Lieb for $7.2 million, and the escrow is expected to close later this month. The site received a lot of interest because of its location at a major downtown intersection and its proximity to the new light rail.

The project could go up as high as 250-feet. No pricing or plans have been announced yet. More...