More Phoenix Condos On The Way

The Phoenix Business Journal reports that another high-rise condo project is planned in downtown Phoenix at Third and Roosevelt Streets, which joins about 10 others that are proposed or under way in the area.

KML is the developer and the project is still in the design stage. It could be as tall as 40 stories. KML also owns another site in downtown- a six-acre parcel at the northwest corner of McDowell and Central, as well as a condo site in Tempe at Ash and University.

The Tempe site will be 17-stories tall with retail and a grocer on the ground floor and 150 to 200 units. The Tempe site is going for final approval in January and should break ground in mid 2006.

Two other condo projects expected to get underway soon in downtown. The M Tower will be a 23-story building with one level of retail, six levels of parking and 108 units. That project is located at the northwest corner of Third and Garfield.

The other is the Cosmopolitan Towers, a 16-story building with 88 units at 701 N. Third Street. The price range is $153,000 to $2.4 million. Construction is slated to start in January and about 60% of the units have been sold without any marketing, according to developer Richard Oehler at Arcone Associates.

Although reports about new condo buildings seem to surface almost weekly, suggesting a glut of condos in Phoenix, the condo developers simply are responding to a growing market fueled by buyers and investors familiar with high-rise living in other states, said CB Richard Ellis Director Pete Bolton. More...