Twelve townhouses have been proposed to run along the canal in the heart of downtown Scottsdale at the southwest corner of Camelback and Scottsdale roads.
Named, SouthBridge Canal Walk, these residences will be four stories tall (one story below ground and three above overlooking the canal), ranging from 3,700 to 6,400 square feet with prices from $4 to 6 million.
The project was designed by Alan and Gary Lamb of Lamb Architects and is being developed by a partnership of Gary Lamb, Ted Lamb, Kenn Francis and Fred Unger. They expect to break ground late 2008 and finish construction by mid-2010.
It's hard for us to imagine people paying that kind of money for this product in light of sales at Scottsdale Waterfront, Optima Camelview Village, Safari Drive Lofts and Residence at W Scottsdale going so slowly. We don't see much demand for the existing condominiums in the area so what would it take for Scottsdale Canal Walk to succeed? The idea reminds me of the Chateaux on Central debacle except that the Scottsdale location is arguably superior to that of Chateaux's.
We would love to see Scottsdale Canal Walk succeed. However, we will remain sceptical until we see some major movement in the sale of the neighboring condominium communities.
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