A developer who has already made his mark in downtown Phoenix with one condominium tower is now proposing a second, 32-story residential project in the heart of the city.
The $100 million development, called Omega, would be located at Second Avenue and Adams Street, behind the Orpheum Lofts. Once built, it would be the third urban housing high-rise downtown.
It is the brainchild of Chicago native David Wallach, who is taking an increasingly active role in the redevelopment of Phoenix's core.<!-- BOXAD TABLE -->
Wallach, principal of W Developments LLC, was the first to take a chance on downtown's urban-living appeal when he announced plans to build the 165-unit Summit at Copper Square condominium tower in 2004. Today, the project, located next to Chase Field, is 85 percent sold, and its first residents won't even move in until this summer...
...Wallach said he hopes to break ground on Omega later this year and said the tower could open in 2009. It would feature one-, two- and three-bedroom units, starting at about $400 a square foot. That would put the smallest residences, at 750 square feet, in the $300,000 price range.
The plans for the Omega tower come only six months after money constraints and the Valley's flagging real estate market helped kill a mixed-use development known as Central Park East. That project, which would have combined an office tower with high-rise condominiums and academic space for Arizona State University's downtown Phoenix campus, has since been retooled into a plan for high-end commercial office space.
Wallach quickly douses any suggestion that his development might meet a similar fate.
"Projects don't get built for a variety of reasons," he said. "But I have never announced a project that I didn't actually build."
Read the full article here
My Comments:
Sounds like this one will go and it will be nice - put another one on the board for Downtown Phoenix! David Wallach is known to come through and although the timing make shift a few weeks or months due to market conditions or problems with getting plans through the city, I'll count this one on my list of sure-shots. :)
-Ryan
;)
;)
;)
