News Ticker

PHX Church Makes Way for $25M Condos

Photo credit: Business Real Estate Weekly

 

By Roland Murphy for Arizona Builder’s Exchange

The former Albright United Methodist Church, 2242 E. Campbell Ave., Phoenix, will make way for a four-level, 104-unit condo project on the 2.38 acre infill site.

Construction financing is still being pursued and no GC has been named for the project yet. Initial plans for the project feature units ranging from 950SF to 1,900SF, with expected prices ranging from $300K to more than $500K.

Campbell Condos LLC, a joint entity comprised of Denver-based developer Baron Properties and Haselden Investments of Centennial, Colo., acquired the land near the Biltmore and Arcadia districts for $4.2M from D&A Investment Group after the Albright church undertook plans to merge with two other congregations.

CBRE’s Dave Headstream, Jason Hyams and Mike Ratliff, along with Jeff Swenson of Swenson Realty Group, negotiated the sale.

Total development costs are estimated at approximately $25M, and initial construction is expected to begin in late 2015.

Haselden’s Chris Murdy said several factors came into play in choosing this site for the project. “The proximity to 24th St. and Camelback was a major factor in driving the deal,” he said. Other factors included the size and location of the property, enabling the developers to create an attractive number of units.

Lastly, the fact that the property would no longer be in use by the church and already had the correct zoning in place made it likely for development efforts to progress without too many difficulties. “We hope to move through the City process fairly quickly,” he said.

Construction financing is still being arranged and no general contractor or architect has been named yet.

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