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Downtown PHX Gets $25M Condo Project

Rendering credit: Archicon

Source: Business Real Estate Weekly

As reported in Business Real Estate Weekly, Lafferty Development Inc. is planning to develop 200 to 230 condominiums in a project in downtown Phoenix being called St. Ambrose.

The 2.1-acre site, located at the southwest corner of 12th and Van Buren streets, is now occupied by several automotive-related businesses.

Plans from Archicon in Phoenix show four-story and seven-story condominium buildings with studio, one- and two-bedroom condominiums.

The planned development, with an address of 222 N. 12th Street, will include about 1,500SF of ground floor retail and restaurant space. Lafferty is looking to bring in a joint venture development partner.

The initial phase construction is expected to start fourth quarter 2016. Contractor still to be selected. Development cost (land and buildings) estimated at $25M.

St. Ambrose will be served by a five-level parking garage with 330 spaces.

Read more at Business Real Estate Weekly

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