Downtown Phoenix to get 320 New Apartments near ASU Campus

March 5th, 2012 @   -  No Comments

Concord Eastridge, a developer on the national stage, with a strong background in developing Residential Projects near universities and colleges is preparing a site near ASU Downtown which will encompass two separate blocks and provide approximately 320 dwelling units and approximately 7,500 sq ft of mixed-use retail.  The three acre site in downtown Phoenix is  located between Roosevelt, McKinley Streets, Third and Fourth Streets.  The new buildings will be 7 to 8 stories each and have approximately 400 parking stalls, 2 swimming pools and other amenities.

This project is the latest in a steady stream of new development that has continued in Downtown Phoenix over the last several years in spite of the economic downturn faced in our city, state and country.

The developer believes the project is needed in order to serve the growing population of students attending classes at ASU Downtown and the Phoenix Biomedical Campus. Construction is scheduled to begin in the first quarter of 2012 with completion in Summer 2013.

The $52 Million project will bring some much needed visual relief to an area which has set undeveloped with dusty vacant lots for many years due to the high-rise zoning and unreasonable expectations of property owners.

Phoenix officials estimate that approximately 600 people will be absorbed by the project in a mix of studios and two, three and four bedroom apartments.

Concord Eastridge paid $3.08 million for the two vacant blocks,  which had been owned by Mortgages Ltd. until it went bankrupt.

Source: azcentral.com

 

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