“I never said most of the things I said”
Downtown Phoenix is about to get $75 million in new luxury condos as Habitat Metro announced it will begin construction on Phase 2 of its Portland Place condominium community later this year.
The new project, called Portland on the Park because of its location between Portland Park and Margaret T. Hance Parkbordering Central Avenue, is expected to be completed in 2016. The project will have 170 units in 4-story, 12-story and 14-story towers with condo prices ranging from the low $200,000s to roughly $1 million. Homes range from 745 square feet to 2,381 square feet.
“We’ve had a lot of interest for the project and people are very happy with what we built in our first phase,” said Tim Sprague, principal of Habitat Metro, developer of both projects. “It’s time to continue.”
Habitat Metro is partnering with Sunbelt Holdings and Davis Architecture on the project. Davis designed the first phase, winning the Golden Nugget Award for the best multifamily project in the West for the design. Also contributing to the development is Habitat Urban and Designated Broker David Newcombe. Marketing for the project is split between Vancouver-based Braun Allison and the Scottsdale-based James Agency.
In addition to the 170 housing units, the development will include commercial space on the first floor.
Sprague said, as an infill project, Portland on the Park has unique struggles. The neighborhood surrounding the development has its own aesthetic with which the new structure needs to blend. However, Sprague said he isn’t worried. As president of the Hance Park conservancy, he is already involved in the neighborhood.
“You probably have a few more challenges because you’re going into an existing neighborhood, but on the other hand you are able to compliment the neighborhood,” Sprague said.
While demand for condos was wiped out during the recession and slow to recover after it, Sprague said he is confident the market is back.
“Every part of the market has its own little niche,” Sprague said. “We feel, as was proven by our first phase, there really is demand for our product.”
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Walter Unger CCIM, CCSS, CCLS
I am a successful Commercial Investment Real Estate Broker in Arizona now for 20 years and I worked with banks and their commercial REO properties for 3 years. I am also a commercial landspecialist in Phoenix and a Landspecialist in Arizona.
WHETHER YOU LEASE OR OWN
NOW IS THE TIME FOR YOU TO EXPAND, UPGRADE OR INVEST.
we are at on the a rise of the cycle in Commercial Real Estate. so there is only one way and it’s called we are going up and now is the time for you to expand, upgrade or invest in Commercial Properties in Phoenix. The prices on deals I may get you will not be around forever.
WAITING TO SELL YOUR LAND ? TIMES CHANGE / IT’S TIME
We barely could give land away the last few years, but times are changing. Even in those meager years, I sold more land across the state than most other brokers. Before the real estate crash I was a land specialist in Arizona with millions of dollars of transactions, but then I had to change and also sell other commercial investment properties, which was fun, but I am a Commercial Landspecialist in Arizonal, a Commercial Land Specialist in Phoenix and love to sell land, one acre to thousands of acres.
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