“Always do the right thing.
This will gratify some people,
and astonish the rest”
Mark Twain
Kristena Hansen Reporter- Phoenix Business Journal 
Another midrise condominium project is in the works for the Valley, this time amid the office skyline of midtown Phoenix.
It could be the first major condo complex to rise up in the area since 2008, and is being built by the same company, Scottsdale-based Deco Communities, that is erecting the $32 million condo project in downtown Scottsdale, which I wrote about last week.
The $22 million complex, dubbed Edison Midtown, will be built along Central Avenue south of Thomas Road on a site that Deco purchased last week for $2.35 million. This summer Deco plans to raze an existing 23,000-square-foot office building, which once housed ChildHelp Children’s Center.
The five-story Edison project is slated to include 80 units ranging from 800 to 1,350 square feet with pricing starting in the high $200,000s.
Like the Scottsdale project, Edison will cater specifically to the tech-savvy, urban-inclined millennial generation with a courtyard pool, fitness and yoga center, bike storage and electric car-charging stations.
Residents will have access to 145 parking spaces in the subterranean garage and the neighboring Encanto/Central Avenue Light Rail station.
The local and national condo market has had a much more difficult time rebounding from the housing bust than the single-family sector, and new development has thus been minimal in recent years.
Deco’s projects could be an early sign of a condo comeback.
Rob Lyles, partner at Deco, said there has been $4.5 billion worth of infrastructure — including the Metro light rail, Arizona State University, etc. — added to downtown and midtown Phoenix since 2005, but very few new housing product.
“We’ve done a lot of research and feel like the time is right … we felt now is a good time to be front runners,” Lyles said.
It also helps that Lyles and his partners Patricia Watts and Dan Richards have a good track record.
Deco was founded by the same group behind Starpointe Communities, which built 3,000 condo units in Arizona starting in the mid 1990s up until the housing bust. The trio then formed Deco and shifted its focus to renovating older, infill apartment projects under its Cabana brand.
“Financing for condos (unlike apartments) is really difficult if you don’t have a good track record,” he said.
Edison and the Scottsdale project, called Envy, are the first condo projects that Lyles, Watts and Richards have launched since the housing crash.
Lyles said they hope to stay on the condo development path moving forward.
Kristena Hansen covers residential and commercial real estate.
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COMMERCIAL – INVESTMENT BROKER – LANDSPECIALIST- ARIZONA
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I go to great heights to sell or purchase your land
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3
Facts of Arizona – year 1848 to 2013
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4.
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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.
If you have any questions about Commercial Investment Properties in Phoenix or Commercial Investment Properties in Arizona, I will gladly sit down with you and share my expertise and my professional opinion in Commercial Properties in Phoenix or Commercial Properties in Arizona with you.Obviously I am also in this to make money, but it could be a win-win situation for all of us.
Please reply by e-mail walterunger@ccim.net or call me on my cell 520-975-5207 or Office:480-948-5554
PLEASE NOTE, I CHANGED BROKERAGES BUT CELL PHONE AND E-MAIL STAY THE SAME.
Thank You
Walter
Walter Unger CCIM
Associate Broker, West USA Commercial Real Estate Advisers
7077 E. Marilyn Road, Bldg 4, Suite 130
Scottsdale, AZ 85254
Cell: 520-975-5207
Office : 480-948-5554
Fax: (480-658-1172
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a little about me and my expertise – video
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https://www.youtube.com/watch?v=PPs3kpKR4nY
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