How a Stalled Phoenix Condo Project Was Reborn

Tannin Developments' Dale Regehr on Edison Midtown, a luxury development that was almost a lost cause.

Where some see problems, others see possibilities. This couldn’t be more valid for Dale Regehr, the founder & CEO of Tannin Developments, who saw a unique opportunity in the stalled Edison Midtown project in Phoenix. The 110-unit luxury condo development had been paused since 2018, when its original developer decided to sell it after delivering the first phase.

Tannin acquired Edison Midtown for $2.2 million. Collaborating with Ray Burstein of Humphreys & Partners Architects, alongside existing consultants and engineers, the firm invested nearly $25 million to bring the project to completion.

The two-building, seven-story community came online in late May in the vibrant Midtown Phoenix district. Completed six years ago, the first phase comprises 50 units, while the recently delivered Phase II encompasses 60 residences. The unit mix includes one- and two-bedroom floorplans, ranging from 822 to 1,419 square feet, each featuring modern design elements. All condos in Phase I have been sold and roughly half of the Phase II units are either closed or in escrow.

In an interview with Multi-Housing News, Regehr talks about what inspired him to revive Edison Midtown and shares details about his vision for urban development in general.

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What attracted you to this project?

Regehr: Edison Midtown’s location was appealing for so many reasons. There was significant new development nearby, the light rail and Creighton University Medical School across the street. Plus, the Midtown neighborhood in Phoenix is quite up-and-coming, and given the fact that 200 people move to Phoenix every day, it’s just a matter of time before this area is just as built up as other parts of the Valley.

We love doing infill projects versus building on new land on the outskirts of the city. It may seem more complex to others, but to us it’s what makes the most sense and you really know what you are walking into location-wise. 

What were the biggest challenges you faced after taking on this project and how did you overcome them?

Regehr: The reason others hadn’t taken on the project is that it’s very complicated to take a partially built project and finish it because you really don’t always know what you’re walking into. Additionally, working with any city or municipality can be challenging, and this was no different.

Phase I was already sold out and residents were living at the property. So, we needed to have great, clear communication with those residents about how we were handling the remainder of the project and that kept residents engaged and excited about the investment they had already made.

This location made all of those challenges worth it. We overcame these challenges by taking our time, doing it right and asking the right questions along the way. 

What can you tell us about the design philosophy behind Edison Midtown? How does it reflect modern urban living?

Regehr: Edison Midtown is a beautiful, well-designed and spacious project. The units themselves are much larger than some of the condominium projects I’ve done in the past. The product is soft contemporary which appeals to many buyers, and the 10-foot ceilings with glass balconies offer spacious living with beautiful mountain views. 

  • Edison Midtown
  • Edison Midtown
  • Edison Midtown

What are the less common amenities that residents are able to access?

Regehr: The size of the pool is one of the largest in the Valley for a condo building, it’s also located on the third level. The gym is 2,000 square feet. There is also a professional dog washing room and many EV chargers in a secured parking garage. Edison really does feel like an oasis in the middle of the desert.

With home prices starting at $419,900, how are you positioning Edison Midtown within the competitive Phoenix real estate market?

Regehr: The project is the only mid-rise building offering brand-new for-sale condos that is built and ready in this part of the Valley. We wanted to create the best product for the best price possible. The reality is that it’s very hard to find anything this nice priced this reasonably in the Valley—so we believe the market is ripe for Edison Midtown. 

And what are your expectations for the unsold units?

Regehr: We expect sales to increase with our certificate of occupancy issued and having a ready-to-move-in product for buyers needing housing now. We have a ton of interest from professionals, downsizers and first-time homebuyers who are ready to exit the rental market, and lots of interest from Creighton University students. 

Given your real estate development experience, what key lessons have you applied to this project that you believe have been crucial to its success?

Regehr: I have successfully navigated diverse real estate development projects in both Canada and the U.S. over the past 25 years and I learn on every single project I do—and I love that. I’ve learned to put the hard work in up-front and make the right decisions and the right choices.

We don’t pretend to know everything. We ask lots of smart questions and we are honest. For us, that’s the formula to success. 

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