Deco Communities Proceeding With Midtown Phoenix Condo Development
- Apr 18, 2014
Phoenix—The locally based Deco Communities has acquired 2346 N. Central Ave. in Midtown Phoenix, which is currently occupied by a 23,000-square-foot office building. The company paid $2.35 million for the site, and plans to develop condos there.
Demolition of the vacant office building will happen sometime this summer, and the $22 million redevelopment is slated for a 2016 completion. Deco Communities is calling the planned property Edison Midtown, which it says will be the first major residential in this part of town since 2008.
The property will rise five stories over a two-level, 145-space underground parking structure. It isn’t far from the Central/Encanto station on the Metro Light Rail system, which opened in 2008, and currently connects Phoenix with Tempe and Mesa.
Edison Midtown will include 80 units ranging from about 800 square feet to 1,350 square feet. Each residence will include 10-foot ceilings, steam showers, walk-in closets and large balconies. Common amenities include a courtyard pool and spa, a fitness center with yoga, bike storage and EV charging stations. Pricing will start in the high $200s.
According to Deco partner Rob Lyles, the time is right for new condos in Phoenix. A lot of infrastructure has been completed lately—such as the light rail line and facilities at Arizona State University—but not so much for-sale multifamily development. The company is also at work on a condo development in Scottsdale, which it’s calling Envy.