The developers who plan to build a pair of high-rise projects near Central Avenue and McDowell Road say several factors will help their projects overcome the dim housing market.
Meanwhile, the projects have gotten a mixed reception from neighbors.
Two Israeli firms, BSR and Africa Israel plan to build three condominium towers on the northwest corner called One Phoenix. SW Development Group plans to build a pair of condominium towers near the southeast corner. The development doesn't have a name yet.
Developers know that residents will be skeptical, Yon Minei, VP of Planning for AI-BSR LLC. AI-BSR is the joint business entity that the Israeli developers formed for the Phoenix project.
"Not knowing who the developers are, it's hard to know who to trust," said Minei said. "When we come into an area, we come to stay."Here is why the projects will succeed, the developers say:
• Both projects are close to the light rail line. SW development project is right behind a light rail stop and the One Phoenix project is within walking distance.
• Both projects are near highly desirable historic neighborhoods, including Roosevelt and Willo.
• The area has good access to downtown jobs and firms along the Central Avenue corridor.
• Since the high-rise developments can take a few years to go from the planning phase to construction, there's a good chance that the housing market will have improved.
Both projects have enjoyed general support from neighborhood groups, but the SW Development's proposed condo towers have faced questions from one organization.
At a packed Sept. 25 meeting on One Phoenix, the Willo Neighborhood Association unanimously voted to support the project.
The Roosevelt neighborhood also voted to generally support the SW Development project in September.
The group however had several unanswered questions about traffic issues, height, shade and other concerns, so did not issue an official letter of support.
The Planning Commission voted unanimously to approve the project on Wednesday. If the project is not appealed, it will go before City Council on Nov. 7.
Jahna Berry
http://www.azcentral.com/business/articles/1026phx-highrises1026inside.html
