If you mention the name Edison in downtown or midtown Phoenix it may not mean much. However, in the next year or so it will bring images of condos on Central Ave. Say hello to Edison Midtown Condos, the first large scale new-build condo project in midtown Phoenix since the market bust.
Scottsdale based Deco Communities is the firm behind Edison Midtown Condos. Tax records show Deco bought the land and building at 2346 N Central on April 9th for $2.35 million. If you are wondering exactly where that is, envision the ChildHelp Children’s Center at Vernon and Central, just north of Tapestry on Central and the Encanto light rail stop. ??? Do you think the displacement of ChildHelp will become an issue???
Deco, according an article in the Business Journal, estimates the project costs to be in the $22 million range. The development is described as an 80 unit, 5 story high venture with underground parking and spiffy amenities like courtyard pool, fitness/yoga facilities, bicycle storage area and even charging stations for your Tesla.
Early press on the condos describes them as urban style homes with spacious balconies, wood floors, repurposed countertops and even steam showers in what some might say are fairly small footprint units at 800-1350 sq.ft. Rob Lyles, one of the partners at Deco, says of the project:
Our outstanding team of architects and designers has worked diligently to curate a thoughtful living experience that is true to the virtues of Phoenix’s downtown dwellers,” he went on to say, “ Downtown Phoenix is experiencing a surge in housing demand spurred by the recent $4.5 billion investment by the public and private structure in infrastructure, transportation, education and tourism. Deco is excited to have the chance to provide housing that both starts to address this demand and does so with a design that is true to the modern Phoenix aesthetic.
Urban Team Commentary About Edison Midtown Condos:
Higher density housing is where downtown and midtown housing needs to go. Utilizing land on Central Ave is generally a good idea as it brings more commerce to the area and residents can easily use Light Rail and adds to the pedestrian lifestyle the central corridor easily supports.
The amenities package and smaller sized units is what we hear condo dwellers like… especially the Gen Y and millennial generations everyone seems to be marketing towards. I hope Deco does their homework on décor and interior finishes. Downtowners like a warmer, cozier design elements than the Scottsdale or Las Vegas buyer Deco traditionally markets. I was especially glad to hear they are including large balconies… an important urban design element not all builders understand.
The scope of the project, 80 units, is well thought and prices in the $300,000 to $400,000 range are doable. I am a bit worried about the price/sqft side of the equation as it works out to be above $350/sqft… a number we have not seen in the downtown Phoenix region.
Overall it is good news a well reasoned residential developer sees the downtown and midtown Phoenix’s draw and economic prowess.
Gene Urban and Ron Urban
The Urban Team at Realty Executives
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