When people ask us what are our favorite condo communities in the downtown Phoenix area are, one place has been on our short list for a long time… One Lexington condos. In this article we’ll give a bit of history about the building, how it became One Lexington Condos and why we find it so appealing.
In addition to the story, we have a virtual tour of One Lexington with a peek inside several units including the 2 Penthouse condo/homes. Last but one least, we have a list of condos currently for sale at One Lexington just in case you want to dream of living here.
One Lexington Condominium… A brief history
We will have to go back to 1974 to start our history of One Lexington condos. It was 1974 when the building that would become One Lexington was built. It was a high-rise office building fronting to Central Ave. This is important for two major reasons. Commercial buildings have higher ceilings than their residential sisters and set-backs were more lax in the 1970’s so the building is closer to central than most others.
In the late 1990’s the building was having problems. Many tenants had moved to Camelback or North Scottsdale. Eventually, the building was sold to a group with the goal of developing a luxury high rise condo project called Century Plaza Condos. The year was 2005 and the new owner, Equus Realty, was riding on the real estate boom wagon.
Note: There is a good Wikipedia article describing the history of Central Ave. Click here to read it.
As we know today, projects hitting the market in late 2007-2008 were too late as the real estate and banking had bubble burst in April-May 2007. Century Plaza was one such victim and went completely bust when their lender, M&I Thunderbird Bank, put them in receivership in late 2008; Only 14 of the 145 condos had found a buyer.
The next dance partner in our story is Rob McDonald a Canadian developer very familiar with urban projects. He bought the building in January 2010 for just $16 million. The relatively low initial investment allowed McDonald to finish the build-out, add additional amenities and come to market at a price nearly ½ of what Equus was trying to sell units at in 2007. McDonald also changed the name from Century Plaza to One Lexington.
Side Note: We met Rob McDonald several times during the build-out of One Lexington. Not only was he a passionate player, he knew his market, price-points and was a really nice man. No pretense, no “man-am-I-great” persona, just a down to earth guy who wanted to create an amazing product and introduce people to fine urban living.
One Lexington Condos Today
Despite the slow 2010-2011 Phoenix real estate market, One Lexington Sold out in less than 2 years from McDonald’s acquisition. This is a testament to it being a great urban development, priced right for the times and located in the flourishing downtown/midtown Phoenix market.
As mentioned, McDonald understood downtown lifestyle having created communities in San Diego, Atlanta, Sancramento, Edmonton and Vancouver. One Lexington’s proximity to the new Metro Light Rail and growing downtown business sector were a great foundation to build upon.
Speaking of building, let us talk about the actual structure that is One Lexington. Below are some highlights:
- 130 condo/loft homes
- 6 Penthouse units.
- 1 bedroom condos going in size from 734-780 sq. ft.
- 2 bedrooms places ranging in size from 1,096-1,283 sq. ft.
- 3 bedrooms units at 1974 sq. ft.
- 6 Penthouses from 1,706-2,865 sq. ft.
- 11 foot ceilings with exposed ductwork
- Concrete construction
- Euro Style Kitchens for that contemporary modern feel
- Balcony’s… some units with more than one
- Solar shades on the vast number of windows
- VIEWS and more views. This is a hallmark of One Lexington.
- Large pool and spa area with a resort quality feel.
- Exceptional workout facility
- Community room with lots of space, TV, couches and more
- Covered secure parking garage
- Concierge Service
- Keycard secured entry
- Main level commercial space. Urban Yoga has been a long time tenant there.
Conclusions about One Lexington Condos Phoenix AZ
In the beginning we were big proponents of One Lexington and still are today. Although prices are no longer as low as in the beginning, One Lexington is still a good deal for people looking for upscale urban living with loads of amenities. Its proximity to the Osborn Light Rail stop allows many residents to leave their cars behind.
HOA fees are a bit of concern. In the beginning the HOA fees were approximately 40 cents per square foot and have since risen to about 50 cents. Escalating HOA fees are always a concern.
As of this writing, 9/3/2014, there appears to be a settling of prices in the high $200/sqft range with a few of the upper level units and penthouses netting higher prices. Due to the dramatic views of upper story condos, one can expect to pay more to play at or near the top.
Speaking of views, One Lexington has among the best in town. Since the original building was constructed very close to Central Ave, many of the condos have spectacular views up and down Central. In addition, the vast number of windows offer an urban light show at night.
Below is a list of condos currently looking for new owners. If we can help you with a home or condo purchase, please know we would be honored to help.
Condos for Sale at One Lexington Phoenix
Gene Urban & Ron Urban
The Urban Team at Realty Executives
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