Posted June 09, 2018 09:08:22 The city of Phoenix has a long history of offering high-end apartments, but it has also had a history of selling out fast.
That’s the case for many properties in the Phoenix area, including the sprawling Phoenix Towers condominium complex, which is the largest single development in the region.
And in a lot of ways, Phoenix is like most cities in the country: the price of land is sky high, so developers have had to build luxury apartments.
In the last decade, Phoenix has seen an influx of new luxury properties, with several properties now listed for $1 million or more.
But not all of them have come to fruition.
Phoenix Towers, which opened in October 2018, is one of those properties.
And the company that owns it, HOK Architects, says that while the company is excited about the new project, it is still very much focused on building affordable housing.
“We are not a luxury developer,” says Kevin Karpinski, a Phoenix Towers senior vice president.
“It is not a very good comparison.”
The company says it’s planning to build a two-story tower with 1,300 square feet of space on the ground floor.
In its most recent financial report, HOC Partners said it had invested $1.5 million in the project, but that it has not yet received any financing.
The project has attracted criticism for its high price tag and a lack of any affordable units.
HOC has yet to confirm the price tag for its project.
But the company did say that the project will not include any units with “no-cause” condominium requirements.
This is a significant departure from the past.
The company that manages Phoenix Towers is also one of the biggest developers in the nation, with a sprawling portfolio that includes several high-profile projects, including a new $300 million high-rise in downtown Phoenix, which was recently sold for $5.7 million.
The HOK Towers project is one example of the types of luxury properties that have been built on sites like this.
HOK says that the two-storey tower will feature a state-of-the-art, “high-performance” building with a large open floor plan and large balconies for the apartments to spread out.
“These buildings offer the highest levels of luxury amenity,” Karpinksi says.
“The apartments will be very spacious with high ceilings and open floor plans.”
The project will have a retail component as well, but Karpinsky says that most of the space will be used for retail.
Karpinskis company has built several luxury apartment projects in Phoenix over the years, including its $250 million project on the corner of Broadway and North Broadway, which became the tallest building in the city of Mesa in 2010.
The Phoenix Towers project will feature more of the same, though the company says that it’s not trying to compete with the likes of Cushman and Wakefield.
Instead, it’s trying to create “a more flexible approach to affordable housing,” Karsinski says.
The property was initially priced at $1,600 per square foot, but then the developers added amenities, including an open floorplan, open kitchens, and balconies.
The apartments will also be on an upmarket lot with a rooftop terrace, but the company does not offer a breakdown of the project’s cost.
The price of the condominium is still unknown, but HOK has said that the property will be available for lease for up to seven years.
And it does not have a specific price for the project.
The developer has also said that it will provide rental assistance for residents who are unable to rent due to affordability.
The CondoWatch article above is a transcript of an interview that took place on June 8, 2018.