Emily Overholt – Editorial intern-Phoenix Business Journal
Downtown Phoenix is about to get $75 million in new luxury condos as Habitat Metro announced it will begin construction on Phase 2 of its Portland Place condominium community later this year.
The new project, called Portland on the Park because of its location between Portland Park and Margaret T. Hance Parkbordering Central Avenue, is expected to be completed in 2016. The project will have 170 units in 4-story, 12-story and 14-story towers with condo prices ranging from the low $200,000s to roughly $1 million. Homes range from 745 square feet to 2,381 square feet.
“We’ve had a lot of interest for the project and people are very happy with what we built in our first phase,” said Tim Sprague, principal of Habitat Metro, developer of both projects. “It’s time to continue.”
Habitat Metro is partnering with Sunbelt Holdings and Davis Architecture on the project. Davis designed the first phase, winning the Golden Nugget Award for the best multifamily project in the West for the design. Also contributing to the development is Habitat Urban and Designated Broker David Newcombe. Marketing for the project is split between Vancouver-based Braun Allison and the Scottsdale-based James Agency.
In addition to the 170 housing units, the development will include commercial space on the first floor.
Sprague said, as an infill project, Portland on the Park has unique struggles. The neighborhood surrounding the development has its own aesthetic with which the new structure needs to blend. However, Sprague said he isn’t worried. As president of the Hance Park conservancy, he is already involved in the neighborhood.
“You probably have a few more challenges because you’re going into an existing neighborhood, but on the other hand you are able to compliment the neighborhood,” Sprague said.
While demand for condos was wiped out during the recession and slow to recover after it, Sprague said he is confident the market is back.
“Every part of the market has its own little niche,” Sprague said. “We feel, as was proven by our first phase, there really is demand for our product.”