courtesy of Amalia Otet, Associate Editor, MHN online
Portland Park, 2nd Phase of Portland Place
As the economy picks up, homebuyers across the Valley are increasingly opting for downtown living. An influx of new residents is seeking walkability and easy access to mass transit, as well as proximity to jobs, cultural venues, retail and entertainment destinations.
In response, developers are picking up the pace of condominium development in downtown Phoenix. No fewer than four projects are in the pipeline, according to The Republic. Habitat Metro, in a joint venture with Scottsdale-based Sunbelt Holdings, plans to break ground by the end of the year on Portland Park, an 170-unit mixed-use development in downtown Phoenix.
Designed by DAVIS Architecture, the infill project bears a $75 million price tag, as the Phoenix Business Journal reports.
To be located on the north side of Portland Street between First and Third avenues, adjacent to Margaret T. Hance Park, the complex will consist of three buildings varying from four to 14 stories. Units will range in size from 745 square feet to 2,381 square feet. Prices are expected to range from the low $200,000s to about $1 million.
In addition to the residential component, Portland Park will include commercial space on the first floor. The community will also feature bike storage and car charging stations. Completion is set for 2016.
The luxury development is the second phase of Portland Place (pictured at right), which was launched in July 2007. The first phase received the Arizona Real Estate Magazine RED Award for Best Multifamily Project in 2008, and the Pacific Coast Builder’s Conference 2008 Gold Nugget Award Best Mid Rise Attached Housing Project.