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The hottest trend is the  residential development in  downtown Phoenix and in surrounding central Phoenix locations. The new housing developments, condo's, lofts cater to residents looking for a dynamic urban environment, shorter commutes, and easy access to nearby cultural, sports and entertainment amenities

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Every city has a few crown jewels, but in 2008, Phoenix plans to pile on the razzle-dazzle.

Several downtown projects, which are expected to wrap up this year, could have huge influence on the heart of the city, insiders say.

The list includes light rail, Arizona State University's journalism school, the expanded Phoenix Convention Center, the Sheraton Phoenix Downtown Hotel and 44 Monroe, the tallest residential building in the state.

"I see 2008 as the first wave of the perfect storm," said Terry Madeksza, director of operations for the Downtown Phoenix Partnership, a group of downtown merchants and landowners.

That's because each project will help lure thousands of visitors and full-time residents, she said.

The 2008 projects also represent a staggering public investment.

The light-rail line, the Sheraton hotel and the convention center expansion represent more than $2 billion in public financing.

Next year will also bring huge milestones for downtown development.

For instance, the first phase of CityScape - a $900 million cluster of shops, offices, high-rise dwelling and hotels - is scheduled to open in 2009 and another high-rise condo tower, Omega, would be in the midst of construction.

"At the end of 2008, we won't be finished," said John Chan, the city's downtown-development director. This year's projects "will carry that momentum beyond."

Take a humor break and read our Real Estate Humor Blog. That's Not My Monkey!

Urban living in the central Phoenix area has never been as vibrant as it is today, and we've got the most up-to-date listing of lofts, condos, and other living options below. Please be sure to contact Bette Zerba GRI, REALTOR GRI, REALTOR directly for sales information and availability

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High-end lofts, condo's, condotels, and high-rises  are catching on in central Phoenix , an area known for its affordable fringe subdivisions.

The central Phoenix area has experienced a revival including the restoration of Phoenix historic homes and development of multi-family urban apartments, condominiums, lofts and town homes.

Phoenix Neighborhoods

Downtown Phoenix
The downtown area of Phoenix has been undergoing a major facelift since the building of the US Airways Center (formerly America West Arena) and Chase Field. Coffeehouses, restaurants, nightclubs and shopping in the Arizona Center continue to draw people downtown for the hopping nightlife. Many new restaurants have blossomed, Copper Square is a full square-mile hotspot for activities and action. Downtown attractions include a walk in the park at Patriots Square or delve into the new Arizona Science Center, Phoenix Museum of History or the Phoenix Art Museum.

Here's a rundown of the  Central Phoenix projects:

Light rail
Completion date: December.
Significance: The 20-mile light rail line is expected to be a crucial resource for downtown commuters and tourists. It links key downtown Phoenix spots - sports venues, hotels, restaurants, employers and ASU's downtown campus - to Mesa and Tempe.
Cost: $1.4 billion.

W HOTEL TO BE CENTERPIECE OF RETAIL-ENTERTAINMENT-HOSPITALITY-RESIDENTIAL PROJECT

Scottsdale – The developer of the W Scottsdale hotel is planning a retail, residential, entertainment and hospitality district in old town Scottsdale that is expected to cost $500+ million when completed. The 1.1 million-square-foot mixed-use project will be built on a 10+ acre site located just east of Scottsdale Road and south of Camelback Road. A company formed by TriYar Capital in Phoenix (Steven Yari, Shawn Yari, Bob Agahi, principals), also the developer of the W Scottsdale, assembled the property for the proposed project over the past two years. The 224-room W Scottsdale, scheduled to open next spring, will be the centerpiece of the upscale development.

Walter Cronkite School, Taylor Place dorms
Completion date: August.
Significance: The ASU downtown campus opened in 2006, but these two projects will expand it. ASU's new journalism school building is expected to bring 1,000 additional undergraduates to the campus and the first Taylor Place tower can house 750 students. The second tower, which opens in 2009, can house 550 students. By 2015, 15,000 students will take classes that are taught by downtown faculty.
Cost: Journalism building $71 million; dorms $150 million.
Completion date: December.

Phoenix Convention Center expansion
Significance: The North Building - which is three times the size of the West Building that opened in 2006 - will welcome its first visitors in January 2009. The project will help elevate Phoenix's status among rival convention destinations, the city says. The expansion gives the convention center 900,000 square feet of meeting and exhibition space and is expected to bring $500 million in annually direct spending by convention visitors.
Cost: $600 million. (West Building, North Building and South Building upgrades)
Completion date: June.

44 Monroe
Significance: This June, Scottsdale developer Grace Communities expects to finish the first dozen floors of its 34-story high-rise - the tallest residential building in the state. By August, the rest of the building interior will be completed. The 196-unit condo tower will bring more full-time residents to downtown, a key component of long-term plans to bring vitality and foot traffic to the neighborhood.
Cost: $160 million.
Completion date: October.

Sheraton Phoenix Downtown Hotel
Significance: The 31-story Sheraton project will be the largest hotel in the state and will have 1,000 rooms. The hotel will help fill the need for more rooms in downtown Phoenix and will help satisfy increased hotel demand that's expected when the expanded convention center welcomes its first visitors in January.
Cost: $350 million.

West Phoenix
The inner neighborhoods of Phoenix include moderately priced homes largely developed in the 1970s. Shopping in the west area is popular at the Desert Sky Mall, and Cricket Pavilion offers an open-air entertainment amphitheatre for concerts and attractions.

The growing west side continues to spread outward. Visit charming Historic Downtown Glendale and Catlin Court for first-rate antique opportunities. The newer Arrowhead Towne Center Mall affords shopping and diverse dining choices. Cardinals Stadium is currently under construction in Glendale.

Glendale Urban Living.
Glendale Arizona, Westgate  is offering brand new urban living residences. If you want to be near the new stadium, upscale shopping and more, then click here for more information on Glendale Westgate Urban living!

South Phoenix
Largely comprised of low-cost housing and industry, the walled and gated community of Ahwatukee is a notable exception. Ahwatukee residents are mostly older adults and urban professionals, and upscale apartments coexist with middle class housing. Be sure to take the South Mountain Park Scenic Drive while you are visiting this area. Fabulous sunsets are the pride of Arizona and best enjoyed from a desert wilderness vantage point. Nearby shopping can be accomplished at the new Arizona Mills Mall just across the freeway.

Northwest
Past Peoria and Glendale are the communities of Sun City, Sun City West, Youngtown, and Surprise. Hikers will enjoy the White Tank Mountain Regional Park. The Sun Cities and Youngtown are largely retirement communities.

East Side of Phoenix
Bordering Phoenix is the town of Paradise Valley. Northeast of Phoenix, this area draws middle to upper-class residents. South of Paradise Valley is the neighborhood of Arcadia. Unlike most of Phoenix, Arcadia is filled with more mature landscape and citrus trees. East of Paradise Valley is Scottsdale, fondly referred to by residents as "The West's Most Western Town." Scottsdale is more upscale housing, catering to more upper-class residents.

Located south of Scottsdale, Tempe is primarily a college town and the home of Arizona State University and the Sun Devils. Local festivals such as Fall Festival of the Arts are extremely popular down on South Mill. Arizona State University is located in its center, ringed by family and student housing.

 

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