Condominium living is on the rise in midtown Phoenix.
Continuing its campaign to attract younger buyers and urban lifestyle lovers, Deco Communities, the developer behind luxury Scottsdale condominiums Envy and Inspire, is getting ready to break ground on a new $40 million residential project.
The new Edison Midtown condos will go up along Central Avenue in Phoenix, just south of Thomas Road with prices starting around $239,900, according to the Phoenix Business Journal.
Eyed for completion in 2016, the seven-story building is expected to house 110 units along with a two-story parking garage.
The Edison is geared toward what the developers describe as the “urban and techie-oriented Gen Y buyers.”
Among other amenities, units will boast wood floors, gas kitchen appliances and 10-foot ceilings.
The new development comes in the midst of a population growth in downtown Phoenix as more people seek out living quarters in the heart of the city.
At the same time, downtown and central Phoenix is also seeing a rise in rent rates among more established apartment complexes.
A recent report from Colliers International showed the asking rental rate in downtown and central Phoenix was $1,256 per month in the second quarter of the year, making the area the most expensive rental market across the Valley.
Sales for condo units in Edison Midtown begin in the next several weeks as construction gets under way in the fall.
Scottsdale-based Deco Communities specializes in urban, infill residential development. In addition to the Edison, Envy and Inspire condominium communities, Deco’s portfolio also includes the Cabana apartment properties in Phoenix and Las Vegas.
Join Realtor Diane Brennan for That Real Estate Show on Sundays at 8 a.m. on KTAR News 92.3 FM.