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Originally Posted by HooverDam
That article states at full build out CityScape plans to have 1,200 condominiums, good lord! I sure hope that its possible to sell that many units, doing it in phases will help I suppose. With all of the condos being built in the better established areas of Scottsdale, Camelback Corridor and Tempe, along with some being built in midtown, I just can't imagine that downtown will be able to support that many units in addition to the other residential projects that are planned for downtown.
On the other hand, if downtown/the Central Core could land just 2% or so of the people who move to the Valley every year, that wouldn't be nearly enough.
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The Phoenix area will add 725,000 people by 2012 (source: Global Insight). If 2% end up downtown, that's 14,500 people over a five-year period.
Like no where else, though, that's a big if. There are few problems with this, the biggest being that half that 725,000 will be Latino (I'm not offending Latinos - partnered with one). But, on average, Latinos here make about only two-thirds the income of non-Latinos. A family of four-plus people making a combined $49,000 isn't enough to buy one of these places. And a DT condo isn't really practical.
But on the positive side, people do move here hoping to find downtown highrises. The mere fact that there will be units on the market and realtors taking people to CS will help, a lot.