34-Story Condo Tower Next to the Landmark Viad Building in Phoenix...

Calif. firm planning to build more condos, from the Arizona Republic, reports that San Diego developer Joe Pinsonneault wants to build a 34-story condo tower next to the landmark Viad building in Phoenix. He paid $2.9 million for the one+ acre site on the west side of Central south of Palm Lane. Pinsonneault said he plans 327 luxury units at an average price of $600,000 to $700,000. The owners of the Viad Building, a New York investment group and a Mississippi REIT have doubts. Mitch Mattingly, and executive vice president of the REIT, said "we are unsure how deep the high-rise condominium market is in Phoenix and because of that would hate to see a developer go out there and speculate on something that does not work." Residential developers are transforming Central Ave. from an office hub to an "urban living" haven due to interest in city living, a planned light-rail line that runs along Central and the quick profit potential of building and selling condos compared with building and owning an office project.

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