New Condo planned in downtown

Phoenix condo tower planned, from the Arizona Republic, reports that a $100 million condo development called Omega is being planned for downtown Phoenix at Second Ave. and Adams Street, behind the Orpheum Lofts. The 32-story tower would be the third urban high-rise downtown. The developer, W Development (David Wallach), is already developing the Copper Square condominium tower next to Chase Field, which is 85 percent sold out with the first residents planning to move in this summer. Wallach is bullish on the need for residential housing in the heart of the city despite lingering concerns about the health of the Valley's real estate market. "The premise that the housing market is soft in downtown is not the right place to start," said Wallach. "The right product, in the right neighborhood, has a really good chance of succeeding." Wallach hopes to break ground on the Omega project this year and said the tower could open in 2009. It would feature 1, 2 and 3 bedroom units starting at about $400 per square foot.

http://www.azcentral.com/business/articles/0314biz-condos0314.html