[Source: Jahna Berry, Arizona Republic] — The Jet, a $200 million 36-story project on 2nd Ave., just west of the Lincoln Family Downtown YMCA, was supposed to open this summer. Now, it looks like it won’t take off anytime soon. The developer behind the apartment complex, UrbanLogic, sold the project to Scottsdale firm Desert Troon Companies for $10 million, said Jeff Mast, director of income properties at Desert Troon. Desert Troon still plans to build the apartments, Mast said. But it also plans to delay the project and re-tool the original plan.
While downtown Phoenix was once a hotbed for high-rise condo projects, things have cooled off. Many of the tall projects under construction downtown began before the housing slump. “We want to wait until the market comes back,” Mast said. “We want to be ahead of it.” [Note: To read the full article, click here.]
Downtown Voices Coalition 