[Source: Jahna Berry, Arizona Republic] — Banks are shying away from most high-rise condo proposals these days — even if the pitch comes from an overseas developer. One Phoenix, a proposed 921-unit project on the northwest corner of Central Avenue and McDowell Road, is having a tough time getting financing, said Yon Minei, VP of planning for AI-BSR LLC. Instead of breaking ground on the 375-foot complex this year, as the developer had planned, AI-BSR LLC is exploring new mixed-use options for the site, Minei said. The alternatives could include offices, a hotel, or apartments. Nothing is final yet, Minei said. The firm decided to revamp the project instead of waiting for the Valley housing market to recover because that could have delayed construction for five years, he said.
[Editor’s Note: This photo was taken around 5 p.m. earlier this week. It’s 1st Avenue, north of McDowell Rd., on the “back-side” of the proposed project. Whatever project is built, traffic mitigation alternatives need to be explored as this small feeder street is already backed up during peak times.]
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