Another Apache Blvd. condo tower idea pops up
The Arizona Republic
Apr. 19, 2006 12:00 AM
Another condo tower is being proposed along Apache Boulevard, the most recent step in the possible revitalization of the area along with light rail.
It's too early to tell whether the proposal will withstand city scrutiny. It is in early planning stages. But the developer is confident the towering project would bring new residents and a new outlook to the boulevard.
LandSource Holdings is working to get city approval and soon will begin making the rounds to community groups, said Jim Powers, a company partner.
LandSource wants to replace the lots at 948 and 1000 E. Apache with an 18-story condo complex. It would be just east of Rural Road on Apache.
Initial plans submitted to the city for review show it would include retail space on the ground floor. There would be live/work, studio and 1 and 2-bedroom residential units.
The Phoenix-based company is new to the urban residential building business, but has teamed with an experienced firm in Scottsdale, Circle West Architects. That group is responsible for the Longbow Business Park and Golf Club in Mesa and Market Street at DC Ranch in north Scottsdale.
Powers said he and his partners realize there will be plentiful competition within landlocked Tempe.
Tempe is building high-rise housing at record rates. Compared with this time last year, the city has issued about 400 more building permits, and construction valuation has almost doubled, according to the city's Development Services department.
"A lot of that housing, especially the upscale housing, is overpriced," Powers said. "We feel like we can deliver housing that is more moderately priced, simply because you're not paying the riverfront pricing, and we're not expecting to have to skimp on quality to do it."
Like others before him - and others likely on the way - he sees Apache Boulevard turning into a place where first-time buyers can find housing.
"When you look at all the young couples who want to live in Tempe but just can't afford the rising rates, you're looking at our audience," Powers said. "These are the people who want to be there."