(Read more on the multifamily market.)

PHOENIX-SW Central LLC, a company formed by the locally basedSouthwest Development Group, has paid $7 million for a site in theCentral Avenue Corridor to develop two 46-story residentialcondominium towers. The 1.56-acre property abuts the Phoenix Museumof Art.

According to Southwest Development managing partner BeauWoodring, the company will spend upward of $250 million to buildthe project, which will have 700 to 800 units. The buildings willbe named Museum Towers for their location adjacent to the museum.The site is near the southeast corner of Central Avenue andMcDowell Road.

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