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PHOENIX-Fairmount Real Estate Investments Corp. is coming out of the ground on one of the first for-sale residential projects in decades in Phoenix’s CBD.

The Scottsdale-based development company razed four decrepit buildings on a 28,000-sf parcel at the northwest corner of Buchanan and Second streets. By month’s end, work kicks off on the Downtown Phoenix Lofts, a four-story, 31-unit condominium project. A number of developers have talked about developing for-sale housing in downtown for years, but nothing much has ever come of it.

The downtown is ripe for for-sale housing with the completion of Bank One Ballpark for the Arizona Diamondbacks and America West Arena and the subsequent scores of restaurants, shops and bars, Fairmount’s Ray Pacioni tells GlobeSt.com. “It’s a unique area,” he says. “The warehouse district, as in many cities, has taken off. It’s become a place where a lot of restaurants are and sporting events take place. There is a lot of life in that warehouse district and it’s only getting better.” The Downtown Phoenix Lofts are one block south of south of America West Arena, where the Phoenix Suns, WNBA’s Phoenix Mercury and NHL Phoenix Coyotes play, and about three blocks west of Bank One Ballpark.

Now that the company has a public report from the city on the project, it’s converting the 20 reservations it has for the condos into sales. The condos will range in size from 1,233 sf to 1,880 sf and will be priced between $195,000 and $350,000.

“Somebody has to start it and I just made a decision to do that,” Pacioni tells GlobeSt.com. “There has been little or no for-sale product. Phoenix is sort of lagging in that area.”

Pacioni declined to quote a development cost for the project. Based on industry estimates for the cost of downtown land and building a four-story luxury project, it should take more than $5 million for the project.

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