Phoenix-based LGE Design Build and Biltmore Holdings havepartnered to develop the 63,120-sf condo project on the infill siteat 2323 W. University Dr. The companies acquired the parcel, with anow-razed 26,000-sf building, for $2.5 million or nearly $12 per sffrom University Park Group LLC of Phoenix.

A 7,000-sf office condo already has been pre-sold to anunidentified home improvement firm, according to Rick Robertson, aprincipal of Lee & Associates Arizona's Phoenix office whorepresented LGE and Biltmore Holdings in the acquisition. He andhis partner, Chris McClurg, are marketing the University Parkcondos as well.

The project will consist of one two-story, 24,430-sf building,two single-story, 8,985-sf buildings and one single-story 20,720-sfbuilding. The condos, ranging from $125 per sf to $150 per sf, willbe completed in June 2005.