Business Real Estate Weekly
Lafferty Development Inc. in Phoenix (Michael Lafferty, pres.) is planning to develop 200 to 230 condominiums in a project in downtown Phoenix being called St. Ambrose. The 2.1-acre site, located at the southwest corner of 12th and Van Buren streets, is now occupied by several automotive-related businesses. The property, which is owned by Ken D’Arcangelo of Payson, is being acquired by Lafferty in a deal set to close by November. Plans from Archicon in Phoenix show four-story and seven-story condominium buildings with studio, one- and two-bedroom condominiums ranging from 350 sq. ft. to 750 sq. ft. The for sale units are expected to be priced from roughly $120,000 to $250,000. Lafferty says the affordable price of the one-bedroom “micro flat” condominiums should make that floor plan a popular seller.
