More details are becoming available about 44 Monroe in downtown Phoenix. About a week ago, my friend Gene Urban told us that the building would be converted into luxury apartments. Today, AZ Central is talking about the recent changes at 44 Monroe, as well.
Apparently, the new owners of 44 Monroe feel that their best bet to see any cash flow from their investment is to dip their toe into the Phoenix rental market.
According to AZ Central, the Phoenix condos will be converted into apartments and a revamped leasing office will open this month. No word yet on lease rates but we’ll try to find out soon.
To me, this is an interesting story on many levels. Let’s say they fill the building by leasing the remaining 196 units which potentially brings another few hundred people to live downtown. Does that help? Can it make a dent in what many hope is a downtown beginning to see some life?
The building at 44 Monroe is about as urban of an address as one will find in the PHX. CityScape obviously has high hopes for the area and several cool restaurants, coffee shops, and local attractions arein the area. Heck, 44 Monroe could be a sports lovers dream, not to mention all of the artsy-fartsy stuff close by ( or easily accessible via light rail ).
Without a doubt there has been a lot of interest in leasing homes near the light rail line lately. 44 Monroe is a gorgeous building with some very cool amenities and some views to die for. Hopefully, things are looking up in downtown Phoenix.
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