From the Arizona Republic: 5-12-06
Cresleigh Homes has purchased the Holiday Inn at 4321 N. Central in midtownPhoenix and plans to tear it down to build three, five-story condo buildingswith 257 units. Prices have not yet been determined, but the units will runfrom 600-square foot studios to three bedroom, 1,400 square foot units. Cresleighsaid the units will be "affordable". Condo developers along Central Ave.believe the planned light-rail system will be a big selling point and talkup the areas proximity to the city's downtown. Some analysts think thereare too many condo projects in the works, especially the high end condo projects."The easiest thing to do in this town is issue a press release about yourhigh-rise condo," said RL Brown. "There's nowhere near the demand for expensivedowntown condos for the supply that has been proposed," he added.
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