Second Phase of Kierland Commons Lofts Goes On Sale, 4/06/06 Update

The Business Journal of Phoenix - 10:44 AM MST Tuesday
by Chris Casacchia

Sales for second phase of the Plaza Lofts at Kierland Commons started last week, with prices ranging from the $800,000s to $1.85 million on standard floor plans.

Construction on the 54-unit development will begin in May with completion slated for fall 2007.

Phase II features one- to two-bedroom/study floor plans ranging in size from 1,100 to 2,800 square feet. Five penthouse suites range from 3,200 to 3,900 square feet and feature custom build outs. Prices range from $2.8 million to $3.15 million.

"The people who have expressed interest in Phase II of The Plaza Lofts range from empty-nesters to young professionals within the primary and secondary home sectors," said sales director Trudy Hammond of Signature Properties.

Built above the three-story parking garage on the north side of Kierland Commons, the latest phase will encompass levels four through nine of the nine-story tower and offer mountain, golf course and city views.

Plaza Lofts amenities include a private residential parking garage, reception lobby with card-access entry, a community room with a full-service kitchen, heated pool and whirlpool, and an outdoor recreation area with a fire pit, gas barbecue and seating.

Phase II will add another lobby, a professional-grade fitness facility, another community room complete with kitchen, and additional outdoor space with ramadas, barbecues, fire pits and a water feature.

The first 30 units of The Plaza Lofts sold out prior to the start of construction in February 2004, with the first residents moving in during the second quarter of 2005.

"All of the original Phase I contracts closed," said Daniel W. "Buzz" Gosnell, president of Woodbine Southwest. "This disappointed a substantial list of prospective buyers, which only reinforced our plans to expand the residential component of Kierland Commons."

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