Phoenix, AZ 85028
Developers Scale Back CityScape Project in Phoenix
Developers are putting the construction of more than 1,000 condos and 65 apartments on hold. One hotel has been eliminated from the plans, however a 34-story tower, the future home of the 250-room Hotel Palomar and 165 condos, is currently under construction.
It was inevitable that the housing crisis would impact CityScape, Phoenix Mayor Phil Gordon said.
"I am disappointed, but . . . when tens of thousands of people are losing their homes, we need to stabilize that before we add more," said Gordon, who has staked his political career on downtown Phoenix's success.
Plans also call for a gym, a retail outlet and, hopefully soon, a drugstore. The first shops are expected to open in 2010. A 9,000-square-foot AJ's Fine Foods will be the neighborhood's first grocery store in nearly three decades.
Read full story at The Arizona Republic