A long-abandoned project is finally getting the finishing touches from Shea Homes, who’s just signed a deal to build 69 luxury condos in WestStone’s Vantage Condominium Community in Ahwatukee Foothills.
A developer purchased the parcel at the northwest corner of 5th Avenue and Chandler Boulevard and built 58 units in 2007 but when the market took a turn, the company halted construction. Now, with a new focus in the northwest, the company offered the project to Shea Homes.
Shea isn’t known for condos but with the right team in place, they believe this is the right time to join the condo market in Arizona.
“Homes have struggled for the last five years,” said Ken Peterson, vice president of sales and marketing for Shea Homes. “We had a little uptick in the market two years ago. We saw the little surge in the market for single-family, detached new homes but 2014 was relatively flat with just a little bit of growth. We’re definitely optimistic about condos and we think over the next two to three years there’s going to be a huge increase in single-family detached new homes as well as growth in the sector of condos and town homes.”
Peterson said the company took its time reviewing this project before jumping in. A diverse group of 30 or so people, all with different perspectives, were asked to pour over the floor plans for months before the plans were resubmitted to the city for approval. The group made changes to the kitchen, master bath and living space in each unit.
Shea is now waiting on the city for approval of plans. They hope to begin constructing models in the next 60 days. If all goes as planned Peterson said they hope to have models open by this fall.
Vantage already has two swimming pools, a spa, a movie theater, fitness center and clubhouse on the property. The condos range from 1,432 to 2,067 square feet. Pricing is estimated to start in the high 200’s.
More information will be posted as it becomes available on sheahomes.com.
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