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$30-Mil Condo Project Set to Commence

PHOENIX-The Pivotal Group has lured a veteran Phoenix developer out of retirement for Valley's first high-end condo project in more than a decade. Ground breaks May 29 on the 56-unit Esplanade Place, which costs upward of $30 million.

By D.J. Burrough | Updated on May 15, 2001

PHOENIX-Construction is set to begin by month’s end on a high-rise luxury condominium at the city’s most prestigious corner. It is the first high-end condos to be built in the Valley in more than a decade.

Phoenix-based Pivotal Group is partnering with Los Angeles-based William S. Simon & Sons for Esplanade Place, a 12-story project that will be built at the southeast corner of 24th Street and Camelback Road in Phoenix. The condominium project, estimated to cost more than $30 million, will be built in the Camelback Esplanade, just south of the Ritz-Carlton Phoenix hotel. A set of tennis courts and some parking space will be sacrificed in order to build the project. Construction, which kicks off May 29, is scheduled to take about 15 months.

The 56 condominiums will be priced from $500,000 to $2.5 million, says Pivotal Group CEO Francis Najafi. Pivotal, which owned the Ritz-Carlton Phoenix for several years before selling in late 1990s, has owned the developable parcel around the Camelback Esplanade for some years.

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