The en Hance Park luxury condominium project is set to open the first of three buildings by mid December with construction on the second building beginning early next year.
Located off Second and Moreland Streets, the project is just across the street from Margaret T. Hance Park. The first building will house 49 units with views of the park while the other two will hold 130 units each, said Alvaro Sande, chief operating officer of Sencorp, the developer in charge of the project.
The luxury condominiums have luxury price tags with unit prices ranging from $150,000 for a one-bedroom to as much as $580,000 for a loft overlooking midtown.
Sande confirmed that just over half of the units in the first building have been filled so far, including two purchased by ASU students.
“We have students. We have a lot of people that are retired and a lot of people in the gay and lesbian community,” Sande said. “We also have a lot of people that are downsizing, that come from other parts of the city after their kids moved out.”
Construction began on the first building in August of 2015. Sande said that the land was purchased in 2006, but the company was forced to wait after the 2008 financial crisis hit, which saw many development projects halted.
“It was a bad part of town — drugs, crime you name it,” Sande said. “Now it’s becoming a lot better with all the construction, and the city has put a lot of effort into it, which is good.”
The city unveiled a master plan to revitalize Margaret T. Hance Park for an estimated $118 million earlier this year. The face-lift is aimed towards making the park a grand urban park such as Central Park in New York or Hyde Park in London.
“It doesn’t directly affect construction, but having a great development like en Hance there means there will be more people, and having more people in the park makes the park better,” said Maureen Towne, executive director of the Hance Park conservancy.
Another luxury condominium project, Portland on the Park, located less than a mile from en Hance Park filled half of its units before its opening, according to the Arizona Republic.
One future resident of en Hance Park is Kayla Koch, a student at the Walter Cronkite School of Journalism and Mass Communication.
“We ended up hearing about en Hance Park from a realtor at a party, and we looked at it and then just fell in love with it,” Koch said.
Koch said that owning a condo is actually cheaper than renting an apartment.
“If you take the amount of money it would take to pay for a one-bedroom apartment, it would be pretty expensive,” Koch said. “We wanted to look into something where monthly payments would be less, a condo would be better because you would get to own it for a longer amount of time.”
Koch also said she was attracted to the condominium because of the prospect of selling it at a profit once she is done living there.
Sencorp will break ground on the second building in May and estimates it will take 15 to 18 months to complete. Construction of the third and final building will hinge upon the second buildings completion.
Contact the reporter at Daniel.Perle@asu.edu.