Filed under: Real Estate Developments
Phoenix, Arizona's massive downtown project, CityScape is being downsized due to the economy. The $900 million development, which was announced last year, spreads over three blocks. So far, construction of more than 1,000 condos in two towers has been put on hold. Another 65 apartments have been eliminated and one of the hotels, Twelve, is out of the project. Wachovia, the anchor tenant in the project's 27-story office tower may withdraw, the P.F. Chang's restaurant chain has pulled out and businesses are wary of signing up for retail space. A 34-story tower, the future home of a 250-room Hotel Palomar and 165 condos, is still under construction. Developers are hoping that an economic rebound will be underway by the time the first shops and offices open in 2010.
Gallery: Towers in Trouble