Tempe unlikely to recover from condo crash anytime soon

Experts say condominium development in downtown Tempe, which came to an abrupt halt when the recession began, will likely be on hold for the foreseeable future. The beginning of the recession halted many planned or in-progress condo and mixed-use developments, including the Onyx tower, the South Bank, University Square, The Armory, Centerpoint and 100 Mill Avenue. Will Daly, a real-estate agent specializing in condo sales, said those projects are unlikely to ever be completed as originally proposed. New high-rise condo projects could possibly be built somewhere down the road, but don't expect them anytime soon, he said. "High-rise condominiums are among the most expensive type of housing to build," he said. "As we come out (of the recession), I think investors - whether they be developers, lenders, bankers - are going to be cautious."

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