Downtown Phoenix condos to be converted into apartments

Citing weak demand for upscale condominiums, the owner of high-rise condo property 44 Monroe in downtown Phoenix has decided to convert the project to apartments. Chicago-based ST Residential bought 44 Monroe out of foreclosure in June and opened a sales office inside the building in November, hoping to sell its remaining 196 units at prices starting just under $200,000. The company has been unable to sell any of the units as condos, according to a spokesman for ST Residential. Only 14 units sold originally when the project was built in 2006. Company spokesman Greg Sexton said those buyers will retain ownership of their condo units and could offer them for sale to ST Residential or retain ownership until the building's owners decide to convert 44 Monroe back to a condo project. "This is a big win for the current residents," Sexton said, adding that the change from an almost-empty condo tower to a busy apartment property would be good for existing residents and the downtown area.

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