44 Monroe is a US$70 million, residential
high-rise building, located at the northeast corner of Monroe Street and First Avenue in
Downtown Phoenix, Arizona
Downtown Phoenix is the central business district (CBD) of the City of Phoenix, Arizona, United States. It is located in the heart of the Phoenix metropolitan area or Valley of the Sun. Phoenix, being the county seat of Maricopa County, Ari ...
. The 34-story tower is currently Arizona's tallest residential structure.
History
In 2004, the long vacant
Arizona Bank Building, an 11-story building completed in 1961 on a small quarter of a city square block, was in the process of being remodeled into residential condominiums called Monroe Place Lofts. High demand quickly sold out the 60-unit project. In May 2005,
Grace Communities announced the existing building would be razed and in its place a 34-story tower would be erected and named 44 Monroe, the site's address. In late September 2005,
demolition
Demolition (also known as razing, cartage, and wrecking) is the science and engineering in safely and efficiently tearing down of buildings and other artificial structures. Demolition contrasts with deconstruction, which involves taking a ...
of the Arizona Bank Building began. Construction on the tower began in November 2005. On April 16, 2006, Grace communities hosted a “Going Vertical” party signaling the tower's foundation was complete and construction would now be above ground. In the summer of 2007, 44 Monroe topped out. Fall 2008 saw the completion of 44 Monroe.
As of August 2009, the completed project was 5% occupied. In September 2009, its primary lender,
Corus Bank, based in
Chicago
(''City in a Garden''); I Will
, image_map =
, map_caption = Interactive Map of Chicago
, coordinates =
, coordinates_footnotes =
, subdivision_type = Country
, subdivision_name ...
, was taken over by the
FDIC
The Federal Deposit Insurance Corporation (FDIC) is one of two agencies that supply deposit insurance to depositors in American depository institutions, the other being the National Credit Union Administration, which regulates and insures credi ...
, and in January 2010 the project was headed for a trustees' sale and likely
foreclosure
Foreclosure is a legal process in which a lender attempts to recover the balance of a loan from a borrower who has stopped making payments to the lender by forcing the sale of the asset used as the collateral for the loan.
Formally, a mortg ...
. Spring 2011 saw a different side of the market as the tower's units were converted into rental apartments. As of October 2011, 86% of the tower's units had been filled. A strong rental market and high demand in the downtown area has further improved the tower's troubled history.
Design
The project's exterior and interior design were inspired by a painting by artist Jennifer J.L. Jones named “Five Elements,” which incorporates the five Chinese elements of nature — earth, wood, water, metal, and fire. The elements will be expressed as five vertical fins on the front of the structure's façade, with the pattern to be repeated throughout the building's interior. The building will feature seven floors of above-ground parking and 196 residential units, ranging in size from 780 to . Residential unit prices range from $480,000 to $3.2 million.
See also
*
List of tallest buildings in Arizona
*''Note: Table widths too wide for most users; tables forced to 1920px to prevent crowding.''
The following is a chronological list of buildings in the state of Arizona that are taller than 7-stories or have historical relevance, grouped by city ...
References
* Hesler, Linda
“Take a peek at Downtown Living”{{Dead link, date=September 2018 , bot=InternetArchiveBot , fix-attempted=yes ''The Arizona Republic'', September 29, 2006.
* Berry, Jahna
''The Arizona Republic'', November 28, 2008.
External links
Luxury Apartments in Downtown PhoenixGrace Communities
Residential skyscrapers in Phoenix, Arizona
Residential buildings completed in 2008