Good sign for downtown condo project

As the economic downturn grinds on, downtown Phoenix boosters have been anxiously watching sales at several new condo projects, including 44 Monroe.

City leaders want to revive downtown Phoenix, and getting more people to live there is a crucial part of that plan. Although 44 Monroe wrapped up construction this year, units have been slow to sell.

Update: On Monday, a unit on the 32nd floor was sold to David N. Ferrazzifor about $1,55 million. The development sits at Monroe Street and First Avenue.

What's next: Of the 196 units in 44 Monroe, 96 are in escrow and about a dozen have sold, said Ryan Zeleznak, Grace Communities principal.

Although the project hasn't sold as fast as the developer would have liked, Monday's sale is a good sign, Zeleznak said.

"It shows that people recognize . . . this is a premier high-rise in Arizona. It shows how committed people are to downtown."

Learn more: www.gracecommunities.com