Introducing 240 Missouri - Redefining North Central Living

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Crews will soon begin to demolish the former Rancho Solano elementary school site at 240 West Missouri in Central Phoenix to make way for a new single-family subdivision, 240 Missouri.

Crews will soon begin to demolish the former Rancho Solano elementary school site at 240 West Missouri in Central Phoenix to make way for a new single-family subdivision, 240 Missouri. The community will feature 29 two-story homes, some of which will have rooftop decks to view the city’s lights. In addition to ample guest parking, the project will also have a centrally located pool, a small dog park, and a community picnic area.

“We think this project is ideally located from a pedestrian standpoint,” says Keith Mishkin of Cambridge Properties, who will be handling sales in the subdivision. “You can walk to the light rail to get anywhere quickly, and there are a number of restaurants and venues within just a few blocks.”

Those venues include the redeveloped Newton project at 3rd Avenue and Camelback, which houses Changing Hands Bookstore and the Southern Rail restaurant. Also, Upward Projects has a number of restaurants located at Central and Colter, including Postino, Windsor, Federal Pizza, JoyRide Tacos, and the Churn ice cream parlor. Starbucks is a short walk to the west of the new community.

The project’s marketing name – 240 Missouri – should make it easy to find: “We just thought it made sense to identify the project by its address. The quality of the project speaks for itself. It really is in the center of it all.”

A soft launch party for local real estate professionals was held at the Newton on November 13, and the project was very well received. Mishkin points out that there is pent-up demand in the North Central area for newly built housing: “Meritage had much success last year with sales in their condo development at 16th Street and Missouri, although those are condos, and the square footage is significantly smaller than what we have at 240. In addition, there are many larger speculative new homes being constructed in North Central, but at a much higher price point. We think that 240 Missouri is hitting a sweet spot that is missing from the market – 2,000-3,000 square feet with two and three car garages. It’s a perfect low maintenance, ‘lock and leave’ situation.”

Although the final subdivision plat was approved by Phoenix City Council in mid-September, the Arizona Department of Real Estate Public Report has not yet been issued, and so projected pricing is unavailable. However, Mishkin said he and Amy Willaby in the Cambridge office are currently accepting lot reservations, which can later be converted to purchase agreements. The development is expected to deliver its first homes to buyers in 2015. The private development company building 240 Missouri is comprised of two North Central residents, both professionals in the real estate development and construction industries.

Cambridge Properties is partnering with Fidelity National Title Agency for title and escrow on the project. Fidelity National Title Agency’s Builder Services team, headed by Dustin Gaskey, is unique and unmatched in the industry. With an experienced staff of specially trained technicians, they work closely with the developer, builder, project engineers, attorney, and project manager in order to anticipate and resolve any title related issues and set precedence in the market by making the subdivision transaction quick, easy, and less time consuming.

For more information, visit http://www.240missouri.com or call (602) 380 - 8089.

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