by Erica Sagon, Business, The Arizona Republic
When three developers from Denver sought to build lofts in downtown Phoenix, they picked an unlikely office tower, the old Phoenix Title and Trust building at 114 W. Adams St.
Gutting the building to transform it into the Orpheum Lofts would be more expensive than starting from scratch, they were told. And there was another catch. The property is listed on the city’s Historic Property Register, which reverently preserves the exterior materials and style of its member buildings, making it difficult to turn 11 floors of offices into residential lofts.
As it turns out, that challenge was part of the attraction for the developers, TASB LLC.
The urban-living trend readily found in other large U.S. cities is finally gaining popularity in metropolitan Phoenix. A strong residential base is key to revitalizing the downtown core and attracting and supporting retail and business.
Most lofts or industrial-style condos downtown are new construction meant to mimic a retrofitted space,…
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