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profile grace communities – hotel monroe and
Grace Communities says it works to
add “more vibrant, flavorful and
cosmopolitan downtown areas for
Scottsdale and Phoenix.”
>> Bank. Grace Communities intended
to convert the building into a condo-
minium. “Grace built a full model home
in an office at the US Bank tower across
the street,” the company recalls.
“It assembled a staff of around 50
from around the country to sell the proj-
ect. Financing came from Corus Bank of
Chicago. Building the tower has taken a
million decisions for a project much
more complicated and costly than the
single-family housing that is the
region’s staple. These costs and com-
plexities are enough to root out the
would-be players that tie up a parcel and
put up a sign.”
“Now the question is how many other
developers will emerge downtown and
in the central corridor with similar
vision, capital and expertise?”
In Demand
Ryan Zeleznak is sure that there is a
demand for this lifestyle.
42 b&c southwest fall 2008
44 monroe projects
“Although there is an education pro-
cess for many Phoenicians – for exam-
ple, having their deposit tied up for two
years while the tower is built – others
have enjoyed high-rise living in other
cities and want it here,” he said in
a statement.
“We believe there is a market for high-
rise living in Arizona,” Donald Zeleznak
added. “As the sprawl continues to
grow, one of the answers is to come back
into the city and live.”
Aiming to Stand Out
Celebrating the 75th anniversary of the
original 1931 Valley National Bank build-
ing, Grace Communities acquired the
historic landmark and is turning it into a
150-room boutique-style hotel.
“[We are] planning to restore the
building to its authentic Art Deco
prominence,” the company says, noting
that it is working with some well-known
architects and interior designers such as
Westlake-Reed-Leskosky and Kay Lang
+ Associates.
Target Demographics
Hotel Monroe targets high-end busi-
ness travelers and visitors seeking aa
luxury experience in the city, Grace
Communities explains.
Todd Iacono, the hotel’s general man-
ager, says the development takes advan-
tage of the location.
“We will be 80 percent transient busi-
ness and take advantage of the corpo-
rate headquarters that are here down-
town,” he said in a statement.
“We also will cater to executives who
are looking for a central location near
the airport that makes all the areas of
the valley easily accessible.”
Fabulous Accommodations
Once completed, Hotel Monroe will
have luxurious amenities, including a
two-story lobby and a bar, a five-star >>