Market woes delay Easy Street project
Developer now expects fall ’08 groundbreaking
by Brian DiTullio

CAREFREE – The mortgage crisis and subsequent blows to the housing market have caused a one‑year delay to the Easy Street Project.

Developer Ed Lewis said the overall change in the housing market has forced him to delay breaking ground until fall 2008. The project includes 36 luxury condominiums at an average price of $1.5 million.

“I don’t know anyone in their right mind who would start construction on that kind of project today,” Lewis told The Desert Advocate.

However, that doesn’t mean an end to the project along Easy Street in the Carefree town core.

Lewis also said the permitting and planning process is taking longer than anticipated due to the multi‑use aspect of the development, which includes shops, restaurants and underground parking in addition to the luxury condos.

Delays in this size undertaking are always “the one‑year kind,” Lewis explained, stressing these types of projects take two years to build and because a fall opening is preferred, the project should break ground in the fall.

“That’s when the shops and restaurants like to open,” he said. “That’s when the winter visitors start coming back and that’s when the residents are all in town. It’s the best time to open condos.”

Lewis feels that between the one‑year delay and two‑year build‑out time the housing market will have sufficiently recovered to easily sell the condo space.

“We weren’t able to sell any condos yet,” referring to Arizona statutes governing when a developer can begin selling space based on prospects, “but we have numerous people with reservations. I’ll be contacting them and see if our schedule still fits into their plans.”

The delay also gives Lewis time to work out some utility easements needed for the project.

“We have to follow the market or pay the price,” Lewis said.