Its been a tough couple of years for Valley urbanists as several high profile ‘live/work/play’ projects ground to a halt. However, we’re happy to report that things are finally looking up as both Safari Drive in Downtown Scottsdale and the 44 Monroe tower in Phoenix have been rescued from bankruptcy. This on the heels of the news that the all-but-abandoned Centerpoint Condos hulking over Mill Ave have been transformed into luxury rentals (and renamed West Sixth Street).

In fact, after attending the Safari Drive grand reopening, we’re happy to report that the real estate crash must officially be over, because they partied like it was 2005. There were red carpets, fine foods, classy parting gifts and even aerialists pouring Champagne while twirling through the night sky. That said, one thing was definitely 2011: the prices.

Starting in the low $300,ooos, these posh pods are certainly not cheap. However, considering the prime location just across from Scottsdale Fashion Square, and the fact that the original pricing started at nearly double that, Safari Drive the sequel is actually pretty good bang for your buck. Much like the recently restarted One Lexington Tower in Mid-Town Phoenix, it’s a good time to be a monied Modernist. Full details below.

ST Residential, an asset management company with luxury residential properties in Georgia, Florida, Texas, Nevada and California, has acquired and is re-launching Safari Drive and 44 Monroe, as well as the smaller 3rd Avenue Palms in Downtown Phoenix. Geoffrey H. Edmunds Realty, a sister company who previously marketed the luxury high-rise Esplanade Place at 24th Street and Camelback (former home to former Suns superstar, Amare Stoudemire), will handle all the sales for the three properties.

Named after the 1950s-era Safari Resort (pictured at right) which used to occupy this prime 4.8-acre site just across Scottsdale Road from Scottsdale Fashion Square, Safari Drive is a super-sleek mid-rise waterfront development overlooking the Arizona Canal. (Click here to learn more about this swank hotel, designed by the late Valley starchitect, Al Beadle on ModernPhoenix.)

Last but not least, 44 Monroe, a 34-story luxury tower located in Downtown Phoenix, as well as Arizona’s tallest residential building, has also followed in West Sixth Street’s footsteps, by converting from condos to luxe rentals.

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