Can this be said: I think it's got potential, but would first like to see phase one

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B45

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Can this be said:

I think it's got potential, but would first like to see phase one of the hostel, that's due for completion next month, before I make a decision on pooling funds in or not.

Is the segment in bold okay? Should I use parenthesis instead?
 
Standard business-speak in my opinion, but I would omit the commas surrounding the italicized phrase.
 
Shouldn't 'phase one' be capitalized?
 
Phase 1 is a given name for the first phase of the development, a proper noun. No?
 
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Phase 1 is a given name for the first phase of the development, a proper noun. No?

We don't know whether it is the given name or not.
 
If it is not the given name, shouldn't it be called first phase(common noun)?
 
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