Housing Update: "If you build it they will come"
May 29, 2013 by David Noble
And that growth is well underway.
As you cruise around Downtown you may have noticed construction crews throughout the greater Downtown area, most of which are working on residential developments.
Roosevelt Point, a complex with a student housing focus at Third and Roosevelt streets, is nearing completion and will be open for the ASU fall semester. Roosevelt Point will bring 609 beds in 326 fully furnished units to the Roosevelt neighborhood on the north side of Downtown.
Projects like the Lofts at McKinley have shown there is a demand for a variety of housing options in Downtown Phoenix. The Lofts opened in October 2012 and filled their 60-units in six weeks.
Other smaller projects are currently under construction or in the planning stages.
UL2, a 70-unit complex at Second Avenue and McKinley Street, is currently under construction and will be completed later this year.
Earlier this month, City Council gave approval to Cooper Place, a 30-unit market rate development planned for Second Avenue south of Fillmore Street. Cooper Place is expected to break ground by the end of this year.
RED Development is building 224 luxury apartments atop the Hotel Palomar at the northwest corner of First and Jefferson streets. The Palomar Apartments are expected to be complete in early 2014.
Also breaking ground late this year will be a 60-unit complex at First Avenue and Roosevelt Street by MetroWest.
Downtown Phoenix has seen steady growth in housing development. Since 1996 more than 3,600 units have been built with an additional 765 in late planning or under construction.
For more information on Downtown residential development or population growth please visit the research portion of our website, downtownphoenix.com/business/downtown_research, or call David Noble at 602-744-6408.