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The Arizona Republic is reporting that Concord Eastridge has purchased land at the southeast corner of Third Street and Roosevelt and is planning to build a large apartment complex.
Plans call for between 325 and 350 units on nearly three acres of land with 5,000-square-feet of retail. Although the units will not officially be student housing, the project is designed to take advantage of the rapid increase in the Downtown student population. ASU estimates that more than 13,000 students take classes Downtown and projects like Taylor Place and Alta Phoenix are boasting high occupancy rates.
The Concord Eastridge project will also benefit from an increase in construction on the Phoenix Biomedical Campus which has a number of large projects in various stages of development. The Arizona Cancer Center alone is expected to have a staff of 800 and could serve up to 60,000 patients a year. For more information on the project please visit: Downtown Phoenix Parcel Set for Housing