Posts Tagged ‘Lofts at McKinley’

Housing Update: “If you build it they will come”

Wednesday, May 29th, 2013

Lofts at McKinleyAny advocate for Downtown Phoenix knows the key to sustained growth is a strong population base.

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.

2012 Downtown Phoenix Development Update

Thursday, December 6th, 2012
Palomar

Hotel Palomar construction was finished this summer and the hotel has been named one of Trip Advisor's hottest new hotels in the world

In 2012 Downtown Phoenix welcomed a variety of new construction projects as well as celebrated the completion of several major developments.  The Maricopa County Court Tower was completed in February, consolidating courthouses across the Valley and bringing thousands of jurors and attorneys to the core of Downtown Phoenix.  The complex is home to 32 courtrooms and a pedestrian plaza, helping to make the intersection of First Avenue & Jefferson one of the busiest intersections in all of Downtown.  The success of CityScape has not dimmed in the past year.  The office and retail portions of CityScape are virtually full and RED Development welcomed the Hotel Palomar near First Street & Jefferson.  With 242 guestrooms and the already renowned Blue Hound restaurant, the Hotel Palomar is a welcome addition to the Downtown hospitality sector.  Construction of 240 apartments atop the hotel has begun.

Downtown Phoenix is one of the rare markets in the Valley where construction has not only continued in the public and commercial sectors, but in education and residential as well.  The Phoenix Biomedical Campus saw the opening of the Health Sciences Education Building in October.  The 268,000 square foot facility is located near the corner of Seventh & Van Buren Streets and provides lecture and lab space for the 240 students currently attending the University of Arizona College of Medicine-Phoenix.  The building will allow the College of Medicine grow to 440 students in the next few years.  Also in October, we saw the opening of the Lofts at McKinley at Fifth Avenue and McKinley Street.  This project provides 60 units of affordable senior living and was financed by low-income tax credits and HOME funds.  The project is already fully leased.

Roosevelt Point

The student housing project Roosevelt Point will open before the fall 2013 semester

Development shows no signs of slowing down as we head into the new year.  A number of projects are currently under construction and should be completed in 2013.  Roosevelt Point Apartments is under construction at the intersection of Third Street & Roosevelt.  The student housing project will feature 614 beds in 329 fully-furnished units.  The project is being developed by Concorde Eastridge and is expected to be open for the fall 2013 semester.  You may have noticed the construction activity south of the YMCA near First Avenue & Van Buren.  The YMCA and ASU are teaming up to develop a 64,000 square foot recreation center complete with a large gym and rooftop leisure pool.  The center is expected to open in late 2013.  Other projects on the horizon include UL2, a 70-unit apartment complex being developed by Native American Connections at McKinley & Second Avenue and the Arizona Cancer Center, which is planned for the north side of Fillmore between Fifth & Seventh Streets.  UL2 is currently under construction and the Cancer Center is close to ground breaking.

Downtown Phoenix continues to grow and add buildings that are sure to become icons of our urban landscape.  If you have any questions about any of the ongoing development in Downtown Phoenix please visit the Business & Investing portion of our website or email me at dnoble@downtownphx.org.