The demand for new apartments, especially in walkable and bikeable locations, is nowhere near being met, Wood Partners director Todd Taylor tells us. He reports that the 296-unit Alta Tempe complex, which the company is developing near the new Marina Heights office development in Tempe, is seeing about 30 leases a month—an average of one a day.
"Gen Y and Millennials want access to employment, but also are seeking walkable and bikeable access to shopping, dining, bars, nightlife, and so on," Todd says. Alta Tempe will be complete in '17. When it opens this winter, Marina Heights will include 2M SF of office space and 40k SF of retail, which Todd calls a "game-changer" for Tempe.
