Downtown Phoenix Development Now In High Gear
Like a lot of other urban cores, Downtown Phoenix is finally attracting a critical mass of residents and businesses, enough to call it a boom. That's why we're excited to present our Phoenix Construction & Development event on March 10 at the Arizona Center.
MetroWest Development partner Matt Seaman tells us that Downtown Phoenix is finally going through the residential growth phase that's been projected for some time. "The City of Phoenix, with its planning efforts along the light rail corridors and transit stations, along with the continual growth of ASU’s Downtown campus, has been instrumental in setting the table for the private sector." Matt's shown with partner Doug Gannett at their “annual meeting” hunting for equity.
In fact, Matt adds, he's expecting the biggest residential influx into Downtown in his lifetime. “We're optimistic about the future for Downtown and the residential development we're seeing, but are probably more conservative than others about anticipated rent projections over the course of the next 18 months.”
Habitat Metro principal Tim Sprague, who will also be a speaker, tells us that Habitat's focus is on multifamily and hospitality, with a specific emphasis on infill opportunities in proximity to light rail. "We see the for-sale multifamily market being robust for the next 18 to 24 months, benefiting from the influx of rental product that will produce homebuyers after their acclimation to the urban setting. Also, well-located hospitality offerings will benefit from the movement back to the core." Pictured: Habitat Metro and Bond Partners' Found:Re hotel development near Roosevelt Row.