Thursday, September 20, 2007

Desert Ridge To Have 10,000 Multifamily Units

Phoenix City Planners met this week and have placed a city-wide emphasis on density and height to accommodate growth.  The master plan for the Desert Ridge area seems to fit the bill perfectly.  When completely built out almost half of the 24,000 planned residences will be multifamily, meaning condos, townhomes, and apartments.  The majority of the multifamily development will be at the “core” of the Desert View Village planning area located at Tatum Blvd & Deer Valley Rd.

·         Shade, a completed rental apartment complex with a total of 350 units is approximately 90% occupied

·         Gray Development owns property on the northeast corner and has approval for 900 units

·         East of the Gray Development property is Toscana at Desert Ridge which when completed will have more than 1,500 units

·         City North, which is currently being developed on the east side of Desert Ridge, will have as many as 1,500 units as well

·         There are also plans for another apartment block along 56th St

The demographics of those buying condos/townhouses seem to be changing.  Condos and townhouses were once primarily the entry point into the homeownership arena, but it seems lately that a good percentage of those buying condos or townhouses are doing so by choice.  The aspects of location, amenities, and low maintenance are very alluring for some seasonal visitors, well-off professionals without children and empty-nesters whose children are grown and have moved out.

Click Here to read the full article from AZCentral.

-Steve Nicks

[tags] Desert Ridge real estate, Phoenix real estate, Condos, Townhouses [/tags]