As developers eye downtown and midtown Phoenix for future work, density will be a big driver in how these projects get built.
“Density will be critical for downtown housing because there is no or little vacant land and its scarcity makes it more valuable than suburban land,” said RL Brown, publisher of the Phoenix Housing Market Reports. “Likewise, for the most part, in-town housing will have more judicious use of square footage for the same reason. I would not expect to see any traditional detached homes but much more high-density urban offerings.”
By Angela Gonzales for Phoenix Business Journal
Apartment units in downtown and midtown Phoenix, called Central City, generally are smaller than in the suburban submarkets, said Peter O’Neil, research director for NorthMarq.
“So while the average rent per unit will be a little lower on average, the rent per square foot is very similar to the market as a whole,” he said. “This is consistent with more dense city living. When comparing suburban versus downtown/midtown/central rents, it’s probably more useful to compare rents on a per-square-foot basis than on a per-unit basis.”
Patricia Watts, co-founder and partner of Scottsdale-based Greenlight Communities LLC, is looking for land to build more affordable housing projects in the uptown, midtown and downtown Phoenix areas.
Read more at Phoenix Business Journal
Image caption: Phoenix Sky Lofts and The Link Phase I are the oldest and newest high-density developments in Downtown Phoenix. Credit: City of Phoenix
