https://www.bizjournals.com/phoenix/news...bDY0TytZcUJkdkR5c2dTaCtvUFhjTGgifQ%3D%3D
San Francisco-based JMA Ventures LLC is on track to break ground next week for a $75 million apartment community in the warehouse district in downtown Phoenix.
The last time the developer bought land in downtown Phoenix — about four blocks away from its current location at Fourth and Buchanan streets — it was 20 years ago.
"We were thinking downtown was going to go through a growth spurt that it's going through right now," said Todd Chapman, president and CEO of JMA Ventures. "We were just a little bit early."
He remembers the late '90s during the tech explosion when old warehouse buildings in San Francisco began attracting a community of engineers, software programmers and architects. He figured downtown Phoenix was ripe for a similar explosion.
"Long term, we were right — it's happening now," he said. "We were a little bit early."
Scrapping plans to build office space, Chapman ended up selling the land several years ago.
Now that there's more development in downtown Phoenix — with Cityscape, Block 23 and Arizona State University — the reurbanization has lured him back to downtown Phoenix.
"It used to be people wanted to go to Camelback or Scottsdale, and now people want a more urban experience that downtown has to offer," Chapman said.
He plans to build a 5-story apartment community within the warehouse district of downtown Phoenix.
"There's a great vibrant community in this warehouse district," he said.
Newmark Knight Frank (Nasdaq: NMRK) arranged $51.9 million in construction financing for the 278-unit apartment community, with the rest coming from JMA Ventures and "opportunity zone" funding.
Called the Battery, the project sits on 3 acres near Chase Field and Talking Stick Resort Arena and is expected to be completed by the second quarter of 2021.
Chapman said it's a bit too early to disclose rental rates for the apartment community, but said he wants to keep the prices affordable.
"Our units are priced to be more for first-time renters in the Phoenix market," he said. 'They are a little bit more affordable than the other stuff you'll see. We're targeting renters in that innovation district — people in tech, digital arts or media."
Even though he wants to keep prices down, he said the project will feature luxury amenities, including floor-to-ceiling glass windows, polished concrete floors and smart home technology packages. It also will feature rooftop amenities deck that will include pool, spa, barbeque areas and fitness center.
Threaded Mode