Posted Sep 4, 2019, 11:32 AM
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Join Date: Jul 2007
Location: Phoenix
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Dallas developer begins work on multifamily, mixed-use project in downtown Phoenix
Quote:
High Street Residential, a wholly owned subsidiary of Dallas-based Trammell Crow Co., has begun construction on the first phase of a $140 million mixed-use project in downtown Phoenix.
The first phase will include a seven-story, 342-unit apartment community, along with a 7,000-square-foot ground-floor retail and restaurant space on about three acres at the southwest corner of Fourth Avenue and FIllmore Street.
It is expected to be completed by September 2021, said Paul Tuchin, senior vice president for Trammell Crow.
The second phase will be the same scope and scale as the first phase, he said.
General contractor is Chasse Building Team, while the architect is ESG.
Monthly rental rates for the apartments will range from $1,100 for a studio to $3,500 for a 3-bedroom unit, he said.
An urban paseo spanning from Fourth to Sixth avenues will be designed to accommodate walking, biking and vehicle traffic. It will include shade structures and be heavily landscaped.
It's too soon to name any tenants in the retail and restaurant space, he said.
"We're having some good discussions," Tuchin said. "We look forward to bringing great restaurants to this project."
Now is a good time to build apartments downtown as the landscape has changed over the years, he said, with the expansion of Arizona State University's downtown campus, along with the Phoenix Biomedical Campus and the proximity to light rail.
"It's an exciting place to develop and bring in additional upscale housing," Tuchin said. "We're proud to be a part of it."
The growth in jobs and population also are contributing to a need for more housing, he said.
"I think we continue to have a strong demand and a need for this type of housing, given the amount of new population growth and in-migration and employment growth we're getting into Phoenix," Tuchin said. "We've needed this type of housing for a long time."
Downtown Phoenix is becoming a hot spot for multifamily construction, with Aspirant Development LLC planning a $350 million residential tower and hotel on Second Avenue between Van Buren and Fillmore streets and the 17-story, $80 million Aspire apartments at Third Avenue and Fillmore Street. It recently opened the 312-unit, $81 million Stewart Apartments, 800 N. Central Ave.
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https://www.bizjournals.com/phoenix/..._news_headline
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