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Posted Sep 1, 2022, 5:19 PM
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Modulator
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Join Date: Nov 2013
Location: Phoenix, AZ
Posts: 4,402
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TSMC causing a massive influx of residential development...including over 1100 units at the northernmost portion of Phoenix.
Quote:
The northernmost point in Phoenix, a vacant stretch of desert, could soon become a housing community
Corina Vanek
Arizona Republic
A vacant stretch of desert on the east side of Interstate 17 just past Anthem is the northernmost point in Phoenix, and it's about to be developed.
Bela Flor, a Mesa-based developer, wants to turn the 114 acres north of Circle Mountain Road into apartments, single-family house rentals, townhomes and for-sale houses as employment growth in north Phoenix drives demand for more housing. In total, 1,116 units are planned.
In sprawling Phoenix, the property is about 30 miles from downtown — but near Loop 303 and the 17, where Taiwan Semiconductor Manufacturing Co. is opening a massive chip manufacturing plant in 2024.
The plant has spurred other development from restaurants and residential to supporting industries. Gov. Doug Ducey landed in Taiwan on Tuesday to promote Arizona's growing semiconductor industry.
“TSMC became a significant game-changer,” said Adam Baugh, a zoning attorney representing the developer. “Now there is a clear need for housing, and you can plan a master-planned community, with all types of housing, from rentals to for-sale."
Massive chip plant a main driver
Since TSMC’s purchase of more than 1,100 acres, several other semiconductor industry companies have begun establishing a presence in Phoenix and surrounding cities.
TSMC’s location was the driving factor for Bela Flor, Karl Huish, managing director of the company, said. The company bought the land about eight months ago for $24.3 million, according to real estate database Vizzda.
The land has long been zoned for commercial uses, but has very little accessibility, said Baugh, with Withey Morris law firm in Phoenix. Despite the site's freeway frontage, the nearest freeway access is Anthem Way, about two miles away. With limited access, developers did not have interest in the site, Baugh said.
"But for TSMC coming, it would have stayed vacant," he said.
The site is north of Anthem which is an unincorporated master-planned community in Maricopa County. While most of Bela Flor's land is within the city of Phoenix, the rezoning case for the site includes annexing a couple small portions into the city.
An aerial site plan shows the four phases of development Bela Flor has planned for a 114-acre site near I-17 and Circle Mountain Road.
The developer will need to run water and sewer lines beneath the freeway to bring water and utility services to the site..
To justify that expense, Baugh said a developer had to be sure there was demand for whatever would be built. While the demand never worked for commercial, the influx of jobs from TSMC will bring demand for all types of housing to the area.
Variety of housing options needed
“We know there is a shortage of homes in all demographics,” Huish said. “The starter home market has really vanished, when you see the home price increase, incomes have not kept pace. We’ve priced out so much of the market, it’s terribly sad really.”
Huish said by offering a variety of housing types and both for-sale and for-rent options, the development can cater to a wide range of people, with the goal of attracting people who work at or alongside TSMC. The average salary of a worker at TSMC is expected to be about $83,350, according to city data.
The first phase is planned on the southernmost portion of the site and would include 311 single-family rental homes. Each of the rentals would come with a single-car garage, some that are attached to the unit and others that are detached but nearby.
The development is expected to have four phases, which will each be individually gated, but residents would have access to a pedestrian path that connects all four phases, Huish said. The site also has three natural washes that would remain.
“We tried to just maintain nature and let nature keep its course,” Huish said. “We are trying to thoughtfully build around what nature has given us.”
The proposed development will go before Phoenix's planning commission and City Council this fall, Baugh said, and if it receives the necessary approvals, construction will start as soon as possible.
Since TSMC bought its land in north Phoenix, development and land purchases have kicked into high gear with companies jockeying for space near the facility.
New projects coming in at 'warp speed'
“This feels like warp speed,” Baugh said. “In two years, it has propelled so much demand in the area.”
As housing projects go up, demand for other buildings, like shopping, restaurants and entertainment will soon follow, he said.
South of Bela Flor's property, developer Trammell Crow Co. recently received approval to develop a 306-unit apartment complex at I-17 and Anthem Way, called Alexan Anthem. The project will feature mostly one-bedroom units, according to Vizzda.
East of I-17 near North Valley Parkway and Sonoran Desert Drive, Scottsdale-based Empire Group has plans for two different single-family rental developments that will total about 600 new units. Also near North Valley Parkway and Sonoran Desert Drive, Liv Communities submitted an application to the city to rezone 13 acres of land to develop a 343-unit apartment complex.
South of Empire’s projects, single-family home developer Ashton Woods bought land to build 224 lots near 19th Avenue and Jomax Road in late July, according to Vizzda.
On 19th Avenue and Rose Garden Lane, Mack Real Estate Group submitted plans to redevelop a site that currently includes a vacant office building and parking lot to instead be single-family rentals, including detached and attached units on 22 acres of land. According to documents submitted to Phoenix, the developer is planning 438 rental units on the site.
On the west side of I-17, near 27th Avenue and Pinnacle Peak, the City Council recently OK'd development of Pinnacle Peak Crossings, a 294-unit apartment complex, according to Vizzda. North of that site, on 31st Avenue and Dynamite Boulevard, a vacant 6-acre site is proposed to be developed into 19 single-family homes.
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Source: AZ Central ( https://www.azcentral.com/story/news...ix/7944874001/)
Bela Flor near I-17 and Circle Mountain Rd.
Empire Group's Bronco Trail development, East of I-17 near North Valley Parkway and Sonoran Desert Drive
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