Luxury development to break ground with 4,000-square-foot condos in north Phoenix
Scottsdale-based The Statesman Group is preparing to break ground on another phase of The Luxe at Desert Ridge, with plans to build 4,000-square-foot condominiums starting at just under $2 million. Since originally breaking ground on The Luxe in May 2019, four of the six buildings have been completed. Now, construction is beginning on the fifth […]
The 10 fastest-growing housing markets in Arizona
For decades, Phoenix has been the poster child of housing growth in Arizona. Now it’s the suburbs and exurbs’ time to shine as people increasingly turn to less dense, more affordable communities. Queen Creek leads Arizona’s housing expansion. Local housing stock grew to nearly 20,000 units in 2022, a 123% increase over the last decade. […]
The Valley is a Boomtown: Phoenix is top 5 in new apartment growth
A new study says Phoenix is one of the top five cities across the country in seeing new apartment growth. About 20,000 units will come online in 2024. Source: https://www.12news.com/video/money/economy/boomtown-2040/phoenix-is-in-top-5-in-new-apartment-growth/75-6471900b-e56a-4deb-90ed-da8bf1b83629
Tucson officials propose half-cent sales tax hike for housing, public safety
Tucson officials are considering levying a half-cent sales tax to help pay for public safety, housing and other services in the face of a $400 million deficit over the next decade. On Aug. 27th, city officials proposed levying the tax over ten years to bring in an estimated $80 million annually. City officials plan to […]
New tool helps developers find office buildings to convert into housing
As remote and hybrid work become the norm, converting vacant offices into housing has gained attention from owners and policymakers. While this is still a niche market, a new tool from CommercialEdge, the Conversion Feasibility Index, highlights a larger-than-expected pool of candidates for conversion potential. The CFI uses a weighted scoring system to evaluate factors […]
Affordable housing development planned in west Phoenix
A west Phoenix project that will include 334 affordable apartment units, restaurants and shopping could begin construction next year if the Phoenix City Council approves it. “This is a true affordable, mixed-use retail development,” said Walter Crutchfield, partner at Vintage Partners, one of the project’s developers. The development, called Hurley Station, is planned for roughly […]
Rising Insurance Costs Threatens Affordable Housing Across the Nation
Rising property insurance costs threaten affordable housing across the U.S., particularly in coastal states hit by severe weather. Nonprofit organizations, crucial in providing low-income housing, are struggling as insurance premiums soar, forcing them to sell properties or abandon projects. For instance, in Houston, affordable housing units are being sold to landlords who then increase rents […]
Metro Phoenix Ranked #4 in Busiest Apartment Construction
According to RentCafe’s 2024 Apartment Construction Report, Metro Phoenix ranked as the fourth busiest market in apartment construction in the U.S. With 20,141 units slated for completion this year, Phoenix trails only New York, Dallas, and Austin. The city is set for substantial growth from 2024 to 2028, with 60,833 new units expected—an impressive 22% […]
HB2297 Aims to Revitalize Arizona’s Dead Zones and Foster Affordable Housing
House Bill 2297, signed into law by Governor Katie Hobbs and supported by the Arizona Multihousing Association, seeks to convert up to 10% of vacant commercial properties into affordable housing starting in 2025. This law aims to develop around 150,000 new apartment units in Phoenix and Tucson, helping to address Arizona’s housing shortage. By streamlining […]
Arizona Cities Scramble to Adhere to New Housing Laws
Arizona’s new housing laws, HB2720 and HB2721, require cities to increase housing options by legalizing accessory dwelling units (ADUs) and allowing multi-family units near central business districts. Cities with over 75,000 residents must update zoning codes by January 2025 for ADUs and by January 2026 for multi-family units. Some cities, like Phoenix and Tucson, need […]
