The downtown Phoenix housing boom is in full force, but new projects face the community concerns of demand and small business impact.
Members of the Arizona Multihousing Association — the trade association for the apartment industry in Arizona — met with the public Tuesday to update the community on housing projects in downtown as a part of Downtown Phoenix Inc.’s RadiatePHX series.
The event was geared toward impending housing projects in the downtown area with representatives from Alliance Residential Company, Baron Properties and Pinnacle Property Management each presenting about their upcoming projects.
Alliance plans to open a property at Alvarado and McDowell roads in March 2016 which will consist of 280 units. They plan to include a 12,000 square-foot public use courtyard and an indoor arts space. The company currently has plans to open another residential space on Third and Roosevelt streets — the location of recently-closed Paz Cantina — in 2017.
Pinnacle Company spoke about Proxy 333, a 118 unit residential space in the Roosevelt Arts District set to open in the spring. Pinnacle’s Regional Property Manager Bryan Fasulo described the development as a “community oriented” residential space with 10 live-work spaces at the exterior of the building where small businesses or startups could integrate into the residential community.
“We are trying to create that neighborhood feel where even the people who work there want to live there and be a part of the community,” Fasulo said.
Baron Properties discussed their two new properties on Third Avenue with 215 combined units set to open before the end of 2015.
However, community members still had their concerns about what RadiatePHX referred to as the “downtown residential rental boom.”
Many expressed doubt that the demand was present for all of the housing developments in the area and expressed concerns that local businesses would be driven out by an influx of larger corporations.
Others, like Mayor Stanton’s Neighborhood Advisory Committee member Rick Avellone were excited at the prospect of an expanding downtown.
“Eventually when we reach that density we will have a grocery store and more kinds of stores moving in to improve the area for everyone,” Avellone said.
A local business also made its voice heard at the meeting, as Matt’s Big Breakfast — the caterer for the event — expressed how they are excited for the prospect of increased downtown housing.
Each member of the Arizona Housing association addressed these concerns with an indication that to them, the demand is there. Laura Rubeck, representing Alliance Residential Company, said trends and estimates all pointed to a market “eager to live in the core of downtown.”
“We haven’t really had any issues with occupancy, in part because of how much energy we put into marketing,” Rubeck said.
When it comes to local business concerns, each company present made a point of indicating that they pride themselves on including and promoting local businesses in their residential communities.
Contact the reporter at csmannin@asu.edu.
