New apartments are planned to be built in downtown Phoenix on the corner of Seventh Avenue and Fillmore Street, according to a press release.
The Business Real Estate Weekly of Arizona announced that Wood Partners, a national real-estate developer, plans to build 220 apartments at the site, estimated to cost more than $35 million. The development is one in a string of housing projects announced for the downtown area.
The new apartments will be called Alta Fillmore, and be upscale rental units. According to the company, the area will be a “walkable, urban-style development”.
Michael Lieb, broker for Wood Partners, said the company believes in the downtown Phoenix area.
“Phoenix is clearly undergoing a big redevelopment with all the ASU expansion, the law school and all the cultural and sports venues opening up,” Lieb said.
Lieb said what Phoenix was missing was a “24-hour work-and-play” economy, and that to grow it needs more residences and to keep more people in the city at night.
Lieb said the prices for the future apartments will likely range from $800 to $1,400 a month.
“No question they will be able to accommodate students,” Lieb said.
He said the apartments are intended for families and other individuals, but that students are welcome to live there.
One local business had encouraging things to say about the new development in the area. Azteca Bakeries is located across from the future building site. One of the restaurant owners, Becky Gephart, had a positive reaction to the news. The restaurant currently faces an old school building.
“It’d be great,” Gephart said. “It would be nice to have something a lot nicer and cleaner in front of us.”
“This area is very forgotten. Everything is towards the east of here,” Gephart said. The restaurant owner said she would be grateful for the change, saying that most of the beautification and updates needed in the area have been largely ignored.
Arizona State University students also weighed in on the addition of more living space in the downtown area. The new apartments will be just under a mile away from ASU’s Downtown Phoenix campus.
“It’s encouraging to see that there is new development within the Phoenix area,” ASU Downtown Phoenix student William Yoon said. “I know a lot of corporations and businesses have been thinking about moving their sites to Arizona. It’s a good sign that there’s still growth in housing here in Phoenix.”
Contact the reporter at Cassidy.Trowbridge@asu.edu
