When it comes to certain sectors of Phoenix-area real estate development – the shadow of the housing crisis has become something of a bad dream that’s finally come and gone.
Specifically, condominium development downtown and in surrounding areas is showing promising sales results with many new communities now near completion.
For a city that has long been sustained by its suburban extension, we see urban infill now taking center stage. The 85004 zip code, situated between Central Avenue and 7th Street, south of Thomas Road and north the Salt River is seeing serious demand from buyers interested living close to downtown in new developments.
Portland on the Park “has sold more than half of 149 units well before its opening, expected by the end of the year,” while the nearby en Hance Park condominiums have seen about half of its units sold with approximately four months still remaining before construction is complete – according to a recent article on AZCentral.com.
Coronado Commons, Alta Filmore, Capital Place, and The Union @ Roosevelt are all newcomers to the condominium craze – and so many are investing in downtown that the Arizona Capitol Times noted that a now-booming residential market could be the driving force that saves downtown in the event of a Diamondbacks pullout.
Just as downtown institutions like The Science Center and Herberger Theatre helped spur further commercial curiosity, which then drew residential interest – growth in downtown residential development is bringing about commercial expansion. Just last month, a grocery store plan was announced for the downtown core, a testament to the number of people now living in the area.
As residential real estate (namely large condominium projects) in this area continues to grow, we look forward to the connected-growth of different sectors – both commercial real estate related and the job market as a whole.