Phoenix has seen several exciting developments on the real estate front this year. With hundreds of new residents arriving daily, commercial and residential developers have been working furiously to meet community demand. There has also been movement in undeveloped sections around Maricopa County that may signal that innovative changes are on the horizon. Here are some of the valley projects to watch in 2020:
Crown Realty’s 95.5-Acre Site Near High Street
Crown Realty and Development recently acquired 95.5 acres of land adjacent to the High Street mixed-use development at Desert Ridge. This highly anticipated project will have 2500 residential units, as well as retail and business spaces, and is expected to be the next big development in the North Valley. Many expect this project to have a profound financial impact on the city for years to come.
Bill Gates and “Belmont”
Bill Gates owns 24,000 acres of land south of Buckeye, Arizona, that he has long since planned to develop into a “smart city” that will be known at “Belmont” and will be roughly the size of Tucson. In 2019, 2,600 new single-family permits were issued for the community, and 3,000 are projected for 2020. Further, in October 2019, Gates acquired an additional 2,800 acres in Buckeye. It is thought that Gates has been gearing up to get the Belmont project started.
The Atari Hotel in Phoenix
When videogame maker Atari announced it was opening a chain of themed hotels in the US, it selected Phoenix-based developers True North Studios and GSD Group to head up the project. The hotel will offer the latest in gaming entertainment experiences as well as first-class accommodation amenities. The first of the hotels will be built in Phoenix, although the location has yet to be disclosed.
Earlier this year, the international real estate firm, Hines, broke ground on Adeline, a 25-story, 379 unit luxury residential apartment building in downtown Phoenix. Near the Talking Stick Resort Arena, this state-of-the-art high rise will have the most exceptional amenities right in the heart of downtown Phoenix. The property website is up, and taking information from interested clients and leasing is expected to begin in early 2021.
Happy Valley Road and 35th Avenue
Hines has now made a second step into the Phoenix market by acquiring 11 acres of land in a joint purchase. The property will be used to develop a 325-unit luxury multifamily community in north Phoenix. Construction is expected to begin in the fourth quarter of 2020 and conclude during the first quarter of 2022.
Attorney Laura B. Bramnick is an experienced Arizona real estate attorney who has the expertise you need at every stage of your real estate transaction. If you are seeking an exceptional, client-driven real estate lawyer in Scottsdale, Phoenix, Sedona, and throughout the state of Arizona, contact Laura B. Bramnick to schedule your consultation.