By Roland Murphy for Arizona Builder’s Exchange
Phoenix-based Alliance Residential has announced plans to build a 256-unit Broadstone apartment complex in Gilbert and another 280-unit development in downtown Phoenix.
Development costs are estimated at approximately $40M for the 13.7 acre Gilbert property and $50M for the 3.9 acre Phoenix space.
Broadstone Civic Center
Located on the SWC of Gilbert & Warner Roads, the Broadstone Civic Center project is under development as a joint venture between Alliance Residential and Appian Capital LLC. The site land was purchased for $3.85M from AZ Gilbert Holdings 2.
Under design by Whitneybell Perry Architecture Inc. and ORB Architects, the 17-building development will feature apartments ranging from one-to-three bedrooms, with estimated rents of between $1,000 and $1,475 per month.
Construction is planned for a second quarter 2015 start with completion targeted for early 2017. The facility will open in 2016 as construction progresses. Alliance Residential Builders serves as GC and construction financing has not been finalized.
Broadstone Arts District
Alliance Residential’s other project, the Broadstone Arts District complex, will replace a motel and office space on the NEC of McDowell Road and Alvarado in Phoenix. In a joint entity with Carlyle Group known as CRP/AR Brownstone Arts District Owner LLC, the developer paid $8.5 to Los Olivos Office Partners LLC for the property.
Brownstone Arts District will feature 280 studio-to-two-bedroom (670-1,380 SF) apartments ranging from $1,200-$2,500 a month. ORB Architects have developed plans for the four-story building in a space that features a pedestrian plaza to provide access to the theatre and museum on the west side of Alvarado Road.
Groundbreaking is planned for Q2 2015, opening in Q3 2016 and completion in Q2 2017.
The projects carry on the firm’s aggressive pace for new undertaking new projects, a pace recognized by trade group the National Multifamily Housing Council, which ranked Alliance Residential its Number One developer for 2015.