By Philip Haldiman for Rose Law Group Reporter
All large cities evolve over the course of time, but central Phoenix could look and feel substantially different in the coming years.
Infill development within the central corridor is in full swing, particularly multi-family, which experts say will lead to a more diverse and vibrant urban core.
From 2012 to 2014, the U.S. Census Bureau recorded 16,773 multi-family permits in Maricopa County, with about 46 percent of those in Phoenix, many in the central basin. Tempe and Scottsdale followed, with about 19 percent.
Phoenix Planning and Development Director Alan Stephenson told Dealmaker the last two to three years has seen substantial development and an influx of new residents to the central part of the city.
Stephenson said projects by Alliance Residential Company, Lennar Homes and Habitat Metro plan to bring nearly 1,000 units to central Phoenix, with more projects set for later this year. Four multi-family projects have broken ground or are slated for the 16th Street corridor.
State Demographer Jim Chang told Dealmaker these areas stand to see an influx in thousands of people leading to some dynamic changes, with a good chance of growth in businesses.
Traffic will increase, but the central corridor stands to be livelier with activities.
Mixed-use projects with commercial at the ground level and multi-family above has become a common choice for developers. Stephenson said more projects like these are coming online, and will lead to a more walkable city, also an attractive quality to Millennials.
Colliers International reported the greater Phoenix multi-family vacancy rate continued to improve in the first quarter of 2015 to 5.7 percent, after ending 2014 at a 17-year low.
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