Development teams are continuing to respond to the undersupplied housing market with efforts to rezone and move multifamily projects forward, despite rising interest rates, rising construction costs, and intensifying neighborhood pushback. Here are the latest roundup of multifamily projects making news:
T.K. Stratton of Kinella Capital proposes to build 130 units of Build-for-Rent housing at the northeast corner of Val Vista Drive and Knox Road in Gilbert. The developer is seeking a General Plan Amendment and rezone for the 4-parcel property that is currently owned by the Reber Family. Neighborhood pushback is likely to be intense if gauging from the first public meeting. Nearby residents used the common (and disproven) arguments of the possibility of increased crime, traffic and a decrease in property values. The next step for the developer would be to submit a formal application to Gilbert planners for review, then a Planning Commission review, and eventual City Council approval. No details are yet available on the General Contractor team or estimated timeline for construction.
In Avondale, developer Porter Kyle Builders LLC is also proposing to build 130 units of Build-for Rent housing known as The Angelina located near the southwest corner of Indian School and Dysart Roads. The 8.4-acre parcel is currently owned by two separate church entities. The developer is proposing a General Plan Amendment to change the land-use designation from Local Commercial and Medium Density Residential to High-Density Residential; the project would result in a density of 15.4 du/ac.
In Buckeye, developer NexGen AZ Holdings LLC (a subsidiary of The Empire Group) proposes to build Village at Cielo Azul, a 335-unit bungalow-style rental housing development on 31.40 acres about a quarter mile from the northeast corner of Indian School Road and Jackrabbit Trail. The property requires a Minor General Plan Amendment and rezoning to proceed, both were recommended for approval at the April 25th meeting. The project is scheduled to be presented for approval to City Council at the May 16th meeting. Cielo Azul would be a luxury, gated, multifamily development with resort-style amenities. The developer estimates that it would be completed by 2025. The Empire Group has selected Felten Group as the Architect and Lifestyle Homes as the General Contractor.