By Roland Murphy for AZBEX
After sitting dormant for more than a year, plans for a Build-to-Rent development in the San Tan Valley area of Pinal County have reemerged.
The Pinal County Planning and Zoning Commission will consider a plan from Snowden Residential LLC for Elux at Ocotillo – a 254-unit BTR development at the NWC of Ocotillo and Kenworthy roads – at its Jan. 19 meeting. The developer is requesting a rezoning and minor General Plan amendment for the 23.75-acre site.
The original project, Kenworthy & Ocotillo BTR, was submitted in late 2021 and included 269 units. A rezoning request was submitted in Nov. 2021, and a neighborhood meeting was held, but no updates followed until late last year.
Surrounding uses are rural and suburban neighborhoods, according to the project narrative. Because of the proposed density of 10.69 units/acre, the project requires a change in the San Tan Valley Special Area Designation from Suburban Neighborhood to Urban Transitional. The narrative lists shifting market demand, decreasing affordability, the expansion of SR 24 and the growth of employment centers in the area as justifications for the project.
The current zoning is Suburban Ranch. The requested change is to Multiple Residence.
Planned amenities include a dog park, clubhouse, community pool and common open space of 34.7%. A network of pedestrian paths will connect the common open spaces. As the site develops, the project will comply with the County’s trail system and open space standards. In addition to the common open space, private backyards will also comprise 8.9% of the site, bringing the total open space to 43.6%, or 9.33 acres.
The planned unit breakdown calls for 61 one-bedroom, 88 two-bedroom and 105 three-bedroom units.
Snowdon is the developer. Planning and landscape architecture are from ABLA. The civil engineer is Sunrise Engineering, and traffic engineering is by United Covil Group. The project is represented by Burch and Cracchiolo.
Arizona as a BTR Leader
Arizona is considered the starting market for what has become one of the residential industry’s hottest and most popular sectors, both with builders and residents.
Not counting master plans with Build-to-Rent as a possible component and focusing only on individual plans, the DATABEX project database has added 184 BTR communities in various forms of development since 2016. While three of those projects do not have valuations attached to them, the 181 do have a total estimated construction valuation of more than $6.45B.
Speaking to the demand for the product type, only four are currently listed as on hold, and only two have been canceled.
Looking at projects by type gives a real sense of Build-to-Rent’s pace and market appetite. As of Jan. 5, DATABEX breaks Arizona BTR projects down as:
- Design: 34
- Design, Pending Procurement/In Negotiations: 2
- Design/Plan Review: 9
- Pending Procurement/In Negotiations: 3
- Phase Under Construction: 1
- Planning: 8
- Pre-Construction: 20
- Pre-Construction, Pending Procurement/In Negotiations: 1
- Project Canceled: 2
- Project Completed: 25
- Project On Hold: 4
- Under Construction: 75
Build-to-Rent is one of the many sectors that will be examined in detail on Jan. 25 and Feb. 1 at the BEX 2023 Construction Activity Forecast. Schedule and event information are available here.
