Holualoa Companies has plans for a new development under its Dwell banner. The company will redevelop part of an office site it owns at 21st Street and Highland Avenue to add 144 affordably targeted apartments.
The 13-acre site currently has two office buildings, a garage, a restaurant and a two-acre lake. The restaurant will be razed to accommodate the new multifamily portion.
Holualoa bought the site in 2021 for $50M and filed a zoning request with the City of Phoenix this June to start the redevelopment process.
Company officials said building developments from scratch can have higher infrastructure costs. The infill nature of the proposed new site and its existing parking and infrastructure are expected to allow for construction cost savings.
The community will also offer fewer amenities than many developments in highly desirable areas, which Holualoa plans to offset by focusing on enhanced walkability and connectivity, along with less expensive community-centric amenities like coworking spaces, meeting areas and bicycle facilities.
Enhancements are also planned for the on-site lake to make it more appealing and accessible for both residents and office space users. Planned improvements include game areas, shade structures, patios and a boardwalk.
Base rents are expected to start in the $1,400 range. Holualoa Companies hopes to complete the rezoning process and start construction in mid-2024. (Source)
