Construction of a new luxury multifamily project in north Phoenix, US is set to start. This is after real estate firm Hines secured financial closing with Alliance Bank of Arizona.
The new Hines multifamily property will feature a 325-unit, 318,000-square-foot luxury multifamily development at the northwest corner of Happy Valley Road and 35th Avenue, offering a mix of one-, two- and three-bedroom apartment homes. This project will consist of six three-story buildings and an additional one-story building which will include a clubhouse and fitness amenity center that surrounds the outdoor pool.
The 11-acre parcel is part of a larger commercial development by Phoenix-based Pederson Group, which owns the adjacent existing 167,000-square-foot Stetson Village shopping center and has plans to develop seven acres of new retail directly in front of Hines’ multifamily development on Happy Valley Road. Pederson has already begun off-site infrastructure improvements on the land.
According to Robert Trujillo, managing director for Hines, this is an exceptional location in a growing area with a broad base of amenities, and the project being built by Pederson Group adjacent to another development will provide residents of the new community with a great retail mix “We are therefore looking forward to starting construction on this exciting new luxury multifamily project,” he added.
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Locality
The area’s close proximity to downtown Phoenix and resident demographics are prime to support a luxury residential project since it is located close to many high-quality employers including USAA, W.L. Gore, and Honor Health, and is also near The Shops at Norterra and Interstate 17.
Dekker/Perich/Sabatini is the architect for the project, which is being planned with the goal of achieving LEED Silver Certification from the U.S. Green Building Council. Modern Constructors is the general contractor.
