Phoenix meeting increased demand for urban housing
PHOENIX -- More apartments and condos are going up in downtown Phoenix.
According to a city council report, there are approximately 1,200 units under construction or in the early development stages. They are mostly being built in a one-and-a-half square mile area from McDowell Road to Lincoln Street and from Seventh Street to Seventh Avenue.
Dan Klocke, vice president of development for the Downtown Phoenix Partnership, said about 9,000 people call the area home.
"It is everything from the classic empty nesters to young professionals to folks who are moving from an urban style environment, say a Chicago or a Boston or whatever, and want that kind of urban living," he said.
The city report said between 2005 and 2013, more than 3,600 new housing units were built. About 69 percent of those are considered market-rate, which means they rent for roughly $1,000 per month, depending on the size and amenities. Other units are labeled as affordable housing for those with lower-incomes and luxury for those paying higher rents.
"Downtown has truly become a neighborhood as opposed to just a place," said Klocke. "It's a place where people want to work and they want to live."
Members of the Downtown, Aviation and Redevelopment Subcommittee will get an update on the housing market and future development plans at their meeting on Wednesday.
Christina Estes, Reporter