by bryan | Feb 9, 2013 | light rail apartments and rentals, light rail corridor, Real Estate Development
Courtesy of Gary Nelson The Republic | azcentral.com Feb 7, 2013 Sycamore station complex in works Mesa is on the verge of bagging its fourth new housing project with close proximity to light rail. Amcal Multi-Housing Inc. of Agoura Hills, Calif., is proposing a four-story, 82-unit apartment complex immediately adjacent to the Sycamore Street light-rail station. Like the three others, which broke ground last year, Sycamore Station Apartments would be financed by federal tax credits that are designed to encourage development of low-income housing. The tax breaks allow developers to charge lower rents and still make a profit. Amcal is applying to the Arizona Department of Housing, which issues the tax credits on a competitive basis and will decide this spring which projects to support. The department has focused in recent years on developments with access to public transit. That criterion resulted last year in a mother lode of projects for Mesa, which had gone for years without seeing much interest in tax-credit housing. The three projects under way will: Create 81 units of low-income senior housing near Center Street and First Avenue. It is the first privately financed major construction in downtown in a quarter of a century. Replace the vacant Escobedo Apartments on the north edge of downtown with a 124-unit development called Escobedo at Vista Verde. Replace most of the La Mesita Family Shelter on West Main Street with 80 units of workforce housing. Councilman Dennis Kavanaugh, in whose district the project would be built, said Sycamore Station Apartments appears to be a prime candidate for state approval. “It has many of the elements that are...
by bryan | Jan 19, 2012 | News & Information, Real Estate Development, Transit Oriented Development
by Jim Walsh – Jan. 20, 2011 Courtesy of The Arizona Republic Editor’s Note: Light Rail Connect promotes Live, Work and Play in the light rail corridor. Transit Oriented Development will play an important role in the light rail corridor. A planned investment fund may help create a taste of urban living similar to that of Boston or New York without leaving the Arizona sunshine. The $30 million Sustainable Communities Development Fund would create incentives to build affordable housing along the Metro light-rail line in Mesa, Tempe and Phoenix. Projects funded by the incentives would feature transportation-oriented development, a high-density concept that generally features retail and commercial development on the lower floors with residential units on the upper floors. “We want to work with our non-profit partners to create a pipeline of projects,” said Teresa Brice, a Mesa native and former mayoral candidate who is among the fund’s chief sponsors as executive director of the Local Initiatives Support Corp. “We call this inventing a Plan B for the Valley of Sun,” she said, offering residents an alternative to the urban sprawl that has contributed to poor air quality and long commutes on jammed freeways. The fund would help Mesa capitalize on the extension of Metro’s light-rail line and potentially aid in redevelopment efforts near the city’s only station at Sycamore and Main Street. With the exception of Mekong Plaza, an Asian-themed shopping center that is barely visible to light-rail riders, redevelopment has lagged near the Mesa station, which still has several boarded-up buildings nearby. Mesa has only 1 mile of light rail, but a 3.1-mile extension is scheduled to open along Main Street...
by bryan | Jun 8, 2011 | light rail corridor, News & Information, Real Estate Development
Wednesday, June 8, 2011 courtesy of the East Valley Tribune HUD awarded Mesa money to also buy homes in the new Mesa light rail extension corridor. $4 million worth. Mesa has been awarded $4 million to continue its program of buying foreclosed or abandoned homes so they can be renovated and resold to stem declining property values. The funds from U.S. Department of Housing and Urban Development will be used largely within a half-mile of the planned Metro light-rail extension, from Mesa Drive to Gilbert Road and from University Drive to Broadway Road. Mesa has already received more than $9.6 million from HUD that it has used to buy and refurbish about 40 homes in the 85204 ZIP code. The city offers homes in the Neighborhood Stabilization Program to buyers with limited incomes who must make part of a down payment, secure a 30-year, fixed-rate loan, complete home buying counseling and live in the home at least 15 years. Those who qualify will receive assistance with the down payment and closing costs. For more information about the program, call (480)...
by bryan | May 29, 2011 | Light Rail Business, light rail corridor, News & Information, Real Estate Development
by Emily Gersema – May. 22, 2011 The Arizona Republic It’s been about a year since the first tenant opened in downtown development CityScape, and if all goes as planned, RED Development expects its 1.8 million-square-foot office and retail project to be completely leased by this fall. Gold’s Gym was the first business to move into the development that is bounded by First Street and First Avenue and by Washington and Jefferson streets. It was followed by a series of monthly openings by stores such as CVS/pharmacy, entertainment venues such as Lucky Strike Lanes, and new offices for five Phoenix law firms. About a half-dozen other retailers, restaurants and bars are expected to open by September. To name some: Oakville Grocery, Breakfast Club, Chipotle, Strand, Silk Sushi and Tilted Kilt. UnitedHealthcare also will move in this summer, consolidating about 600 workers from other Phoenix offices into about 107,000 square feet of space at CityScape’s office tower. A sixth law firm, Brownstein, Hyatt, Farber & Schreck, will move about 15 workers into CityScape sometime in late July. Marty Shultz is the law firm’s senior policy director in the Phoenix office and chairman of the Phoenix Community Alliance, a non-profit organization made up of business and non-profit officials who have largely supported CityScape. Shultz is credited with persuading the firm to become a tenant. “It’s very strategically located,” he said. “You’ve got City Hall downtown, you’ve got the courts, and you’ve got the state Capitol down the street. It’s also near the (Metro) light rail and next to major streets.” City officials estimate that 83,000 people work in downtown offices. RED Development’s development manager Jeff...
by bryan | May 8, 2011 | light rail expansion, News & Information, Real Estate Development
by Jim Walsh – Jan. 20, 2011 The Arizona Republic A planned investment fund may help create a taste of urban living similar to that of Boston or New York without leaving the Arizona sunshine. The $30 million Sustainable Communities Development Fund would create incentives to build affordable housing along the Metro light-rail line in Mesa, Tempe and Phoenix. Projects funded by the incentives would feature transportation-oriented development, a high-density concept that generally features retail and commercial development on the lower floors with residential units on the upper floors. “We want to work with our non-profit partners to create a pipeline of projects,” said Teresa Brice, a Mesa native and former mayoral candidate who is among the fund’s chief sponsors as executive director of the Local Initiatives Support Corp. “We call this inventing a Plan B for the Valley of Sun,” she said, offering residents an alternative to the urban sprawl that has contributed to poor air quality and long commutes on jammed freeways. The fund would help Mesa capitalize on the extension of Metro’s light-rail line and potentially aid in redevelopment efforts near the city’s only station at Sycamore and Main Street. With the exception of Mekong Plaza, an Asian-themed shopping center that is barely visible to light-rail riders, redevelopment has lagged near the Mesa station, which still has several boarded-up buildings nearby. Mesa has only 1 mile of light rail, but a 3.1-mile extension is scheduled to open along Main Street through downtown in 2016. It would end near the Mormon Temple east of Mesa Drive. Other new stops are planned at Alma School Road, Center Street and Country Club...
by bryan | Jun 18, 2010 | light rail corridor, Real Estate Development
Tempe Arizona Apache ASL Trails Community Light Rail Property This project is directly on the Light Rail line in Tempe Arizona. This is one niche you don’t hear about often. A senior community for deaf and hard-of-hearing seniors. It is being planned in Tempe AZ. The project is a $25 million size and is supposed to be the largest of its kind in the country. My wife was telling me about it and I said ‘What, I can’t hear you’ This project plans for 75 apartments and 50 owner-occupied condominiums for people age 55+. As the population lives longer, there will be more and more who fit in that category. My wife and I rent a home to a young couple who is deaf AND mute. They would be prime candidates in 25 years. The architects will plan and design features that eliminate sight barriers. There will be other smart design features that will assist the residents and owners. Some are color-coded strobe lights to alert residents of doorbells and phone ringing. Cardinal Capital Management Inc., a Wisconsin development company, intends to have residents living in the development as early as spring 2009. Just more than a dozen states have similar facilities. The State of Arizona has an approximate 500,000 deaf and hard-of-hearing people who live in the State of Arizona. The agency further estimates there are maybe one third who would be eligible. **|** Bryan Watkins sells real estate in Mesa, Gilbert, Tempe, Chandler and Phoenix metro area. Want to find more about homes in your area? Call or text Bryan at 480-734-7878 or email bryan@LRAphx.com for information on...
