Developers will build new multifamily homes near downtown Phoenix on Tuesday, providing a much-needed supply of “attainable, if not affordable” housing in an increasingly squeezed housing market. pitched this project as a source.
Led by developer Greenlight Communities, the project is a 208-unit multi-family housing development on 16th and Polk Streets in downtown Phoenix. It is scheduled to open in April 2024.
Greenlight promised that rents for the Polk Street complex, dubbed “Streamliner,” would be “achievable,” unlike flood-time rents. High-rise condominiums appear one after another Around downtown Phoenix. Rents range from $950 for a studio to $1,500 for a two-bedroom, below average for the area.
Still, there’s no guarantee that projected rents will always stay low.
“A step in the right direction”
Newly elected Phoenix City Councilman Kesha Hodge Washington attended the groundbreaking ceremony to support the development. Hodge Washington represents District 8, which includes new developments. She replaced Carlos Garcia as city councilor on her April 17th, becoming the first black woman to be elected to the city council.
In his groundbreaking remarks, Hodge Washington stressed his focus on affordable housing, calling the new project “a step in the right direction.”
“We believe there are areas where people can live, and you guys are bringing live components,” Hodge Washington said, nodding to the developer.
Hodge Washington said he believes rent increases in Phoenix are a matter of supply, and he believes more development will help meet new demand and lower housing costs. She also said she hopes the Greenlight project will spur new development in eastern Phoenix, where vacant lots and dilapidated warehouses are common.
Greenlight partner Rob Lyles said: phoenix new times One of the main reasons developers chose to locate their new apartment complex was that “all the work is around here.” Lyles noted that the project is close to Phoenix Sky He Harbor International Airport, hospitals and downtown businesses.
For the past six years, Greenlight has focused on creating affordable housing—housing that middle-class workers can afford, Lyles said. However, the developer does not partner with local authorities on the project nor does it offer true low-income housing. The project requires the renter to earn 2.5 times his rent. The average monthly rent for the project, he said, is $1,250, and residents must earn at least $38,000 a year, according to the developer.
Lyles said the Greenlight development will provide housing for the “lost middle class.” Including nurses, teachers, airport workers and other essential workers. However, according to Lyles, tenant turnover in the developer’s other projects is between 50% and 60% annually. Lyles speculates that high turnover is to be expected given the demographics the housing serves.
The Streamliner complex includes 90 studios, 54 one-bedroom units, 64 two-bedroom units, a pool and fitness center.
