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Hines Picks Up 11 Acres in Phoenix for Luxury Res Development

3/26/20

Hines has acquired 11 acres of land in north Phoenix, on which the firm intends to develop a 325-unit luxury for-rent residential property. The project is located at the northwest corner of Happy Valley Rd and 35th Ave.

The development will consist of six, three-story buildings. An additional one-story building will include a clubhouse and fitness amenity that surrounds the pool. In total, Hines will develop 318k sf of space.

Hinesí announcement comes on the heels of the developer breaking ground on Adeline, its first luxury for-rent property in the Phoenix market. Adeline will be a 25-story, 379-unit high-rise community at the Collier Center in downtown Phoenix.

Hinesí property is part of a larger commercial development by the Pederson Group of Phoenix which owns the adjacent existing 167k sf Stetson Village shopping center and has plans to develop seven acres of a mix of retail services directly in front of Hinesí multifamily development on Happy Valley Road. The Pederson Group acquired the 23-acre site from the Arizona State Land Trust. The area is near high-quality employers such USAA, W.L. Gore, and Honor Health, as well as The Shops at Norterra and Interstate 17.

The unit mix is planned to consist of 161 one-bedrooms, 140 two-bedrooms, and 24 three-bedrooms. Rent prices havenít been finalized yet. Plans call for the multifamily construction to start in the fourth quarter of 2020.




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