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9/17/15
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Watt Communities of Arizona recently closed on a $2.47 mil purchase of 3.43 acres in Phoenix for development of an urban infill residential project. To be called View 32, the planned development is located just north of the northeast corner of 32nd St and Shea Blvd, adjacent to State Route 51 in the city’s North 32nd Street revitalization corridor.
View 32 will be four stories in height and will contain up to 135 upscale, for-rent apartment homes. It will be Watt’s first for-rent endeavor. It joins five existing for-sale projects already in the Watt AZ pipeline – all upscale urban communities with layouts ranging from three-story townhomes to detached single-family homes. Together with View 32, they represent a construction value of more than $45 mil.
View 32 will add to the North 32nd Street revitalization effort with the corridor’s first new urban apartment units in decades. Construction is scheduled to begin spring 2016 with completion slated for second quarter 2017. Rental rates will be released as View 32 nears completion.
Approximately eight miles long, the North 32nd Street corridor runs north to south from the Loop 101 to the Phoenix Mountain Preserve south of Shea Blvd. Revitalization plans are focused on upgrading the number and types of area businesses, stimulating retail sales and improving the amenities available to area residents. The citizen- and City of Phoenix-driven revitalization plan for North 32nd Street guides that process, focusing on future development along the corridor as it relates to land use, transportation, infrastructure, community amenities and branding. The recently completed bike lane installation by the City of Phoenix for most of the corridor’s length is emblematic of the commitment to this effort.
In Arizona, Watt is currently under construction on two for-sale metro Phoenix infill residential projects. The first is Dorsey Lane, a 51-unit for-sale townhome project located just south of the southwest corner of Broadway Rd and Dorsey Lane in Tempe, and one mile from Arizona State University and the Tempe Town Lake employment corridor. The other is Biltmore Living that, similar to Dorsey Lane, features 40 upscale, three-story townhomes. First deliveries at Dorsey Lane are expected by year-end 2015. First deliveries at Biltmore Living are expected by late first quarter 2016.
Other Watt projects nearing groundbreakings in metro Phoenix include a community of 31 two-story, single family detached homes near 32nd Street and Cactus Rd, and the company’s newest project, totaling 35 upscale urban townhomes at 8th Street and Roosevelt, on Roosevelt Row in downtown Phoenix. It has an additional upscale single-family project on the drawing boards at 16th Street and Ocotillo in North Central Phoenix.
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