1344739439285269
 

Maricopa County is Experiencing a Development Boom


While many metropolitan areas in the United States have stalled development plans due to the COVID-19 pandemic, Maricopa County is one of the few locations experiencing a development boom, according to reports from AZ Big Media. Scottsdale and Tempe, particularly around Tempe Town Lake, are the epicenter of change.


BC specializes in residential development, which correlates with the booming of the commercial development industry. Below is a list of commercial developments coming to Tempe and Scottsdale in 2022 and 2023.


New Developments in Tempe

The once university-centric city of Tempe, is quickly transforming into the Valley’s second-largest urban center, while Scottsdale is continuing to develop luxury accommodations for residents and tourists alike.


Last year saw the completion of new hotels in Tempe, and the release of the Arizona Coyotes first rendering for its proposed $1.7 billion mixed-use entertainment district near their new hockey arena. Renderings include proposed restaurants, shops and apartments on a 46-acre tract of land. The area along Tempe Town Lake would also include a sports lounge and a theater.


Here is a list of some of the big commercial development projects that are in development in Tempe.


Banyan North Tempe

The City of Tempe annexed a 16.5-acre site in North Tempe county island, which expanded its boundaries for the first time in a decade.


Located near Tempe Town Lake, Banyan North Tempe will transform into a $177 million multifamily development designed by Todd & Associates, with McShane Construction Company serving as general contractor. There will be 651 units, ranging from studios to four bedrooms, along with pools, a fitness center, outdoor spa, clubhouse and library.


Tempe Depot

In October 2020, RED Development was granted approval for a 993,000-square-foot mixed-use project to preserve and renovate the city’s historic train depot. The project includes a 17-story Class A office tower, an 18-story five-star hotel, and over 50,000 square feet of space dedicated to retail, restaurants, outdoor dining, and open-air plazas. It is scheduled to be completed in Q4, 2023.


The Pier 202

One of the latest additions to Tempe Town Lake is The Pier, a 586-unit mixed-use community. Overlooking the waterfront, the 24-story dual-tower complex will offer more than 1.3M square feet of retail, dining, Class A offices and approximately 500 market-rate apartments.


Eastline Village

As the country’s first car-free neighborhood, Culdesac’s Eastline Village is a $140 million project consisting of 636 residential units, and ample retail space and amenities west of the Loop 101 and south of the Salt River. Completion is projected for September 2022.


Residential Housing Developments in Tempe

With the construction of all of these new amenities, it’s no surprise that Tempe is one of the fastest growing cities in the country. If these new commercial developments don’t fit your tastes, many residents are opting to build their own custom homes in lieu of moving into these new developments. Others still are turning to tiny homes!


Thirteen tiny houses, also called "micro estates," were built in the heart of Tempe in late 2021 by Newtown CDC, an affordable housing non-profit. These homes give the community more access to affordable housing. The buildings are going up on an infill plot of land that's less than an acre, near Rural Road and University Drive. The houses are free-standing units that measure 600 square feet.


New Developments in Scottsdale

While Tempe is one of the fastest growing cities in the country, Scottsdale is one of the fastest growing cities in the Phoenix Valley. New commercial and residential areas are also in full swing, which allows for many opportunities for custom home development all over the city.


No doubt frequenters of Old Town have been excited about plans for development of the Scottsdale Collection by Brothers Shawn and Steven Yari.


Scottsdale City Council approved the rezoning for the plans in December 2020, which total about 10.25 acres. In total, the plans call for the project to contain 580,451 square feet of commercial space and 512 units of residential. The site is adjacent to where Stockdale is already developing the Marquee office building at Scottsdale Road and Shoeman Lane.


In total, the project will cost about $450 million to develop and construction was meant to begin in the summer of 2021, but was hindered by COVID-19.


Other developments to look forward to are…


Commercial Developments in Scottsdale


Caesar’s Republic Scottsdale

With construction scheduled to begin in Q4 2021, the 11-story boutique resort will add 265 rooms to Old Town’s northern edge. The luxury accommodations will feature two restaurants by celebrity chef Giada De Laurentiis, while Scottsdale-based Riot Hospitality Group, owner of The District, Farm & Craft and El Hefe.


The Kimsey

Passed in April 2021, The City of Scottsdale approved the development and construction of a 150 million mixed-use 168-room AC Hotel by Marriott, a 190-unit residential complex, a restaurant and commercial space. The historic Kimsey home, which is located on the complex, will remain intact.


Residential Developments in Scottsdale


The Ritz-Carlton Paradise Valley, The Palmeraie

The northwest corner of Scottsdale Road and Lincoln Drive is poised to become a highly sought-after affluent location with the opening of the 122-acre Palmeraie community in 2022.


The heart of the $2 billion development is a 215-room Ritz-Carlton hotel, which will be surrounded by 112 luxury homes.


Italian fashion house Fendi will be adding to the high-end mix in 2023 with the opening of its first North American ground-up residential project. The entire property is owned and developed by Five Star Development, and PWI Construction is the general contractor.


If the homes in this area are out of your price range, there are plenty of opportunities to develop land and build your own custom home in North Scottsdale available! Speak with a real estate agent to find the perfect place for your Scottsdale home, and then give BC a call. We’ll develop the land and can handle everything from the design to the construction of your home as well. Visit us online or give us a call at 602-492-9242.


11 views0 comments