We have been investing in real estate in downtown/midtown and so have many of our clients. Add to this the rising cost of energy and the increasing distaste for suburbia then follow the money, follow it to downtown and midtown Phoenix. I encourage you to take a bike and ride the streets on a weekend morning then go at night to all those old little houses, many of which now are galleries or places to have a good beer.
Andrew, I have "faith in downtown Phoenix" and you should too.
One year ago we placed our real estate office in downtown Phoenix and had to expand its size this year. Downtown Phoenix is booming, residential and commercial real estate is selling.
There is so much more that is going to happen downtown. With the current state of the housing industry and the Light Rail months away from going live, now is the perfect time to buy. I personally have bought residential and commercial properties, statistics bear me out. Commercial and Residential Properties that had Light Rail increased in value 2-3 times. Look at the examples in San Diego to Denver.
More than $3 billion of both private and public money is currently being invested in Downtown Phoenix Copper Square to build new offices, housing, entertainment and retail centers.
There are close to 6 million square feet of office space in this area. In addition, there are a number of new luxury apartments and urban housing projects that provide housing for workers and spur continued office and retail development.
Several major projects are being completed, providing additional space for new and expanding businesses.
â€¢ The Phoenix Biomedical Campus at Copper Square plans for
2 million square feet of biomedical related facilities that will
house the Phoenix campus of the University of Arizona - College
of Medicine, Arizona State University Department of
Bioinformatics that will join the recently built headquarters and
research facility for the International Genomics Consortium and
the Translational Genomics Research Institute.
â€¢ The remodel of the Phoenix Convention Center will result in
900,000 square feet of rentable exhibition, meeting and ballroom
space. It will be completed in two phases culminating in 2008.
â€¢ The recently approved Phoenix CityScape project will include
2.5 million square feet of mixed use space in the heart of downtown
Phoenix, including 550,000 square feet of office space,
over 1,200 residential units, 250,000 square feet of retail
space, and a newly designed Patriots Park.
At the heart of Downtown is Copper Square.
This 90 square block center of business, finance, and government serves Greater Phoenix and offers
something fun for everyone 365 days a year including performing arts, museums, professional sports,
entertainment, dining and nightlife at venues such as:
â€¢ Arizona Science Center
â€¢ Phoenix Museum of History
â€¢ Orpheum Theatre
â€¢ Herberger Theater Center
â€¢ Phoenix Civic Plaza
â€¢ Symphony Hall
â€¢ Dodge Theater
â€¢ US Airways Center (NBA, AFL, WNBA, ECHL)
â€¢ Chase Field (MLB)
â€¢ Heritage Square Historic District
â€¢ Arizona Center (shopping, restaurants and night
clubs, 24-screen movie theatre)
This does not include the expansion of the Convention Center and ASU.
There is so much more to tell. If you are interested; we represent the development Tapestry on Central (a great value per square foot) and have a website that has additional information.
Log on to: TapestryonCentral.net
Good Luck! Happy House Hunting.
What we see now is a period of transition. Remember the warehouse district that was where Chase Field is at now? You would never know what that portion of downtown looked like before, by what you see now. That kind of transition doesn't happen overnight, but it is happening, people are finding the value, and slowly it is indeed changing.
Sales of condos downtown have been decent but not great by any standard. With gas prices over $4 a gallon ... and only going to continue to rise ... I think that areas like downtown Phoenix and Tempe will start to see positive growth over the course of the next few years as people start to think, "Do I really want to live 30 miles away from work? Do I really want to have to drive to get everything? Do I really want to have to drive to eat?"
I do have faith in downtown Phoenix and downtown Tempe and think the current economic shift will not only spur growth in our urban cores but promote continue mass transit options, like the light rail.