PHOENIX — Downtown Phoenix is swarming with construction crews, and the city says a majority of the ongoing projects will be completed in 2025.
According to the city's Economic Development Department, around ten high-rise mixed-use apartment buildings are expected to open this year in the downtown area, featuring apartment units on the higher floors, and retail shops, office spaces and restaurants on the ground floors.
The city of Phoenix's Deputy Economic Development Director, Xandon Keating, shared a few of the luxury apartment buildings expected to open in 2025 or early 2026.
"A residential tower at the Arizona Center called PALMTower, there’s a couple projects on Central Avenue, Sol Modern and another project called The Ray, high-rise residential towers," Keating said.
He added the city is planning to unveil the newly designed 'Central Station,' which is the city's old bus terminal.
"It is keeping that footprint of the bus terminal in place, light rail station stays in place, but it’s adding a ground floor retail, an office component, and then two towers, one market-rate residential and another is a student housing tower."
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The demographics show a wide range of people moving to Phoenix, including young professionals, retirees and families.
"A ton of people are moving to Phoenix because they love the sunshine," said downtown Phoenix realtor James Judge. "A lot of other markets were more expensive, so Phoenix is still more affordable despite how expensive it has gotten. By comparison, it is still more affordable compared to other places to live."
While most of the people moving to Phoenix start out as renters, Judge said they often eventually end up as buyers in the housing market.
"I think one of the really interesting things is that we're seeing so many high-rise rentals. We're not really seeing any condos develop, which there definitely are condos existing that can meet a buyer's need, and there are a lot of single-family homes. I think that’s one thing that’s really interesting about Phoenix is that there are so many single-family homes within a downtown/midtown setting. Phoenix has done a really great job with historic preservation to ensure that that’s possible."
