AZ Real Estate 12-06-2015

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R E A C H U S || R A N D Y C O R D O VA , R A N D Y. C O R D O VA @ A R I Z O N A R E P U B L I C . C O M || T H I N G S T O D O . A Z C E N T R A L . C O M

CATHERINE REAGOR REAL ESTATE

‘Super pantries’

Downtown housing finally booms

People want out-of-sight storage MELISSA KOSSLER DUTTON ASSOCIATED PRESS

Downtown Phoenix’s long-awaiting housing boom is finally here. More than 20 apartment and condominium developments are going up across the city's core. The urban projects range from penthouse condos at Portland on the Park next to Margaret T. Hance Park to 500square-foot micro apartments near Roosevelt Row. The old Quality Inn next to the Phoenix Art has been torn down to make way for the Broadstone Arts District apartments. Construction started earlier this week on an upscale apartment complex called The Muse on Phoenix’s most prominent vacant lot — the northwest corner of McDowell Road and Central. And there’s the affordable condo project called en Hance Park south of Burton Barr Library. All the developments underway will mean more than 2,000 new housing units for downtown Phoenix. That’s more residential development than has ever been under construction in the central city. Of course, in the Valley we always must do a gut check when there’s housing boom because too often a bust has followed. David Krietor, CEO of Downtown Phoenix Inc., told me this much new housing and likely more is needed for downtown. The longtime central Phoenix growth expert said there’s pent-up demand to live in the area, and everyone from college students to baby boomers want to rent or buy downtown now. People are also willing to pay more to live downtown. The average rent in the area has jumped almost 50 percent during the past five years to $1,357, according to Phoenix-based ABI Multifamily. Arizona State University’s expanding downtown campus is drawing more residents to the central city. The area’s growing list of restaurants, bars, cultural and entertainment hotspots are drawing others. Then of course, there’s light rail bringing more people to downtown. The 14th and top floor of Portland on the Park was topped off Tuesday. And it was announced one-third, or 54, of the condos, have already been sold. At an event to celebrate the project that drew Phoenix Mayor Greg Stanton, one of the

T Teresa Keller used to joke that she was pantry-challenged. She often relied on a flashlight to search the deep, dark cupboard that held her canned goods and other food items. When she and her husband, Dave, decided to build a home in Sunbury, Ohio, a proper pantry was a priority. “I brought it up to the builder,� said Teresa Keller, who moved into the house in October. “I told them I’ve got to have this.� The Kellers’ new “super pantry� is a walk-in, with plenty of quality shelving to store drinks, trash bags and other household goods bought in bulk. One shelf is dedicated to snacks for the grandchildren. A small door connects it to the garage, so groceries can be unloaded easily. “At a certain price point, it’s what people are expecting — more storage,� said Ed Snodgrass, vice president of P&D Builders in Delaware, Ohio, which built the Kellers’ house. See PANTRIES, Page 3R Ample counter space and open shelving with decorative brackets create a functional corner pantry. CROWN POINT CABINETRY VIA AP

See REAGOR, Page 3R

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FABULOUS SUNSETS, CLOSE-TO-EVERYTHING MLS# LOCATION. Preening with picture-perfect sunsets, this striking Bedrooms villa enjoys a terrific location near the rugged majesties of Piestewa Bath Peak. Gorgeous gathering spaces open onto a plethora of lush, Pool cool patios. Showcase kitchen w/two huge islands for kicking back and relaxing w/friends and loved ones. Family room w/bricked Sq. Ft. floor-to-ceiling fireplace, big windows. Master suite w/cocktail ZIP Code patio, elegant bath. Office w/Murphy-bed. Stunning gardens, cascading fountains, romantic fireplace, cozy ramada/terrace Online Pics Price sitting area, colorful mature plantings, expansive two-sided bar for outdoor entertaining. Ten minutes to downtown, airport! Visit tourfactory.com/1464245. See inside for details, directions.

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AZ Real Estate 12-06-2015 by LOCALiQ - Issuu