Arizona may have problems with water, but it’s still a hotspot for developers.
Namely: The Rockefeller Group’s $8.7 million development of 152 build-to-demand townhomes on two 16.5-acre sites in South Phoenix, Reported by AzBigMedia.
According to the media report, construction is expected to start this summer and occupancy will begin in early 2025.
The properties are approximately 2 miles from each other.
The first site, 8181 South 20th Street, is 9.2 acres and sold for nearly $5 million. The seller is The Bruckal Group. A second site, 825 East Euclid Avenue, is on 7.3 acres and is for $3.8 million. Seller is Proximity Rental Homes.
Two and three bedroom townhomes range in size from 1,100 to 1,525 square feet. Amenities at each property will include a swimming pool, dog park and hot tub.
But Rockefeller may have approached these plans with rose-colored glasses.
The purchase comes after the state announced it lacks sufficient groundwater to support already-approved housing construction in the Phoenix area.
State officials have decided to halt construction of new subdivisions, which could end the rapid growth that has made Phoenix the fastest-growing metropolitan area in the United States, new york times report.
The battle over water rights is expected to roil Arizona’s real estate market, driving up home prices and jeopardizing the region’s historically affordable housing.
Democratic Gov. Katie Hobbs assured the public that the state was not on the verge of drying up, stressing that new construction would continue in major cities such as Phoenix.
However, an analysis conducted by the state to project groundwater levels into the next century prompted a decision to limit future housing developments that depend on wells for water.
Maricopa County, which includes Phoenix and its suburbs, relies on groundwater for more than half its water supply, with the rest coming from rivers, aqueducts and recycled wastewater.
— Ted Glazer
