ABI Multifamily, in association with Phoenix Community and Economic Development, have mapped the impact of light rail stations on r esidential development in the downtown corridor alone. The downtown residential development map and an accompanying report cites all of the multifamily projects in the downtown Phoenix core from McDowell Road to Lincoln Street and between Seventh Avenue and Seventh Street.
Nearly 5,800 units have been developed, another 1,100 are under construction and 3,200 are on the drawing board.
The ABI Multifamily report says close to 1,300 are for-sale units and the 4,500 are rentals. Nearly all the units are within the half-mile areas of light rail stations.
The map and report highlight the trend for residents moving to downtown Phoenix and reflect an interest in urban living. The report and map are the first comprehensive study of the new urbanization of the downtown area.
By: Eric Jay Toll