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This week’s Arizona new construction brief reveals a dynamic market defined by robust demand and forward-thinking investment. Scottsdale has greenlit a $500 million, 1,000-unit luxury mixed-use community, while Intel’s ongoing $20 billion Chandler expansion is set to add over 3,000 jobs, underscoring the region’s economic resilience. In Tucson, multifamily rents have climbed 6% year-over-year to $1,340/month despite a surge in new units—evidence of enduring institutional interest. Wealth management perspectives highlight the bolstering of diversified portfolios through large-scale infill and stable asset classes. Tax relevance is seen in innovative financing such as tax increment districts, revaluations, and continued credits for manufacturing and R&D. Legislative action is steering new zoning, affordable housing reviews, and infrastructure modernization to ensure value stability. Notably, smart-city and sustainability initiatives, from EV-ready infrastructure to advanced water reclamation and solar integration, remain front and center, underpinning both environmental stewardship and lasting investment security. This cycle, Arizona’s market is not only breaking records in custom home sales but also setting new standards for future-proof development.
The Scottsdale City Council recently approved a new 1,000-unit mixed-use development at Scottsdale Road and Loop 101. This $500M project will include luxury residences, retail, and office. Institutional investors are closely tracking such large-scale infill, which can bolster asset portfolios. New tax increment financing districts are being explored for adjacent parcels. Zoning modifications emphasize open space and EV-ready infrastructure, supporting both long-term value and regional carbon neutrality goals.
Intel’s $20 billion semiconductor facility in Chandler remains the state’s largest ongoing industrial project, with construction on track for completion in late 2025. The expansion is expected to generate over 3,000 permanent jobs and bolster the tax base. Wealth managers note significant local economic ripple effects. Arizona’s tax credits for manufacturing continue to attract capital. The facility incorporates advanced water reclamation systems, supporting Chandler’s sustainability initiatives and providing value insulation for adjacent landholders.
As of Q2 2024, Tucson’s average multifamily rent climbed to $1,340/month, up 6% year-over-year (Yardi Matrix), despite 2,100 new units delivered since January. This signals robust demand and ongoing institutional interest. Property tax revaluations in Pima County reflect upward trends. Local ordinances are being reviewed to encourage affordable housing in future developments. Rental yields remain attractive, and many projects tout solar integration and recycled water systems as value differentiators.
Paradise Valley posted several record-breaking custom home sales above $12M in the last six months, per ARMLS. Ultra-luxury supply remains limited, underpinning values. Estate planning advisors are reviewing gifting and property tax strategies in light of high valuations. Town council continues strict design review for new builds, favoring energy-efficient estates. Such homes benefit from enduring demand and forward-thinking smart-home features.
Recent U.S. Census estimates place Buckeye’s population over 120,000, making it the fastest-growing city in Arizona. New permits for master-planned communities have increased by 19% in 2024. This growth bolsters municipal revenues and long-term infrastructure bonds. Planners are prioritizing water conservation and resilient grid planning, enhancing future-proof value for residents and investors alike.
Phoenix City Council approved a $350M modernization of Sky Harbor’s Terminal 4, set to begin Q4 2024. The project is funded via airport revenue bonds, not local taxes, protecting city coffers. Business travelers and luxury service providers benefit directly. Construction uses recycled materials and targets LEED Silver, supporting both investment stability and environmental stewardship narratives.
CoStar reports Mesa’s industrial vacancy at just 2.8% in Q2 2024, with logistics and data center demand surging. Rents have risen 11% year-over-year. Wealth managers see favorable risk-adjusted returns in this asset class. Maricopa County continues targeted incentives for advanced manufacturing users, and many new projects include renewable energy on-site, enhancing both sustainability and long-term hold value.
Glendale’s new $1.2 billion VAI Resort, including 1,200 rooms and entertainment venues, opens late 2024. The city expects $200M in new tax revenue over ten years. For affluent investors, hospitality plays diversify holdings. The project’s smart building management and solar features address ESG concerns and future regulatory compliance.
Nike’s 900,000 sq. ft. logistics facility in Goodyear, completed Q1 2024, is now fully operational, employing 1,000 people. Such investments strengthen industrial asset value and broaden the tax base. State lawmakers highlight the role of foreign trade zones in attracting logistics giants. Onsite water conservation measures and EV fleet readiness are integrated for operational efficiency and regulatory resilience.
Tempe City Council approved a $150M mixed-use redevelopment of the historic Hayden Flour Mill site, with groundbreaking slated for late 2024. The project will include boutique hospitality, multifamily, and event space. Wealth managers recognize the unique asset-class diversification this brings. Adaptive reuse triggers historic tax credits, and municipal leadership is mandating green building certification for the project.
Peoria’s City Council recently rezoned 300 acres for a biomedical and research campus near Loop 101. The site is expected to attract over $2B in private investment by 2028. Family offices are tracking opportunities in life sciences and medical office sectors. Arizona’s R&D tax incentives support this growth, and the city is prioritizing net-zero energy design in master planning.
Chandler Planning & Zoning approved a 400-unit luxury senior living complex near Ocotillo Road, reflecting a 22% increase in senior housing permits since 2023. Asset managers note stable demand due to demographic trends. Facilities may qualify for property tax reductions under Arizona’s long-term care incentives. Design features prioritize solar energy and advanced air filtration, aligning with legislative push for resilient aging-in-place options.
Queen Creek’s Town Council fast-tracked approvals for two new “agritainment” venues, expanding on the region’s popular mix of hospitality, retail, and local agriculture. These projects are designed to enhance both visitor spending and farmland preservation. Wealth strategists highlight legacy land value growth. Local tax codes provide incentives for agri-tourism ventures, and developments include on-site composting and water conservation technologies.
A Fortune 500 insurance company is relocating 1,000 employees to Gilbert’s Rivulon campus, with buildout completing in early 2025. Such moves underpin local commercial valuations and attract further capital inflow. Gilbert’s business-friendly tax regime and expedited permitting streamline corporate investment. The project incorporates EV charging and advanced stormwater management, boosting smart-city credentials.
The Sun City West Medical Pavilion, a $100M multi-specialty health facility, will open Q4 2024, offering advanced geriatric care. This aligns with long-term demographic shifts. Healthcare properties are increasingly included in diversified portfolios. Arizona’s health care facility tax credits apply, and operators are incorporating solar energy and recycled water systems to ensure resilience and cost stability.
Litchfield Park approved two boutique hotels totaling 220 rooms in Q2 2024. These projects address tourism growth and diversify local tax receipts. Investors recognize the area’s insulation from oversupply. Both hotels will be built to LEED Silver standards and participate in city-sponsored water efficiency programs.
Casa Grande’s Inland Port Arizona has signed new leases totaling 2.2M sq. ft. since January 2024, primarily in advanced manufacturing. Corporate tenants are leveraging Opportunity Zone incentives. Asset values in the industrial segment are showing resilience, supported by ongoing infrastructure upgrades and renewable energy mandates at the port.
The City of Maricopa launched a $75M downtown revitalization program with new mixed-use zoning, public spaces, and pedestrian infrastructure. Local property values are expected to benefit from improved amenities. Arizona’s GPLET (Government Property Lease Excise Tax) program is utilized to support new investment. The city emphasizes green roofs and drought-resistant landscaping in all new construction.
Surprise has broken ground on a $40M, 70,000 sq. ft. community recreation and aquatic center. The facility is bond-financed with minimal tax impact. Such investments often enhance adjacent residential values and quality-of-life rankings. The city mandates water-saving pool technology and solar panels as part of its broader sustainability ordinance.
Amazon’s new 1M sq. ft. robotics fulfillment center in Tolleson opened in March 2024, adding 1,200 jobs. The project leverages local industrial tax incentives and is designed for LEED Gold certification. This increases the city’s commercial tax base, and the facility’s solar array and water reuse systems set a high standard for regional industrial sustainability.
Apache Junction approved a $28M upgrade to its municipal water system, supported by federal and state infrastructure grants. Wealth advisors note the positive effect on long-term home and land values. New Arizona water use regulations incentivize conservation, and the project incorporates advanced leak detection and solar pumping.
Custom home permits in Gold Canyon have increased 16% year-over-year as of June 2024, driven by in-migration and telework trends. The region’s low-density planning remains attractive for wealth preservation and estate planning. Pinal County is updating property assessment schedules, with potential for future property tax adjustments. Builders are promoting net-zero homes and native landscaping for both value and environmental appeal.
Florence’s Town Council approved a 120-acre expansion of its industrial park, expected to create 900 new jobs by 2026. Such expansions diversify municipal revenues and attract logistics and manufacturing investment. State-level opportunity zone credits apply, and the master plan prioritizes water efficiency and renewable energy generation.
Avondale has issued permits for more than 400 infill housing units since January, the highest six-month total in a decade. These projects support local tax base growth and increase urban density. The city offers reduced impact fees for infill and requires new developments to meet energy-efficient building codes.
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Payson opened its $35M public safety campus in May 2024, consolidating police, fire, and emergency operations. This investment is credited with improving local risk ratings, which can reduce property insurance premiums. The campus is built to withstand extreme weather and includes solar microgrids for resilience.
Sedona began construction on 125 workforce housing units in May 2024, supported by city-issued bonds and state tax credits. The project is the first of its kind locally, targeting housing for essential workers. Legislative action allowed expedited zoning, and developments will be built to ENERGY STAR standards, ensuring future-proof value.
Prescott’s downtown mixed-use projects added 200,000 sq. ft. of retail and 300 new residential units in the last year. Such diversification supports both local tax revenues and portfolio resilience. City council has incentivized historic preservation, and most new construction includes solar-ready infrastructure and EV parking.
The $70M expansion of Show Low’s Summit Healthcare Regional Medical Center, adding 60 beds and specialty care, will open in late 2024. Healthcare facilities are viewed as stable assets in family office strategies. Local property taxes benefit, and the facility is built for low water and energy consumption.
Thank you for exploring this week’s real estate insights with me. Arizona’s new construction market continues to demonstrate remarkable adaptability, blending innovation with enduring value across luxury, commercial, and multifamily sectors. I invite you to share this brief with your network and follow me on social media for discreet, high-standard updates tailored to the discerning investor. Should you wish to discuss private strategy or portfolio positioning in confidence, please schedule a one-on-one Zoom session. I look forward to supporting your ambitions with trusted expertise and timely intelligence.
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You can listen to all AZique real estate news and insights on Spotify or any other preferred platform of yours: YouTube, Amazon, Audible, Apple Podcast. Daily Arizona real estate market pulse – straight from Sonoran Desert to you where ever you are!
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Nice to meet you! I’m Katrina Golikova, and I believe you landed here for a reason. I help my clients to reach their real estate goals through thriving creative solutions and love to share my knowledge—giving lots of freebies along the way.
See You Soon,
Katrina
You can listen right now to current news
You can listen to all AZique real estate news and insights on Spotify or any other preferred platform of yours: YouTube, Amazon, Audible, Apple Podcast. Daily Arizona real estate market pulse – straight from Sonoran Desert to you where ever you are!
Always fresh, smart, data-driven from Sonoran Desert straight to your mailbox
Click here to explore current mortgage rates. Rates may vary based on credit score, loan type, and lender policies. For the most accurate estimate, consult with a lender.
Realty One Group
Katrina Golikova
Real Estate Professional
License ID: SA696603000
17550 N Perimeter Dr, Scottsdale, AZ 85255
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