PHOENIX—Wood Partners will break ground in October on Alta Steelyard Lofts, a 301-unit luxury apartment community in downtown Chandler that will add distinctive rental units to the employment-dense, rapidly developing “Silicon Desert” core.
With a particularly urban feel in both architecture and density combined with convenient access to employers and entertainment, Alta Steelyard is designed to appeal to millennials who are flocking to Chandler for employment opportunities with technology companies such as Motorola, Orbital Sciences, eBay/PayPal and Intel, which is finishing construction on a $5 billion manufacturing facility and employs 11,000 highly paid workers in Chandler. Thanks to an influx of high-tech companies, the city's population grew by 51% from 2000 to 2013.
Todd Taylor, Wood Partners development director for Arizona and Nevada, tells GlobeSt.com, “There has never been, historically, an apartment building with an elevator in Chandler. The majority are two- and three-story garden style apartment buildings. This is a four-story product consistent with the amenities offered. Alta Steelyard Lofts is going to bring an entirely new look to multifamily housing in the city of Chandler and the greater Southeast Valley. We feel there is a meaningful blank spot in terms of walkable urban infill offerings in the area, and this is a tremendous match relative to all the high-tech and employment density here.”
Chandler, which was recently named one of Money magazine's “Best Places to Live,” has grown faster than any other US metro area over the past two decades. Noteworthy for its low crime, strong schools, parks, relatively low business costs and skilled, educated workforce, Chandler is among the Phoenix metro area's strongest multifamily submarkets with historically high occupancy rates.
“Chandler is a terrific submarket,” says Taylor. “We like the positioning. It's really going to resonate with who we think our renters are going to be—that generation Y person who works in the tech sector, doesn't want to own, comes from another locale and may not be impressed with other suburban offerings.”
Designed by Biltform Architecture, Alta Steelyard at 353 S. Washington St. will include five buildings on 6.4 acres with 195 one-bedroom, 102 two-bedroom and four three-bedroom loft-style units and 468 parking spaces. Units will include luxury finishes such as granite countertops, stainless steel appliances and high-tech entertainment packages. Common amenities will include a cyber-café, theater, expansive fitness center, outdoor lounge areas with grilling stations, resort-style pool and deck area and community-wide Wi-Fi.
Wood Partners bought the property, once used for steel fabrication, from SMI-Owen Steel Co. Wood Partners will be the general contractor for the project. Wood Residential Services will manage Alta Steelyard, which is expected to open for leasing in September 2015.
Wood Partners has been active in both planning new apartment projects and selling multifamily properties in the Phoenix area. The company recently closed land purchases on sites in Scottsdale and Tempe to build 514 apartments and sold 500 multifamily units in Phoenix and Peoria.
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