Where Are The Hot Infill Spots In Metro Phoenix?
As downtown revitalization spreads to more suburbs, some are questioning whether that helps or hurts the Valley as a whole. During a recent roundtable hosted by the "Phoenix Business Journal," developers, brokers and consultants discussed infill development. That involves finding new uses for vacant and underused parcels in urban areas.
“I’m putting a doughnut on downtown Phoenix,” said Tim O’Neil, principal of Ironline Partners. “I think it’s different this time. It’s what it’s never been. We’re early in that development phase with the infrastructure that we have.”
O’Neil helped transform the mid-century Monroe Building into a modern office and retail tower.
Seated next to him was Mark Stratz with Cushman & Wakefield, a commercial real estate services firm. He supports more growth in downtown Phoenix, downtown Scottsdale and north Tempe.
“I think if we want to compete on talent, wages, employee, tenant attraction from the Valley perspective, those three infill markets have to be the focus,” Stratz said.
But, real estate consultant Jim Belfiore said developers like the suburbs because it’s cheaper to build. “It’s just economic reality that the incomes here don’t support the majority of the population going up, it supports them going out."
Other areas mentioned as opportunities include west Phoenix around Grand Canyon University, the Price Corridor in Chandler and Glendale’s stadium district off the Loop 101.