By Steve Burks | AZBigMedia
When Hines began looking into developing its first multifamily project in Arizona, there were several attractive markets to choose from. Luxury apartment projects like the one Hines wanted to deliver to the Valley were hot commodities across the Valley, from Tempe to Scottsdale to the Camelback Corridor in Phoenix, even out in the rapidly growing West Valley.
Hines has an international portfolio of projects and has recently found tremendous success in the Phoenix office market with its Offices at Chandler Viridian project and its 100 Mill project. Riding that wave of success, Hines became one of a growing list of developers to be lured into the Downtown Phoenix submarket, breaking ground in January on Adeline, a 25-story, 379-unit luxury for-rent residential high-rise community at the Collier Center in downtown Phoenix.
“The state continues to have positive population and job growth and a segment of that wants to live in an urban environment,” said Chris Anderson, senior managing director and Arizona leader for Hines. “Once you determine demand, then it is what economics make sense for the risk you are taking and will a consumer pay for it. We believe they will, as downtown is in a real renaissance that has been experienced in many other cities this cycle.”
