By AZRE | Via AZBigMedia
Banyan Residential has announced the start of new construction at 5321 E. Washington in Phoenix, Arizona, marking the company’s second ground-breaking in the area this year. Centrally located just east of the Loop 202 Freeway and directly adjacent to the Valley Metro light rail, the project will offer 223 market-rate apartment units to residents seeking luxury multifamily housing and proximate access to the downtown hubs of Tempe, Scottsdale, and Phoenix. The project is located in an Opportunity Zone, part of a revitalization program formed under the Tax Cuts and Jobs Act of 2017.
“We at the City of Phoenix are excited to see Banyan Residential start the development of this Opportunity Zone project,” said Christine Mackay, Community and Economic Development Director for the City of Phoenix. “The strategic location of this development is driving additional interest in the area, and these projects are adding vitality, economic opportunity, and infrastructure improvement to our city.”
By Angela Gonzales | Phoenix Business Journal At a time when existing home inventory is near an all-time low, Phoenix home prices continue to rise