By AZBEX
Development teams are continuing to respond to the undersupplied housing market with efforts to rezone and move multifamily projects forward, despite rising interest rates, rising construction costs, and intensifying neighborhood pushback. Here are the latest roundup of multifamily projects making news:
T.K. Stratton of Kinella Capital proposes to build 130 units of Build-for-Rent housing at the northeast corner of Val Vista Drive and Knox Road in Gilbert. The developer is seeking a General Plan Amendment and rezone for the 4-parcel property that is currently owned by the Reber Family. Neighborhood pushback is likely to be intense if gauging from the first public meeting. Nearby residents used the common (and disproven) arguments of the possibility of increased crime, traffic and a decrease in property values. The next step for the developer would be to submit a formal application to Gilbert planners for review, then a Planning Commission review, and eventual City Council approval. No details are yet available on the General Contractor team or estimated timeline for construction.
