By AZ Big Media
Just a quick reminder that Phoenix’s vacant hotels and underused offices are turning into rentals faster than ever. The metro area boasts the 20th biggest pipeline of adaptive reuse apartments, according to RentCafe.com’s latest report.
Here’s a quick breakdown:
• The Valley is set to deliver 2,463 apartments through adaptive reuse projects in the years to come.
• The vast majority (70%) are expected from former office spaces. Across the metro area, seven former office buildings will be repurposed into 1,706 apartments, including 1,183 units in Phoenix.
• The 3 largest projects are Kierland Sky with 420 apartments; the Canyon Corporate Center redevelopment with 376 units; and the Punchcard Building’s transformation into a mixed-use property with 245 new units.
