As previous posts have indicated, the Arizona real estate market appears to be recovering from the damage inflicted by the Great Recession. With all of these new subdivision and planned area developments, there is much in the way of difficult legal issues that developers will likely have to face. These include land acquisition and zoning issues, as well as the myriad other challenges that come with real estate development.
The second phase of an Arizona real estate development is being planned. According to one article, Central Phoenix, where the development is planned, is becoming a much more attractive area for real estate development than it was just one decade ago. This attractiveness has led to thousands of workers from downtown Phoenix, as well as Arizona State University students, to move to the surrounding area. Cultural venues, new restaurants, the light rail and a myriad of other attractive features are attracting more and more people to the area.
Following the real estate crash, many real estate projects in the area were forced to stall. An abundance of condominium towers that were planned during the 2004 to 2006 real estate boom were put in development limbo. Now, many of these projects are being relaunched, including the Central Phoenix development that is now reaching its second phase.
The development is planned to have four to 14 stories with 170 lofts and condos. If everything goes according to plan, construction will start later this year and will be completed around 2016. The price range could go from as low as $200,000 to as high as $1 million for penthouses.
With all of these real estate developments being relaunched, there are likely going to be many legal issues developers will be forced to confront. Making sure that each step along the way is backed by legal expertise is a good way of ensuring that whatever legal issues may arise are handled appropriately.
Source: AZ Central, “Developers plan a second phase of Portland Place,” Catherine Reagor, May 16, 2014