CHANDLER, AZ - Wood Partners will break ground in October on Alta Steelyard Lofts, a 301-unit luxury apartment community in downtown Chandler that will add distinctive rental units to the employment-dense, rapidly developing "Silicon Desert" core.
With a particularly urban feel in both architecture and density combined with convenient access to employers and entertainment, Alta Steelyard will appeal to millennials who are flocking to Chandler for employment opportunities with technology companies such as Motorola, Orbital Sciences, eBay/PayPal and Intel, which is finishing construction on a $5 billion manufacturing facility and employs 11,000 highly paid workers in Chandler. Thanks to an influx of high-tech companies, the city's population grew by 51 percent from 2000 to 2013.
"Alta Steelyard Lofts is going to bring an entirely new look to multifamily housing in the city of Chandler and the greater Southeast Valley," said Todd Taylor, Wood Partners development director for Arizona and Nevada. "We feel there is a meaningful blank spot in terms of walkable urban infill offerings in the area, and this is a tremendous match relative to all the high-tech and employment density here."
Chandler, which was recently named one of Money magazine's "Best Places to Live," is 20 miles southeast of Phoenix, which has grown faster than any other U.S. metro area over the past two decades. Noteworthy for its low crime, strong schools, parks, relatively low business costs and skilled, educated workforce, Chandler is among the Phoenix metro area's strongest multifamily submarkets with historically high occupancy rates.
Designed by Biltform Architecture, Alta Steelyard at 353 S. Washington Street will include five buildings on 6.4 acres with 195 one-bedroom, 102 two-bedroom and four three-bedroom loft-style units and 468 parking spaces. Units will include luxury finishes such as granite countertops, stainless steel appliances and high-tech entertainment packages. Common amenities will include a cyber-café, theater, expansive fitness center, outdoor lounge areas with grilling stations, resort-style pool and deck area and community-wide Wi-Fi.
Wood Partners bought the property, once used for steel fabrication, from SMI-Owen Steel Co. Wood Partners will be the general contractor for the project. Wood Residential Services will manage Alta Steelyard, which is expected to open for leasing in September 2015.
"Alta Steelyard Lofts will bring the excitement of urban living to the charm of historic downtown Chandler," said Wendi Cooley, regional manager for Wood Residential Services. "It will offer a style of apartment home vastly different from what currently exists in the Southeast Valley. This sleek, tech-savvy community will set a new standard in this market with unparalleled customer service, innovative amenities and a palpable, dynamic sense of community."
Wood Partners has been active in both planning new apartment projects and selling multifamily properties in the Phoenix area. The company recently closed land purchases on sites in Scottsdale and Tempe to build 514 apartments and sold 500 multifamily units in Phoenix and Peoria, Ariz.