Over the next three years, more than 2,300 residential units from nine different projects, including Central Station, will come to Downtown.
This marks a dramatic increase of volume of units under construction when compared to previous years. Just more than halfway through the year, 2,356 available units from eight new Downtown projects, including The Rey, are available for lease.
Since 2000, 34% of new residential units in the area were built within from a single two year period, between 2020 and 2022.
As the next era of downtown residences emerge from the west side of Downtown, The Rey, located at Second Avenue and Fillmore Street, aims to make it even more of a destination.
The 323-unit residential development differentiates itself offering seven units of flexible live/work space on the first floor, alongside retail space.
These units are accessible from two entry points: From the street-level side, customers can access the commercial storefront while the residents access the living space from inside the building. A door in the middle partitions both spaces.
“We’ve had a lot of people interested in the [live/work units], from an esthetician to physical therapists,” said Jody Dawson, the Business Manager of The Rey Downtown. “It’s kind of broad, so it’s not just people using it as an office. That was a different twist for the property.”
The Rey opened in June and now, a little more 50 than new residents reside in the building. Within this group, about 75 percent are not local or Arizona residents.
Dawson said interest in the Rey, although price-point driven, has been incentivized by the newness of the complex, as well as the immediate proximity of light rail and nearby entertainment.
To engage residents, they have a growing events calendar, including a regular wine socialization event on Wednesdays. At other Fore Property locations, resident-created events, like game nights, are regular features in their various projects. Once the pool and spa open in the central cabana area, as well as the rooftop lounge, they will be another point of connectivity.
Other features include an on-site bike repair station and dog-washing station, which are becoming regular amenities in newer developments.
The residential development joins Ave Terra, located several blocks to the south, and The McKinley, near Roosevelt Row, bring hundreds of additional housing units to the western portion of Downtown. In the immediate future, Aspire on Fillmore, totaling 254 units, and EcoPhx, 70 units, are expected to open some point in 2022.
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