Construction is not slowing down in Arizona as the state continues to be at the top in the country with new projects underway.
Downtown Phoenix has been seeing most of the construction projects, but surrounding cities like Tempe are as well. The college town, which is home to Arizona State University, might not be the best place for affordable housing for families. But two local companies are stepping up to change that.
Tempe-based Newtown Community Development Corp. and Phoenix-based 180 Degrees Design + Build are building a new micro estate community of small homes. The project is not only bringing affordable homes to the city but also more jobs.
The community should be completed by October 2021, if not sooner, and the price for a home is $170,000. There are 13 homes total in the community. The small units are 600 ft.² and great for first-time buyers who want to own their own homes in a tough housing market.
The units surround a community garden and come with a loft bedroom. The community also has a large community building with a kitchen and a game room along with community laundry. To qualify, low-wage criteria must be met. As of now, just under half of the homes are already sold.
So, how is the company able to make this happen? The company builds the homes on purchased land. Then, you will purchase the structure on the land. When the time comes to move, you will sell the home back to the builder at 25% of the appreciation in addition to the price of the home sold.
If you are working on a construction project you always want to make sure you have an experienced construction lawyer in Phoenix on your side. The team at Murphy Cordier PLC can help you with your entire construction project from drafting contracts to finalizing contracts and more.