Phoenix Among Top U.S. Cities for Affordable Housing Pipeline

Aligned Data Centers has commenced sitework for a new 120-acre data center campus in Surprise, anticipated to deliver 1.5 million square feet of space in phases. The facility, expected to be fully operational by 2027, leverages renewable energy contracts with SRP and includes advanced water recycling systems. Wealth advisers note that data centers underpin digital infrastructure portfolios with stable returns. The campus qualified for Arizona’s data center tax exemption program, reducing transaction privilege taxes on equipment. The project aligns with city ordinances supporting digital infrastructure. Aligned is also active in Chandler and Phoenix, demonstrating a robust regional strategy. Community members have cited benefits in diversifying Surprise’s employment base.

A private equity group led by Rosewood Homes has received final approvals for a $200 million redevelopment of an existing golf course into an exclusive gated community in Paradise Valley. The plan includes 45 luxury homes, a private clubhouse, and walking trails. Wealth management strategists cite the limited supply and high barrier-to-entry as drivers of future price stability. The development leverages recent local amendments allowing higher-value residential uses for underutilized golf land. All homes will be built to ENERGY STAR standards. Rosewood Homes has completed several prominent luxury communities in the Scottsdale-Paradise Valley corridor. The project is expected to enhance local school funding via increased property tax contributions.

Intel announced a 500,000-square-foot expansion to its Ocotillo campus in Chandler, representing a $3 billion investment and 1,200 new permanent jobs. The facility will be designed by Jacobs Engineering, a global leader in high-tech manufacturing architecture. The expansion benefits from federal CHIPS Act incentives and Arizona R&D tax credits, enhancing the site’s long-term value. Water reclamation and closed-loop process systems are central to the build, in line with Chandler’s smart-water policies. Intel has completed multiple campus expansions in Chandler since 2011, contributing significantly to local STEM education partnerships. The community impact includes significant STEM workforce growth and supplier ecosystem expansion.

Shea Homes and Empire Group have commenced construction on The Quarters at Agritopia, a 300-unit luxury multifamily project in Gilbert. The $75 million development features walkable connections to Agritopia’s dining and retail. Amenities include solar-powered common areas and a net-zero-ready clubhouse, reflecting future-proof, energy-conscious design. Gilbert’s municipal incentives for green construction have reduced permitting fees. Shea and Empire have co-developed several Arizona multifamily assets, with Empire Group currently leading several other luxury apartment builds in the Valley. The project will serve the city’s expanding professional class and diversify local rental inventory.

The Novus Innovation Corridor, a 355-acre ASU-driven mixed-use development, has announced the addition of a 250,000-square-foot Class A office tower. Developed by Catellus Development Corporation and designed by SmithGroup, the building will accommodate tech and life sciences firms. The project leverages the Tempe Opportunity Zone, optimizing after-tax returns for high-net-worth investors. Policy context includes public-private partnership support from the City of Tempe. The building is designed to LEED Silver standards, with features such as water reclamation and renewable energy integration. Catellus previously completed 777 Tower at Novus, establishing a track record of timely delivery. Community feedback notes workforce upskilling and expanded corporate tax base.

A 170-acre mixed-use project, known as Stadium Point, has received full approvals in Peoria, with ground-breaking planned for late 2024. Developed by Trammell Crow Company, the site will deliver office, retail, multifamily, and hospitality components. The phased buildout is projected to deliver over 800,000 square feet of commercial space and 600 residential units. Tax increment financing will underpin infrastructure, while new zoning overlays reflect the city’s comprehensive plan. Trammell Crow has a strong record with Arizona mixed-use projects, most notably at Tempe Town Lake. Sustainability features include green roofs and on-site stormwater capture. The project is expected to generate thousands of construction and permanent jobs, catalyzing further North Peoria investment.

Prologis has begun construction on the 1.2-million-square-foot Goodyear Logistics Center, intended to address increased demand for distribution space in the West Valley. The speculative industrial campus, designed by Butler Design Group, will accommodate up to five large tenants and is projected for completion by Q2 2025. Wealth management advisers highlight the stability of logistics REITs amid economic shifts. Local tax incentives for job creation and infrastructure upgrades have supported project financing. The building employs solar-ready roofs and EV charging infrastructure, advancing Goodyear’s smart-city initiatives. Prologis has developed multiple major logistics assets in Arizona, reinforcing their regional expertise. Community perspectives focus on job creation and reduced truck traffic through efficient routing.