Page 20 May 2015 By Kourtney Seaton The abundance of new construction in Arcadia, especially along the 1 1/2 mile stretch of 44th Street between Camelback and Osborn Roads, reels in a plethora of new businesses, restaurants, shopping centers and living opportunities. Phoenix City councilman, Sal DiCiccio, who represents the area, said two major components he has promoted for the city is supporting a strong quality of life and encouraging small business owners to invest in the Arcadia corridor. “The success of the small business owner also brings success to the neighboring homes that are such a critical part of Phoenix,” he said. The state of the construction industry is recovering with a heavier aspect from the multifamily segment of the market and less from the industrial side, said Mark Stapp, executive director of the Masters of Real Estate Development program at W.P. Carey School of Business. The post-recession economy in Phoenix is making slow progress and the recent growth in Arcadia is nothing new for the area, Stapp noted. Even during the recession, Arcadia remained strong. As metro Phoenix matures and gets densi fi cation, single-family detached in fi ll projects are extremely valuable. “Arcadia has always been a well-established, upper-middle- to upper-income neighborhood that is in the middle of the metro area, so it’s highly desirable,” he said. The relatively small inventory of homes adds to the desirability. Arcadia’s reputation for livability and being a well-known entity drives the market, which plays a role when businesses decide where to locate, Community and Economic Development director for Phoenix, Christine Mackay said. It is a traditional neighborhood that has been around for a long time and has possessed a strong community since the 50s and 60s, she said. Development by JLB Partners is underway on the southwest corner of 44th Street and Camelback Road on an apartment community project that is referred to as Residences at Camelback. However, the name may change and a managing partner could join the team or purchase the property closer to the opening. This area has been in the middle of zoning controversy for the past 10 years. It is not an area with a lot of easily developable land, Stapp said, noting, the densi fi cation will drive amenities. Mackay explained that move-in-ready living is desired and high-density residential property provides the opportunity for people who are looking for a different lifestyle, to enjoy and experience the Arcadia area. This more metropolitan type living brings in more consumers, which allows local restaurants and shops to thrive, she added. “When you have these local concepts of restaurants, you need great density around them so they can be supported for breakfast, lunch and dinner,” Mackay said. “To create a sustainable community, you need to have options to drive the economy to allow it to sustain itself.” Kathryn “Kitty” Maloney-Langmade, president of W.J. Maloney Plumbing, Heating and Cooling and a member of the City of Phoenix Camelback East Village Planning Committee, noted, “This area has been undergoing positive changes for a couple of years now. The new and in fi ll construction makes a positive statement about what residents and businesses think about the area.” Executive director of the Arizona Association for Economic Development, Joyce Grossman, said the increase of construction is an indicator that businesses are fi nally feeling comfortable letting go of some of their capital after the recent recession. Companies and individuals continue to fi nd value in the area and are committed to investing in its future. “The economic values of this area have nowhere to go but up,” she said Mackay said Arizona saw strong growth in the economy in mid-2014 and is really ramping up in 2015, which is apparent with all the building going on around Arcadia. “The economy is showing great recovery and what you’ll fi nd is people feeling more comfortable because they don’t feel so threatened with their jobs and their house values are starting to improve,” she said. For the fi rst time in about fi ve years, more people are buying houses in which to raise their families and live again, and there are less investors in the market, Mackay said. Apartment project is underway at 44th Street and Camelback Road. Photo by Kourtney Seaton. Arcadia corridor construction is good economic indicator Now accepting applications for the 2015-2016 academic year! Program Highlights 10,000 sq ft Early Childhood Center National Junior Honor Society Accelerated Reading Program ITBS Scores Above National Average Computer lab / Technology based learning Wide-range of extracurricular activities Gymnasium SAINT THERESA CATHOLIC SCHOOL 602-840-0010 x200 5001 E. Thomas Rd., Phoenix, AZ 85018 www.stcs.us For more information or to schedule a private tour, call 602-840-0010 x200. 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