Dominium is about to start construction on Vista Ridge, a 308-unit affordable housing community in Phoenix. Public records show the firm acquired the 12.7-acre development site for $3.3 million in April. Completion is expected in the spring of 2022 for the developer’s first project in the metro and its second in Arizona.
Development partners include the City of Phoenix, WD Construction, Todd + Associates, Hunter Engineering, Gammage & Burnham and Winthrop & Weinstine, together with Colliers Securities and First American Title.
In April, Dominium’s development activity witnessed another expansion: The firm broke ground on its first affordable project in Newnan, Ga. The 202-unit community will cater to adults aged 55 and over.
The future Vista Ridge
The community will take shape at 2050 W. Southern Ave., in the South Mountain Village neighborhood. The property will feature one-, two- and three-bedroom apartments in 12 three-story buildings, with all units catering to households earning at or below 60 percent of the area’s median income.
Amenities will include a clubhouse, fitness center, playground and picnic area, as well as more than 500 parking spaces. The property will also have eco-friendly features, such as a community garden and solar energy sources to cover nearly 50 percent of the buildings’ energy consumption.
The development site is 5.5 miles southwest of downtown Phoenix, north of El Prado Park. There are several shopping and dining options nearby, with Southern Plaza roughly 1 mile east.
Public and private financing
The project benefits from various financing sources. KeyBank provided a forward tax-exempt loan through Freddie Mac. Public records show KeyBank also provided a $16.5 million bridge loan, while U.S. Bank sourced $58 million in construction financing. Alliant Capital also made an equity investment in the project, in the form of 4 percent federal tax credits.
Public funds came from the Arizona Department of Housing, which allocated $12.5 million in federal low-income housing tax credits. In addition, the Arizona Industrial Development Authority issued Private Activity Bonds for the project.