Phoenix—The Jefferson Chandler luxury rental community is edging closer to reality, following the announcement that developer JPI has closed on the necessary construction financing. Estimated at roughly $57 million, the project is set to break ground this summer, with completion slated for July of next year.
Taking shape on an 11-acre plot of land at 3950 W. Chandler Blvd., the community will offer 283 upscale residential units. Jefferson Chandler will feature a resident amenity package including a dog park and dog wash, a putting green, a resort-style pool and 24-hour access to package lockers.
Chandler has experienced something of an economic resurgence during the past few years, leading to the creation of the Price Corridor. The corporate community has grown and now features high-end shopping and dining that serve the increasing number of top-level employers such as Intel, eBay/PayPal, General Motors, BofA and Verizon Wireless.
This has led investors and developers to be bullish on what has begun to be known as “Silicon Desert,” an area where rents have grown exponentially in recent years, ending June at an average of $1,127, 6.6 percent higher than in June 2015.
Rendering courtesy of JPI