Greenlight Gets Green Light for Phoenix-Area Workforce Project
The developer can move forward after gaining approval from the Tempe City Council.
Greenlight Communities has closed on Cabana Kyrene, a 229-unit workforce housing project in Tempe, Ariz. The developer focuses exclusively on building affordable housing without relying on government subsidies.
The Tempe City Council unanimously approved the project on Oct. 1 which also included the rezoning of the site from planned commercial center neighborhood to multifamily residential high density.
Cabana Kyrene’s approval last week landed on the backdrop of Tempe’s General Plan 2050, an agenda voted for and implemented in March. The strategy touched upon land use, transportation, parks, as well as economic development, among others.
As the city cannot expand outward, it must expand upward. Therefore, the plan includes issues pertaining to density—now allowing for taller and denser buildings in some parts of Tempe.
READ ALSO: Affordable Housing Can Be Crowdfunded. Just Ask This Phoenix Investor.
Once complete, Cabana Kyrene will be the area’s first workforce housing community in nearly 15 years. Floorplans call for studio, one- and two-bedroom layouts spread throughout six three-story buildings. Amenities are slated to comprise a swimming pool and gym, as well as courtyards featuring turf areas, shaded seating, exercise equipment and hammocks.
Taking shape on a 7.7-acre site at 515 W. Guadalupe Road, the development is bordered by a gas service station and a single-family residential area. U.S. Route 60 is about 2 miles away, while downtown Tempe and Phoenix are roughly 5 and 14 miles away, respectively.
Greenlight Communities came to life seven years ago, picking up Deco Communities’ Cabana concept. Since then, the developer has completed 2,745 Cabana-branded units and its supply pipeline holds another 416.
However, Greenlight’s ventures expand beyond Cabana. The developer partnered with Holualoa Cos. to build Villa Cielo Cortaro, a 196-unit project in Tucson, Ariz., which came online this July.
Developing affordable housing in Phoenix
As of October, there were north of 4,200 fully affordable units under construction in metro Phoenix, according to Yardi Matrix data. The figure represents 8.7 percent of The Valley of the Sun’s total multifamily pipeline. An additional 3,713 fully affordable units were in the planning and permitting stages.
During the first eight months of the year, Phoenix’s affordable inventory expanded by more than 1,420 units, the data provider shows. Yardi Matrix expects the metro’s affordable stock to grow by 3,365 units through the end of the year.
One of the affordable projects currently underway is Cottonwood Ranch, a 300-unit development in Casa Grande, Ariz. The joint venture of Lincoln Avenue Communities and Fairview Housing Partners broke ground on the project in April and completion is expected by 2025.
