Dees Stribling, Contributing Editor
Chandler, Ariz.–The San Marcos Commons project in downtown Chandler, Ariz., a suburb of Phoneix, has resumed development after securing funding from Wells Fargo for its second and final residential phase of 42 townhomes. The project is conspicuous by virtue of the fact that no other major multifamily developments are currently under way in metro Phoenix, which was hit hard by the deflating of the housing bubble.
The developer, Desert Viking companies, thinks that there’s enough pent-up demand for new residential product to support the second phase, and clearly so does Wells Fargo. “There’s a surprisingly large number of buyers who have been waiting on the sidelines in Arizona for quality multifamily housing and exceptional financing programs,” Mike Hogarty, co-owner of Desert Viking Properties, tells MHN. “We believe that the time is now.”
Specializing in the restoration of historic properties and in-fill redevelopment, Desert Viking has rehabilitated a number of historic properties throughout Phoenix during the last decade. Besides San Marcos Commons, other Desert Viking projects include recent restorations in Phoenix’s historic Roosevelt district; the 90-year-old Historic Suhwaro Hotel and the Hotel Chandler.
The first residential phase of San Marcos Commons, consisting of 37 townhomes, has nearly sold out. Buyers ranged from first-time homebuyers to retired couples, and included Phoenix-area residents as well as people from as far away as Canada, says Hogarty.
Among other features, all 79 of the San Marcos Commons townhomes will include attached two-car garages, ten-ft. ceilings, granite countertops, and private balconies and patios. Varying between two and three stories, the homes allow buyers flexibility with floor plans, which range from 1,343 to 2,037 square feet.
One of the project’s main attractions, Hogarty adds, is its location in the pedestrian-friendly downtown Chandler, which itself is seeing some growth in the face of the real estate downturn. The city is currently building a new City Hall in downtown Chandler, across the street from San Marcos Commons. The downtown area has also seen a number of new businesses open their doors in recent months, including restaurants, art shops and boutiques. San Marcos Commons has plans for a commercial component that will eventually add 150,000 square feet of restaurants, shops and offices.