Holualoa Companies is redeveloping a 13-acre office site it owns at 21st Street and Highland Avenue in Phoenix, Arizona to add 144 affordably targeted apartments. The new development will be under the Dwell banner and include two office buildings, a garage, a restaurant (Half Moon Windy City Sports Bar) and a two-acre lake. Holualoa purchased the site for $50M in 2021 and filed an application with the City of Phoenix this June to begin redevelopment.
The community will have fewer amenities than other developments located in desirable areas; however, Holualoa plans to make up for this by focusing on enhanced walkability/connectivity along with less expensive community-centric amenities like coworking spaces, meeting areas & bicycle facilities. Base rents are expected to start around $1,400 per month when construction begins mid 2024 after completion of rezoning process.
