The COVID-19 pandemic has prompted real estate investors to think outside the box, resulting in a new trend of combining multifamily housing with office projects. The concept of “live, play, work” has become increasingly popular among modern investors and developers.
A prominent Camelback office complex in Phoenix is set to undergo a transformation as luxury apartments are planned to be added. This move will bring new residents to the bustling central business corridor.
Mainstreet Capital Partners, the developer behind this project, envisions a 75-unit multifamily complex that boasts luxurious amenities and offers various unit sizes and floor plans. According to reports from the Phoenix Business Journal , these apartments will replace an existing parking garage at Camelback Lakes – an office complex comprising four multi-story buildings spanning over 203,290 square feet. The renowned architecture firm Shepley Bulfinch will oversee this development.
In addition to providing upscale living options for residents, these new apartments could also support local businesses by attracting more foot traffic within walking distance of retail stores and restaurants located nearby or even bringing in potential employers looking for convenient commercial spaces near their employees’ homes.
This exciting project showcases how real estate developers are adapting creatively during challenging times like COVID-19 while simultaneously revitalizing communities through innovative mixed-use developments such as this one at Phoenix’s premier office hub on Camelback Road.
