The City of Mesa has entered into a ground lease with Commonwealth Development to facilitate a new affordable senior housing community at 37 W. University Dr. The project, known as The Helix, is planned for 62 income-restricted units and carries an estimated development cost of $18 million. Under the agreement, the developer will ground lease the city-owned site and has an option to purchase the property after year 25, according to reporting referenced from AZBEX.
The Helix is designed specifically for older residents with limited incomes, with eligibility focused on seniors earning between 30% and 60% of Area Median Income. The plan calls for a mix of one- and two-bedroom apartments to accommodate a range of household sizes within that income band. The units are intended to address both affordability and age-appropriate housing needs in the community.
In addition to the residential units, the project is expected to feature shared common areas to support on-site programming and exercise. The development also includes an amenity roof deck, providing residents with additional outdoor space integrated into the building. These design elements are positioned to create a more service-oriented environment tailored to senior residents while remaining within an affordable framework.
Progress on the project is tied to Commonwealth Development securing Low-Income Housing Tax Credit (LIHTC) financing. Once LIHTC funds are awarded, the developer must submit building plans to the City of Mesa by the end of the award year. Construction is then required to begin by the end of the following year under the terms of the agreement. This structure sets clear timing expectations linked directly to the capital stack for the project.
Commonwealth Development is a division of The Commonwealth Companies, which already has a presence in the state through multiple completed communities. The company’s portfolio in Arizona includes Lynne Village and The Cove in Phoenix, along with The Abbott in Bullhead City. The Helix adds an affordable senior-focused component to that regional footprint while leveraging LIHTC as the primary funding mechanism.
Through the ground lease and subsequent option to purchase after 25 years, the City of Mesa is providing site control and a long-term framework for the project while leaving the responsibility for financing and development execution with Commonwealth Development. If the LIHTC allocation is secured and the timing milestones are met, the agreement positions The Helix to move from entitlement and planning into active construction on a defined schedule.
