Banyan Residential Begins Development on 223-Unit Luxurious Multifamily Improvement in Phoenix, Arizona Alternative Zone

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Banyan Residential Begins Construction on 223-Unit Luxury Multifamily Development in Phoenix, Arizona Opportunity Zone

PHOENIX, AZ – Banyan Residential has announced the start of new construction at 5321 E. Washington in Phoenix, Arizona. This is the company's second groundbreaking this year in this area. The project is centrally located east of the Loop 202 Freeway and right next to the Valley Metro light rail. It offers 223 marketable units for residents seeking luxury apartment buildings and direct access to the downtown Tempe, Scottsdale and Phoenix hubs. The project is located in an opportunity zone which is part of a revitalization program formed under the Tax Cuts and Jobs Act of 2017.

"We at the City of Phoenix are pleased that Banyan Residential is starting development on this Opportunity Zone project," said Christine Mackay, director of community and economic development for the City of Phoenix. "The strategic location of this development arouses additional interest in the region, and these projects give our city vitality, economic opportunities and infrastructure improvements."

Designed by local architect CCBG, the community will feature an industrial design theme and will include a resort-style pool, fitness center, rooftop deck, mobile work area and fenced dog run area. The interiors of the individual units are equipped with appliances made of stainless steel, worktops made of artificial stone and floorboards as well as glass showers and balconies in selected units.

"Together with our exceptional partners at Mountain Pacific Opportunity Partners, we are excited to announce the start of construction at Banyan Washington," said Ben Brosseau, founder of Banyan Residential. "This project will be a welcome addition to the rapidly evolving corridor along Washington."

Construction will begin in September under the direction of general contractor Hardison Downey. Banyan expects to deliver the first units for occupancy at the end of 2021.

Max Friedman, Partner at Banyan Residential, added, "We are very pleased to announce the groundbreaking ceremony, especially given the massive impact the COVID-19 pandemic is having on jobs across the region. Banyan Washington is a significant financial investment in Phoenix new homes will help support the growing workforce in Phoenix, one of the leading US job creation markets. "


Source: Banyan living

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