With each type of housing trend, whether it's a down turn in the economy or increased demand, changes take place to fill a need. Currently, there are vacant commercial buildings, thanks to the pandemic and a shift in retail spaces. Vacant spaces are a blight in a community and are non-producing without revenue streams to produce a livelihood.
The shift from visiting a store to ordering online increased dramatically thanks in part to the pandemic. If there is one thing that the pandemic has taught us, it's how to fill a need quickly without leaving our homes. Amazon, Walmart and grocery stores became the click of the day as we ordered what we needed without physical contact.
Due to this change from the buying public many retail leases were vacated, workers are now working from home, leaving empty buildings. But that's changing in the Phoenix area!
A new company is transforming 3 commercial buildings into residential spaces, called "Northern Apartments." This transformation comes at a time of dire need for housing. This is a way of using existing buildings without having to create new construction from the ground up. Remember, the greenest building is the existing building as the carbon footprint for that building is already at that address.
Northern Apartments will rent for $2 a square foot with 38 apartments located at the intersection of 31st and Northern Avenues. The project is being completed by We Build Res. These apartments are expected to be completed in 2023. For more information, visit their website webuildres.com.
If you're in need of buying or selling a home in the Phoenix area, contact me!
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