Real Estate nerd that I am, I've spent quite a bit of time watching zoning hearings regarding the Phoenix-Mesa Gateway Airport. This is the area that includes the old Williams Air Force Base and the nearby General Motors Proving Grounds.
As the Valley of the Sun has continued to grow in size- these once distant locations have been eyed by visionaries and potential citizens alike as a prime destination. The city of Mesa, working in harmony with the cities of Queen Creek and Gilbert have been spending a great deal of time making sure this new population center will be well served.
The latest council meeting consisted of votes and approvals to create, what some have called, an "aerotropolis". This is not a term I've heard before so I consulted wikipedia who explains it this way, "An aerotropolis (pl. aerotropolises or aerotropoli) is a new type of urban form comprising aviation-intensive businesses and related enterprises extending up to 25 kilometers (15.5 miles) outward from major airports."
So... that's what we're about to have here- aviation intensive business and related enterprise. It is expected that the airport will continue to increase the number of flights and destinations. I'd like to concentrate on the enterprise aspects, which include:
- new high density housing and shopping zones.
- a world class hotel (largest in the state) and convention center.
- additional housing at the outer edges of the development.
With the opening of the missing link of the Loop 202 freeway and the expected development of a feeder-arm freeway, the sky is the limit for this new population magnet. With cutting edge design, city planning and, let's face it, revenues headed for the area, many investors are flocking to this part of the valley to get in on the early action.
Surprisingly, one may purchase a new home within 10 minutes of the airport for as little as $115k. Call me if you're interested- I'll show you the area as well as the housing development. It's easy to fine- it's between two golf courses. With the close proximity (15 minute drive) to ASU east campus, many students are finding this to be a better alternative to renting. For the investor, the rental rates on these new homes make this a prime purchasing opportunity. They have new, fully warrantied homes, with rentability and the possibility of escrow growth.
Chuck Willman is a real estate agent specializing in first time home buyers and investors. He spends most of his time in the southeast valley cities of Gilbert, Mesa, Queen Creek, Chandler and Scottsdale, Arizona. Call Chuck at 480.292.0600.