Downtown Phoenix housing boom finally underway Experts say pent-up demand is attracting everyone from college students to boomers to the city's core.

Catherine Reagor | The Republic | azcentral.com

Downtown Phoenix’s long-awaiting housing boom is finally here.

More than 20 apartment and condominium developments are going up across the city's core.

The urban projects range from penthouse condos at Portland on the Park next to Margaret T. Hance Park to 500-square-foot micro apartments near Roosevelt Row.

The old Quality Inn next to the Phoenix Art has been torn down to make way for the Broadstone Arts District apartments. Construction started earlier this week on an upscale apartment complex called The Muse on Phoenix’s most prominent vacant lot — the northwest corner of McDowell Road and Central. And there’s the affordable condo project called en Hance Park south of Burton Barr Library.

All the developments underway will mean more than 2,000 new housing units for downtown Phoenix. That’s more residential development than has ever been under construction in the central city.

Of course, in the Valley we always must do a gut check when there’s housing boom because too often a bust has followed.

David Krietor, CEO of Downtown Phoenix Inc., told me this much new housing and likely more is needed for downtown.

The longtime central Phoenix growth expert said there’s pent-up demand to live in the area, and everyone from college students to baby boomers want to rent or buy downtown now.

People are also willing to pay more to live downtown. The average rent in the area has jumped almost 50 percent during the past five years to $1,357, according to Phoenix-based ABI Multifamily.

Arizona State University’s expanding downtown campus is drawing more residents to the central city. The area’s growing list of restaurants, bars, cultural and entertainment hotspots are drawing others.

Then of course, there’s light rail bringing more people to downtown.

The 14th and top floor of Portland on the Park was topped off Tuesday. And it was announced one-third, or 54, of the condos, have already been sold. At an event to celebrate the project that drew Phoenix Mayor Greg Stanton, one of the developers made a dramatic prediction for downtown Phoenix.

“In the next 24 months, this area (downtown Phoenix) will double in size,” said Timothy Sprague of Habitat Metro. “It will become the densest area in the Valley.”

He cited 2014 Census data that showed 5,913 people living in downtown Phoenix. That means about 12,000 will call the area home in two years.

If he’s right, central Phoenix’s housing boom isn’t likely to go bust.

But the area needs more than just new homes for that many new residents. How about a downtown Phoenix grocery store for starters?

In fact, that was Krietor's Christmas wish, which he recently posted on Facebook with photo of himself standing with Santa at downtown's CityScape.

"I asked for a downtown grocery store," he wrote.

The post has 162 likes so far.