Covid forced several real estate investors to get creative. One byproduct is the trend of mixing multifamily housing with office projects. Live, play, work is the new mantra of the modern investor/developer.
A large Camelback office complex could see the addition of luxury apartments, bringing new residents to a central business corridor in Phoenix.
The developer — Mainstreet Capital Partners — plans to build a 75-unit, amenity-rich multifamily complex with varying unit sizes and floor plans. The Phoenix Business Journal reports the apartments will be developed in place of an existing parking garage at the Camelback Lakes office complex, which currently includes four multi-story buildings totaling 203,290 square feet. The architect will be Shepley Bulfinch.
New apartments could also support existing and new retail, restaurant and other commercial uses and employers that are within walking distance of the site.