This Arizona developer thinks it may have a model for building apartments regular people can afford
Developer Holualoa Cos. plans to build apartments that rent within the budget of average working people by eschewing many of the typical amenities in exchange for putting them in highly desirable urban areas where people can walk and bike to things to do. The units won’t be subsidized but will cater to the “missing middle” of affrodability—generally, people earning between 80 and 120 percent of area median income—with rents starting around $1,400. Its first project in downtown Tempe should open in summer 2024, and it also plans to raze a sports bar at 21st Street and Highland Avenue and begin construction in mid-2024 on 144 units.
