Quote:
Originally Posted by combusean
Story time!
To answer your question, opportunity zone tax credits are behind most of the dozen+ cranes in the sky today, an unexpected thing I've been waiting for for most of the last 20 years that has pretty much turned the place around within the last five years and will put a huge population downtown and further development.
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Not to get political, but that is something we can thank the current administration for Phoenix's revitalization!
Another big part of this is wage growth. Will we see taller buildings? perhaps but it really comes down to the developers feasibility to justify costs to rents or projected sales for condos to achieve a return. Areas like San Diego, Denver and Austin all have much higher wages - and rents therefore developers can build big beautiful skyscapers can charge a premium high enough to fill the building up. I hope to see that we can continue to attract top talent and 6-figure earners to the downtown phoenix workforce. As lots start to get filled in around the downtown area, the only place to go is up.