Woodring, the new company's president, says a development could get under way before the year ends. He says socio-demographic factors and urban sprawl led to the formation of SW Development. "More and more people are trending toward the urban lifestyle," Woodring tells GlobeSt.com. "They're doing so, not just for convenience and reduced commute time, but for the low-maintenance lifestyle."
To that end, SW Development's focus will be predominantly residential, with a supporting retail component. "Some of this will also include a typical mixed-use element such as lodging and retail," says Richard Swartz, managing director and principal for Sonnenblick Goldman. "They may co-venture with other operators if there is a hotel component or co-venture if there is a retail development." And although SW Development's skill set is mainly residential, "they certainly see the advantages of mixed use," he adds.
Woodring's team is targeting ground-up development and site acquisition of infill areas in Scottsdale, Phoenix and Tempe. "We're here for the long term and we're not setting a specific dollar for allocation," Woodring says. "This is really more a matter of gradually building our presence here."
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