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PHOENIX-A stabilization in the job market and the Valley’s continued population growth are prompting a building boom in the luxury apartment sector.

Dale Phillips, president of Mark-Taylor Residential, tells GlobeSt.com that his firm is planning three multifamily projects in Glendale, Tempe and Chandler that will add more than 600 luxury units to the Valley by the end of next year. “We’ve been relatively quiet for the last 18 months, allowing the market to stabilize,” Phillips says. “With considerably less units being built in 2004 and 2005 and the area beginning to stabilize, we feel the time is right” for construction of the multi-million-dollar communities.

Among the first projects to open will be the firm’s San Prado apartment community, a 180-unit Arrowhead Ranch property located on the southwest corner of 59th Avenue and Utopia in Glendale. Construction of the condominium-style apartments, a first-of-its-kind design for the firm with a single or double car garage built underneath each unit, has already begun with completion scheduled by midyear 2004, Phillips says.

The firm also will soon begin construction on two other multi-million-dollar complexes in Tempe and Chandler, both set for a late 2004 completion, according to Phillips. All three areas were selected for the luxury communities because of their growing demographics. Tempe is getting a 376-unit complex and Chandler is in line for 200 units, plus or minus.

Each property will be typical of Mark-Taylor’s design with stone-accented exteriors, private gym and recreation rooms and upgraded interiors with cherry-finish cabinetry, gas appliances, private patios or balconies and walk-in closets. Exterior amenities will feature lagoon style pools and spas, poolside ramadas and outdoor gas barbecues. Phillips says he expects the units will be absorbed at the rate of 40 to 50 each month with full occupancy of each property to occur within a year of opening.

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