Would you pay $1,300 for a micro apartment in downtown Phoenix? (Young: to rent, house)

[pantherlikeapanther]

Would you pay $1,300 to rent 400 square feet in downtown Phoenix?

Curious who the target market for this is...

[exit2lef]

I think the article answers your question, but I'll add a few ideas:

Young professionals who haven't yet started families or accumulated a lot of stuff. For them, a convenient location overrides the need for space.

Visiting scholars on temporary appointments with the ASU Downtown Campus or the Phoenix Biomedical Campus. If they are here for only a year, they may not want to move all their possessions to Phoenix and will want something in walking distance of their work.

No matter who is (or is not) interested, this project is now on hold. The Goldwater Institute and the owner of the neighboring business have filed a lawsuit objecting to the city's use of GPLET as a subsidy. Until that matter is decided, I wouldn't expect to see the building completed.

[Zippyman]

Soooo....

$8,000,000 tax subsidy, divided by 211 units = $37,914 per unit

Are we to the point in Phoenix where we start paying $40,000 per housing unit when people move here?

Can I move away, then move back and collect a free pony?

Cause I feel cheated! - I moved here and didn't get a free pony.

[KurtAZ]

no

[pantherlikeapanther]

Originally Posted by exit2lef

I think the article answers your question, but I'll add a few ideas:

Young professionals who haven't yet started families or accumulated a lot of stuff. For them, a convenient location overrides the need for space.

Visiting scholars on temporary appointments with the ASU Downtown Campus or the Phoenix Biomedical Campus. If they are here for only a year, they may not want to move all their possessions to Phoenix and will want something in walking distance of their work.
.

Sure, that's what they say. But I don't know any "young professionals" or academics who can afford that.

[BIG CATS]

Never. That's a $500 place at best. Id pay that price in downtown San Fran, NYC, or Chicago, but not PHX.

[AZSunDevil83]

why are you quoting an article that's over a year old?

Obviously, the market dictates it and marked spoke and it does. Unfortunately, the project appears to be either on hold or cancelled. The developer had actually broken ground but a stupid pending lawsuit (by Angel's Trumpet owner and Goldwater Institute) stalled it.

[Valley Native]

$1,300 a month for a tiny apartment box? Personally, I wouldn't when I could pay around that amount for a small house with a yard and trees. With that said, a micro apartment might be OK for a young professional who works & travels most of the time, and spends very little time at "home". Let's face it: $1,300 a month is a drop in the bucket compared to what a professional spends on traveling and all the other accumulated living expenses.

[pantherlikeapanther]

Originally Posted by AZSunDevil83

why are you quoting an article that's over a year old?

Obviously, the market dictates it and marked spoke and it does. Unfortunately, the project appears to be either on hold or cancelled. The developer had actually broken ground but a stupid pending lawsuit (by Angel's Trumpet owner and Goldwater Institute) stalled it.

Why not?

Also, if the project is getting millions of dollars in tax breaks, can you really say that the market dictated it?

[Colt AZ]

Would you pay $1,300 for a micro apartment in downtown Phoenix?

No way. Not for a cracker box.