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Date: March 8, 2007
Contact: Dave Roderique, Economic Vitality General Manager, (480) 312-7601
The total amount of new reinvestment in the area south of Chaparral Road in Scottsdale has topped $3.1 billion, according to a semiannual assessment compiled by the Economic Vitality Department.
The assessment of development projects in the area also found that new private investment accounts for about 85 percent of the total, signaling continuing confidence in the area among investors.
It also found that 3,360 new residences have been built, are in process or have been planned since January 2003. Appreciation of existing homes is outpacing northern Scottsdale and the average for the Valley, and current homeowners are investing millions in remodeling and additions.
The assessment includes projects that have been planned, begun or completed since 2003. More than $667 million worth of projects has been completed and $1.6 billion is underway. About $786 million is on the drawing boards, and those projects are likely to be built within the next three years, according to the Economic Vitality staff.
“Overall, we see these trends as positive indicators of the results of the city’s commitment to the revitalization of this area,” the staff report said. “While downtown Scottsdale has seen the majority of this investment -- $2.1 billion or about 66 percent of the total -- the balance of southern Scottsdale is now attracting a significant amount of interest from developers, and appears to be where many of the new projects in the coming years will focus.”
The report notes the area is changing demographically, with a younger population and higher incomes. The median age in 2000 was 41.5 and is now estimated at 39.9. Median income levels rose from $59,106 in 2000 to an estimated $65,361 today.
Quality of life measures also are positive, including lower crime rates and higher school test scores. About $85 million has been invested in new school improvements in the area since 2003.
A map with details of the major development projects in the area is available at http://www.scottsdaleaz.gov/reinvestment/.
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