Real estate development has taken on a new approach in Chandler, Arizona. This is in light of a new concept developed by the city, a new urban core code. According to an article in the Phoenix Business Journal, Chandler is the first city in the metro area to adopt this method. This is good news for small business owners in Chandler!
Chandler’s method of creating renewed value for real estate development is significant in four major ways:
- Solo business owners have the opportunity to revive an empty existing building into prime development.
- Relaxed city zoning development ordinances were implemented to suit older building structures versus having business owners work with nonconforming buildings to adapt to modern zoning laws.
- It addresses the issue of the city facing new real estate development issues because it’s landlocked by other towns and reaching build-out limits.
- It addresses a decline in population growth between 2010 – 2015. New businesses and entrepreneurs will choose to move here if if there’s more commercial real estate opportunities. Note – this population decline isn’t reflective of the job market. The city added 8,000 new jobs in that time.
Chandler city officials are quite excited about what this means for commercial real estate development in older parts of the city. Says Micah Miranda, Chandler’s economic development director about this code, “It will stimulate reinvestment within established areas and facilitate the locating of new and unique local businesses.
Mayor Jay Tibshraeny said in a statement, “By relaxing some of the issues developers often face with older structures, we can spur investment in empty and underutilized buildings.” Some of these buildings dated back to the 1950’s and 60’s.
Our team at the Menlo Group is also excited about this new urban code. It opens the playing field for small business owners. We hope Chandler has started a trend in zoning and real estate development for other Phoenix metro cities. If you have any questions about buying or selling commercial property, we are glad to answer them. Contact us here.