I have been having fun checking out a lot of the businesses, places and developments along the new light rail line. The other day, I was driving the line as it goes along Terrace Rd in Tempe and noticed this community that is under construction. Being nosy, I stopped and asked the construction manager what is going on. I was told that this one time apartment building was being completely re-done and is scheduled for completion in the next couple of months. It was even more interesting to me when a light rail car rode by while we were talking. You see, even though light rail doesn't begin until December of this year, there is already a ton of testing going on in Tempe. As it passed the intersection at Lemon and Terrace, the train honked and was gone in a few seconds. This location, right between the stops at University Dr/Rural Rd and at Dorsey Ln/Apache Blvd is sure to see a lot of interest in the very near future. To get a better feel for the area, you can try to zoom in with this light rail map.
These are a few of the particulars from "John" at Regency:
44 total units – 10 studios, 34 one bedroom units. – All have covered parking, most have covered patios.
Italian cabinetry, community pool, community laundry, wood or tile floors.
Mechanical, Plumbing, HVAC, electrical all replaced. Individually metered.
It is going to be fun to see how these areas along the light rail line develop and change once people realize the benefit of the system. We will be sure to follow up once more information is available. We also want to check out all of the shops, restaurants and entertainment in these areas. Stick around, we will try to let ya know.
We know the real estate market has it's challenges right now and maybe this would have been a great rental project. When the market does come back, it only makes sense that properties in great locations will be in much more of a demand than those in outlying areas. It is going to be fun to watch. 🙂