Florida Group to Transform Phoenix Offices into Apartment Rentals
Florida-based Cedar Grove Group is planning to convert an office building into new apartments in Phoenix. The three-story vacant office building is located at 8900 N. 22nd Ave., in an Opportunity Zone, or an economically distressed area that offers incentives for developers investing in the property. A number of states are making it easier to rezone office properties to housing due to housing shortages in a number of urban areas.
The Phoenix Business Journal reports that the Cedar Grove Group is proposing to convert the building into 145 multifamily units with studio and one- and two-bedroom units with new amenities such as a pool, pickleball courts and a dog park.
The developer is currently requesting to rezone the property from industrial park to multifamily through the city of Phoenix. The city’s planning commission is scheduled to vote on the rezone next month. Staff recommended approval.