We are diversifying our development portfolio and going where the occupancy is... in today's marketplace this means multifamily properties. Kitchell has partnered with a recognized leader in the luxury apartment industry, Mark-Taylor, to develop the first multifamily housing communities in the metropolitan Phoenix area in more than two years. The financial stability and depth of experience of both companies is an optimal combination to obtain financing and elicit positive forecasts.
According to the Wall Street Journal, "more Americans have been opting to rent in recent years as the allure of owning a home has diminished, due in part to tight lending restrictions, falling prices and rising foreclosures." These forces are driving up apartment building values—to levels unseen since 2007, in some cases. We see our partnership with Mark-Taylor as an ideal complement to our diverse development portfolio of retail, office and industrial projects.
In a challenging development environment Kitchell has maintained its solid position through innovation and tenacity, enhancing our portfolio with new services and projects. We were proud to be voted the #1 Commercial Developer in the 2011 Ranking Arizona “Best of Arizona Business.” In 2010 we completed the development of Arizona’s first LEED Gold-certified retail center, Mountain Ranch Marketplace in Goodyear. The project’s environmental friendliness helps the Safeway-anchored center maintain strong occupancy and industry kudos, receiving a 2011 RED Award for best retail project.
Illustrating our development team’s ability to adapt to the changing market demands, we partnered with highly regarded multifamily developer and manager Mark-Taylor on the first new large-scale, luxury apartment projects to be built in Arizona in more than two years – the 224-unit San Marquis Apartments in Tempe and the 383-unit Parcland Crossing in Chandler. Opened in mid-2012, the two developments are among the most desirable in the Mark-Taylor-managed portfolio of properties.