The City of Buckeye, Arizona, is seeing tremendous growth in its housing market, ignited by construction of the 2 MSF KORE Power plant as well as other large corporations putting down stakes in the bustling West Valley city.
KORE recently received an $850 million from the U.S. Department of Energy. State officials estimate the plant will create about 3,000 new jobs and 10,000 indirect jobs.
How is Buckeye handling the housing demands for its current and future employment base? According to research by Davis Commercial AZ, there are approximately hundreds of multifamily and build-to-rent (BTR) units in the pipeline in various phases of approval by the City of Buckeye.
“These developments are looking to have product by the time KORE opens its doors,” said Andrea Davis, Designated Broker with Davis Commercial AZ, which specializes in West Valley commercial real estate. “Buckeye is working diligently to make sure there is housing for the swell of KORE employees.”
The city is experiencing residential growth much greater than neighboring West Valley cities. Buckeye has the third largest number of permits pulled in Metro Phoenix, according to the Grow Buckeye website. The projection is for more than 2,500 single family and multifamily units this year.
The proposed housing projects include 320 multifamily units on 30 acres south of Buckeye, 200 multifamily units on 13 acres north of Buckeye, and 188 BTR units on 16 acres near the KORE site at the SEC of State Road 85 and Baseline Road.
“This isn’t going to satisfy all the population growth that Buckeye is experiencing, but it’s a good start,” Davis said
Aside from KORE Power, there are additional employment opportunities coming to Buckeye. To meet the population growth, Buckeye anticipates an additional 1.7 MSF of development. Activity will be across a variety of industry sectors including spec industrial buildings, healthcare campuses, retail and services, downtown redevelopment, and multifamily development.
Buckeye’s population has exploded from 6,500 in 2000 to more than 104,000 residents today. It continues to be one of the fastest growing cities in the U.S. and is just 5 percent built out. At full buildout Buckeye will have a population of 1.5 million residents.
According to GrowBuckeye.com, Buckeye continues to see tremendous residential growth. The city is projecting more than 2,500 BTR and multifamily units in 2023, the equivalent of adding 8,000 new residents to the community.
Developer Fifth Avenue Properties is building a BTR community on Hazen Road. It will feature 179 bungalow-style rental units with a community clubhouse, pool, and dog park.
