Luxury PV apartments pushing for December move-in date
Pre-lease agreements signed for 20 percent of Phase I
What do Homestead Talking Glass apartments rent for? 1 bedroom/1 bath apartments:
Four floor plans ranging from 673 to 734 sq. ft. for $1,105 to $1,205 per month.
3 bedroom/2 bath apartments:
Two floorplans ranging from 1,180 to 1,180 sq. ft. both for $1,675 per month.
2 bedroom/2 bath apartments also are available.
Interested renters began applying this month for units in the Homestead Talking Glass Luxury Apartments located near Prescott Valley’s Entertainment District on Main Street and Florentine Road.
Seven units are pre-leased, about 20 percent of the 36 units in Phase I, said Anessa Andrews, Development and Construction director for Fain Signature Group, owners of the property.
“Our first phase will be open in December,” Andrews said. “We are about 20 percent leased out, which is pretty good considering we just started taking applications.”
Most of the 36 units in Phase I are two-bedroom units, she added, and by December, one unit will be designated as a model and available for the public to visit. Every month, the developer plans to complete more buildings, with an expected build out of 214 units by April.
The clubhouse is part of the first phase and includes the fitness center, meeting places and community rooms. Other amenities will follow, including the pool, pavilion, ramadas and dog park.
Andrews said the people who have applied for apartments are a mix between retirees and young working couples. She also said two of the apartments in Phase 1 are located on the ground floor and are ADA compliant.
The apartment development should be ready for occupancy later this fall, confirmed Richard Parker, the town’s Community Development director.
While several people commented on the rentals’ high cost on the company’s Facebook page, Parker said having a variety of housing types to serve a lot of different market interests is good for the town.
“People like living in apartments. It’s not necessarily an affordability issue. Some apartments cost more in rent than you would pay in mortgage,” Parker said, adding that he has a millennial friend, for example, who much prefers living in a space maintained by somebody else.
The Homestead apartments are conveniently located near the PV Event Center, theaters and restaurants in the town’s Entertainment District. They also are close to the Civic Center with the public library and the Northern Arizona University/Yavapai College campus.
“You can walk to the grocery stores, entertainment, go wherever you need to go, get an education or go to the library,” Parker said. “It’s called ‘compact urban form.’ Live where you work and work where you live.”
The demand for housing in Prescott Valley outstrips the supply, said PV Town Manager Larry Tarkowski, whether it is apartments, duplexes or freestanding site-built homes.
Parker said another potential multi-family housing development is Navajo Commons, a 56-acre parcel located on the northeast corner of Navajo Drive near Florentine Road. The town has approved the building plans for the 250-plus unit development and the owners are awaiting financing, he added.
One set of apartments that probably won’t be built are those at the Terraces Apartments on Glassford Hill Road.
On Aug. 9, town council members approved releasing the owner of the remaining 7-acre property of its obligation to construct additional apartments in Phase II. In return, the owner will pay the town $50,000 and agrees to continue its payment of the surcharge on rents in the amount of 2.83 percent on monthly rents. The surcharge was part of the original agreement and those funds go into the town budget.
“We don’t have sales tax on residential rentals, so this was a contractual agreement years ago to apply this surcharge in lieu of that,” Parker said during the council meeting.
Both Parker and Tarkowski said they think a reasonable use of the steep parcel on Glassford Hill is as open space, adding to the 26 acres the town required as open space in the original agreement.
“The fact is that there is a great deal of interest and recognition that apartment complexes are very viable in this community,” Tarkowski said.