“We intend to own these developments forever and we really plan to get involved in the communities we build in,” said Gordon.
“We are extremely thrilled that construction is now underway on what is a highly anticipated and much needed new multi-family project for the city of Flagstaff,” said Sam Gordon, co-founder and principal of Wexford Developments. “What we noticed a couple of years ago was that Flagstaff was experiencing so much population growth, and if new housing didn’t get built, there was going to be a housing problem. That’s what led up to us finding a nice property to help solve that problem.”
Gordon says Elkwood will have a lodge feel that fits with the mountain town and will include 6,000 square feet of retail space. “This project will not only bring 224 new housing units to the area, but it will also offer some great retail opportunities, which will be a fantastic addition to this area of Flagstaff,” said WREI President Joseph Jacobs. “We are proud to partner with Wexford Developments and look forward to bringing this project to life.”
Wexford Developments envisions that a large portion of the retail space will be occupied by a restaurant or coffee shop. Other amenities will include a fitness center, amphitheater and clubhouse with pool. The site is situated on 13.6 acres of land at the northeast corner of 4th Street and Butler Ave., three miles from Northern Arizona University.
Four separate four-story apartment buildings will have 56 units each. In total, plans call for 36 studio apartment units, 124 one-bedroom units and 64 two-bedroom units. “We think there will a complete mix of different types of people there, including young professionals and some retirees. We would love to see young families there because it’s close to Sinagua Middle School.”
“This mixed-use project will provide 22 affordable units available to Flagstaff residents at an average of 70% Average Median Income. Importantly, the developer has agreed not to discriminate based on a tenant’s source of income, meaning that even more units can be available as affordable housing to Flagstaff veterans and families using housing vouchers,” said Flagstaff Mayor Becky Daggett. “In addition, the developer has agreed not to limit the number of housing vouchers that will be accepted at this property.”
Gordon says the affordable units will be operated by Wexford Developments, with the City of Flagstaff regularly monitoring the rent and who is qualified to live there. “It’s a long-term commitment, which is a very important part of the project for us.”
Wexford Developments has offices in West Palm Beach, Florida; New York; and Calgary, Canada. Scottsdale-based general contractor Decca Multi-Family Builders, Inc. is providing preconstruction services, construction administration and management services for the project. Stewart + Reindersma Architecture (SRA) of Scottsdale is the architectural firm. Balance Construct of Flagstaff is managing the project, and Private Label International is the interior design firm.
Gordon says Wexford Development got involved in real estate in Arizona in 2016 and has acquired six properties in Tempe along the Mill Avenue Corridor. “We focused on Tempe originally, where there was tremendous population and job growth. We are breaking ground on our first residential development called First and Farmer.”
The Tempe project is being designed with 200 apartments; 10% will be available for affordable housing, like Elkwood in Flagstaff. “We intend to own these developments forever and we really plan to get involved in the communities we build in,” said Gordon. “We just really fell in love with Flagstaff. It’s a beautiful place with amazing people and great leadership. We hope this is our first of several projects to continue to solve this housing need.”
Elkwood is expected to be completed in early 2025. FBN
By Bonnie Stevens, FBN
Courtesy Photo: Wexford Development’s Charlie Goode, Sam Gordon and Brandon Bettes, who was born and raised in Flagstaff, envision Elkwood as the first of several Wexford projects in this mountain town.
