New Bill Could Help Convert Old Commercial Buildings in Phoenix

Article originally posted on Phoenix Business Journal on April 24, 2024

A housing bill signed into law by Gov. Katie Hobbs could help with two major challenges in metro Phoenix: housing shortages and a surplus of vacant commercial buildings.

House Bill 2297 will allow developers to convert or demolish a small portion of a city’s commercial, office or mixed-use buildings for new residential development without going through the rezoning process, potentially saving months in the building process.

Starting in 2025, Arizona cities with populations of more than 150,000 have to allow for up to 10% of all commercial real estate buildings that are considered economically or functionally obsolete to be reused or demolished for new housing — about 10% of which would be set aside for moderate or low-income tenants.

Read complete article here: https://www.bizjournals.com/phoenix/news/2024/04/23/hobbs-law-conversion-commercial-office.html?utm_source=sy&utm_medum=ptr&utm_campaign=knxv+[bizjournals.com]