Project that combines affordable housing, retail to launch in southwest Phoenix

Article originally posted on AZ Central on August 4, 2025

Construction will begin this month on an affordable housing development in southwest Phoenix that eventually will be anchored by a retail center.

The first phase of apartments at Broadway Farms at Hurley Station will total 190 units. Colorado-based St. Charles Town Co., the developer, closed on $80 million of financing to build the apartments. They will be rented to residents earning up to 60% of the area’s median income.

In 2024, a family of four living in metro Phoenix earning $61,680 per year would be earning 60% of the area median income, according to the U.S. Department of Housing and Urban Development.

Jason Battista, development partner at St. Charles, said he and his team had been working on securing the financing since December 2023. The project will use a variety of funding sources, including the Low-Income Housing Tax Credit program, which allows investors to buy tax credits in exchange for equity financing in affordable housing projects.

In this case, the main investor was UMB Bank. The project also received financing through housing revenue bonds issued by the Phoenix IDA, tax credits allocated by the Arizona Department of Housing and bond capacity provided by the Arizona Finance Authority, along with other debt and equity sources.

“In the LIHTC world, the hardest part is getting to the financial close,” Battista said.

The housing portion of the project will be built in two phases that will eventually create 334 affordable units. The $80 million in funding is for the first phase, which will begin construction in August, with an estimated completion in early 2027.

Where is Broadway Farms at Hurley Station?

The site is at 91st Avenue and Broadway Road. The development is planned for roughly 19 acres. The apartment complex will cover about 14 acres, and the retail development about 5.

The units will range from one to three bedrooms, and the development will include a pool, fitness center, theater, children’s playground and bike repair station.

“Our projects reflect our deep commitment to creating vibrant, sustainable and attainable communities,” Battista said. “The level of collaboration and public support for this development has been exceptional, and we’re honored to help meet the housing needs of working families in southwest Phoenix.”

The retail component of the project will be led by Vintage Partners. The Phoenix-based developer has completed many prominent Valley commercial projects, including leading the redevelopment of Uptown Plaza at Central Avenue and Camelback Road and the Rise Uptown Hotel at Fourth Avenue and Camelback Road.

Walter Crutchfield, partner at Vintage Partners, said his company has been “getting a ton of interest” from businesses wanting to have a location in the retail development. The site is near a planned off-ramp for the future State Route 30 freeway, making it a convenient location for commuters.

“Savvy retailers are paying attention to that,” he said.

The zoning allows for up to 20,000 square feet of retail, but Crutchfield said the full buildout will depend on which companies locate at the project.

In general, he said, the company is looking for food and beverage-oriented businesses, but there could be room for some service businesses.

Construction on the retail portion of the development will follow the completion of the residential apartments, and tenants could be announced in the next year to two years, Crutchfield said.

“You get 334 units of affordable housing in the area, and it’s pretty exciting to design it as mixed-use.”