A large housing and retail development is set to be built in Flagstaff. JLL Capital Markets announced Monday they secured over $49-million dollars in construction financing for the development of “Flagstaff Elkwood,” which will be home to 224 multi-housing units along with six-thousand square feet of retail space on 13-and-a-half acres at the northeast corner of East Butler Avenue and North Fourth Street. The company says the project will consist of four buildings and a lease center. The four-store residential buildings will offer studio, one and two bedroom units averaging 938 square feet each. On site amenities will include a clubhouse with a lounge area, fitness center, pool and spa and a grilling area. In addition, residents will have access to storage space, a package hub and nearby amphitheater. Wexford Developments will be the developer of the site. The Flagstaff City Council passed a rezone of the property, to move the project forward back in October of 2020 and was originally called “Flagstaff At Fourth.” If all goes to plan, the project will be completed by late 2024.
To read the press release from JLL, click here:
