A North Carolina-based developer with plans for several Valley projects closed on land for a north Phoenix development, an apartment complex in Norterra.
Crescent Communities bought the 8.5-acre site near Interstate 17 and Jomax Road for $11.69 million, according to real estate database Vizzda. The site is part of the 600-acre Norterra master-planned development.
Construction is expected to begin immediately on the development, called Novel Norterra, a four-story project that will include 248 apartment units. The first move-ins are planned to begin in spring 2028. The complex will include a clubhouse, a pool and spa, a shaded pickleball court and a dog park.
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Daniel Cooper, president of construction at Crescent Communities, called Phoenix “one of the country’s most dynamic growth markets.”
Novel Norterra is part of an expansion plan in the Phoenix metro for Crescent, which has an apartment project planned in the Heritage Park mixed-use development in Gilbert and a single-family rental development planned in Avondale.
“Northern Phoenix is experiencing remarkable growth, driven by significant employment investment and a lifestyle that blends urban convenience with access to Arizona’s incredible outdoor destinations,” Ken Keefe, managing director for Arizona at Crescent Communities, said in a statement.
North Phoenix has seen an influx of various types of development surrounding the $265 billion Taiwan Semiconductor Manufacturing Co. facility, which is under construction near Interstate 17 and Loop 303, about five miles from the Novel Norterra site.
The semiconductor manufacturing facility’s massive investment has created a ripple effect radiating through north Phoenix and into the neighboring West Valley.
About four miles north of the Novel Norterra site, Taicoon Property Partners won a bidding war for about 368 acres at an Arizona State Land Department auction in late June. The Washington, D.C.-based real estate firm with ties to Taiwan has not announced plans for its development, but company leaders said they were drawn to the area because of TSMC and the related growth.
Reporting by Corina Vanek, Arizona Republic
