TEMPE, Ariz. (March 29, 2023) – Wexford Developments (WD) and Wexford Real Estate Investors (WREI) held a groundbreaking ceremony marking the beginning of construction on First and Farmer, which will bring 200 new rental apartment units to downtown Tempe.
The architect for the project is Architekton and the general contractor for the project is Adolfson & Peterson Construction (AP).
“We are thrilled to be starting construction on a project that will provide additional rental housing options to residents in the City of Tempe. There is significant demand for more housing in this immediate area and First & Farmer will help serve this need,” said Sam Gordon, co-founder and principal of Wexford Developments.
First & Farmer is a 7-story building comprised of 200 rental apartments, including 180 market-rate units and 20 affordable housing units. The project’s unit mix is comprised of 18% studios, 62% one-bedroom units and 20% two-bedroom units.
“I’m truly excited that this incredible Wexford Developments project will bring 180 market-rate apartments as well as 20 affordable units to the Farmer Arts District. This building is aesthetically beautiful, contains forward-thinking sustainability features, and will bring much-needed additional housing to our community,” said Tempe Mayor Corey Woods.
There will also be a small 750-square-foot retail space on the ground floor, which will be well suited for a coffee shop or juice bar type of use.
Other building amenities include a pool, fitness center, party room, golf simulator, work-from-home office stations, electric vehicle and scooter charging stations, and storage lockers.
“We are pleased to partner with a great organization and to be participating on this exciting project,” said Joseph Jacobs, President of WREI.
“AP has shaped Arizona’s future since 1991. We’re honored to work with Wexford Developments and the City of Tempe to provide much needed housing for Tempe residents. This partnership will set the stage for future development that aligns with our mission of building trust, communities and people,” said Mark Mitchell, Director of Business Development for AP Southwest.
Award-wining interior design firm, Private Label International, was selected by Wexford Developments to design First and Farmer. Private Label worked closely with the project team to develop a design for the interior spaces that pays homage to the unique building exterior and the aesthetically rich landscape of Tempe.
Wexford Developments and WREI acquired the site in November 2017. Sender Associates, Chartered handles zoning entitlements for Wexford Developments and said it is honored to be a part of this unique project that combines sustainability and affordable housing with market-rate residential in Downtown Tempe.
About Wexford Developments
Wexford Developments is a real estate investment, development and management company operating in both the United States and Canada, with over $500 million of assets under management. Currently, Wexford has a development pipeline exceeding 2.2 million square feet at a value of over $835 million throughout Western Canada and Arizona, including over 2000 residential rental units. In Arizona, Wexford Developments has projects either under construction or in development totaling over 1,200 apartments with a total investment exceeding $500 million. In addition, Wexford currently owns and manages 168,500 square feet of retail and office space in downtown Tempe.
Since its inception in 2014, Wexford Developments has invested, developed, and/or managed, projects, in all asset classes, with a value of over $500 million and over 900,000 square feet of development. Wexford continues to grow its portfolio in all asset classes through both development and acquisition.
Wexford Developments participates in all stages of the business, including acquisition, zoning, servicing, development, marketing, and sales. It prides itself on its entrepreneurial thinking, a focused investment approach, and a lean, efficient business model to exceed the expectations of its clients, development partners and investors. For more information, visit www.wexforddevelopments.com.
Wexford Real Estate Investors (“WREI”), was formed for the purpose of sourcing and managing private market real estate investment and development opportunities. WREI invests and executes in value and growth driven real estate transactions using an opportunistic investment philosophy. WREI currently focuses its investments primarily in the sunbelt markets with an emphasis on multifamily rental investments. Since 2011, WREI has invested more than $700 million of equity in real estate transactions and currently manages real estate assets approximating $1.4 billion in value. For more information, visit https://www.wexfordrei.com.
In 34 years of providing design services to public and private clients, Architekton’s business philosophy is based in a culture of collaboration and the power that extends to their clients. They work hand in hand with their design partners, consultants and clients to create highly innovative spaces that push the boundaries of what it means to design and build in today’s ever-changing world. Their ‘no-ego’ approach to the design process supports this type of team building while encouraging all individual team members to step forward and offer ideas and solutions that ultimately result in lateral thinking and exceptionally innovative projects.
About Adolfson & Peterson Construction
Adolfson & Peterson Construction (AP) is a national family-owned company that is consistently ranked among the top construction managers and general contractors in Arizona. Locally, AP Construction specializes in building within the commercial, education, healthcare, hospitality, industrial, mission critical, multifamily, municipal, recreation and senior living market segments. For more than 75 years, the company has committed to quality, reliability, integrity and innovation which has allowed them to remain an industry leader and maintain one of the safest records in the industry across the nation. AP currently employs more than 600 team members and thousands of subcontractors and trade partners in Arizona, Colorado, Minnesota, Texas and Wyoming. For more information, visit a-p.com.
About Private Label International
A San Francisco and Phoenix based design firm, Private Label International specializes in strategically branded environments for hospitality, multi-family, retail, restaurants and senior living. Their key differentiator is a strategic and holistic property positioning approach, which starts with the developer’s vision and aspirations for their project and ends with a detailed plan that helps the client visualize the competitive advantage. By anticipating what’s next, they reduce investment risk and plan for future consumer needs, digging deeper to define the local and targeted market; using a “boots on the ground” mentality to be able to think like a local anywhere. For more information, visit: https://privatelabelintl.com.