By Aayush Gupta | Phoenix Business Journal
One of the largest commercial real estate organizations in Arizona plans to tackle reforming multifamily development and access to renewable resources during this year’s legislative session.
NAIOP Arizona President and CEO Suzanne Kinney said the state has an estimated $2 billion surplus that the association hopes will be used to invest in road and highway construction improvements and securing the state’s water future.
As the state continues to grow, water availability is becoming more scarce. Companies fear there is a lack of sufficient water to conduct their business, Kinney said. NAIOP plans to work collaboratively with stakeholders and Colorado River basin states to ensure businesses have enough water to carry out their operations.
As more and more companies look for areas with access to renewable energy, the real estate association said it will be crucial for the state to establish reliable and renewable energy sources such as solar, hydropower, wind and nuclear.
In addition, NAIOP said it will attempt to tackle Arizona’s affordable housing and homelessness issues. Increasing the supply of housing while maintaining affordability will be a key focus for NAIOP in 2023.
Apartment developers are facing issues with rezoning, and NAIOP is actively working on a way to fast-track the development of projects to add needed affordable housing, Kinney said.
Fast-tracking the development of housing projects will add to the housing stock and alleviate the soaring housing prices, she said.
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