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Developer

 

Who is Dominium?

Headquartered in Plymouth, Minnesota, Dominium is one of the nation’s largest and most innovative affordable housing development and management companies. Dominium is focused on real results and long-term value. By 2025, the company expects to be the country’s pre-eminent private developer, owner, and property manager of affordable housing.

Why is Dominium interested in Arizona?

Dominium sees the Valley as a wonderful place to raise a family and call home, and several  Dominium representatives have relocated to their families to the Valley. Dominium wants to continue investing in the Valley so that more residents can afford to stay in their communities long term in spite of the financial burdens that come along with the Valley's explosive growth.

 

Project

What is the name of the project?

The project will be called Waddell Crossing, which pays homage to the legacy for Mr. Donald Waddell, who oversaw construction of what is now known as the Waddell Dam.

What is the current zoning on the property?

The property is zoned Planned Area Development or PAD. The property’s underlying zoning was approved in 2008 as part of the Truman Ranch Marketplace PAD, which anticipated commercial and multi-family residential uses on the property.

Is the property's zoning being changed?

No.  The approved Truman Ranch Marketplace PAD allows the proposed multi-family and commercial uses. A Preliminary Development Plan is being submitted for the revised development proposal in accordance with the existing approved PAD zoning.

How will the Waddell Crossing development impact the surrounding area?

The Waddell Crossing development plans (formerly Truman Ranch Marketplace) have been approved since 2008.  Waddell Crossing implements a longstanding and approved development concept for the property and represents a transition of land uses from the surrounding single family residential developments to the more intense commercial development along the Loop 303, including Prasada.

What recreational amenities will be offered for residents?

With nearly 50 years of experience, Dominium has developed extensive knowledge of appropriate common area size and space requirements. Dominium tailors their amenity packages by working closely with local architects to ensure  the amenities represent what the residents want and expect in that particular market and with the space they need.  Typically, Dominium, aims to provide interior amenity spaces (clubhouse, fitness center, etc.) of 20-25 square feet per unit and as much outdoor amenity space as will allow, given parking and site coverage requirements.

Planned Family Community Amenities

Resident clubhouse

Community lounge / kitchen

Computer room

Pool and spa

Gazebos and grilling areas

Fitness building

Three (3) tot Lots

Dog park

Bike parking / storage

Landscaped nature trail

Planner Senior Community Amenities

Resident clubhouse

Community lounge / kitchen

Computer room

Pool and spa

Gazebos and grilling areas

Fitness center

Bike parking / storage

Landscaped nature trail

How tall will the buildings be?

The commercial buildings will be 1-2 stories.  The family-oriented buildings will be 3-stories tall. The senior living building, which is adjacent to Cotton Lane, will be 4-stories tall.  All buildings will be less than the current approved height for the property, which is 50-feet.

How many units are proposed?

The anticipated unit breakdown is as follows:

Senior Living

221 total units

66 One-Bedroom / One-Bathroom Units

131 Two-Bedroom / Two-Bathroom Units

24 Three-Bedroom / Two-Bathroom Units

Family Living

388 total units

216 Two-Bedroom / Two-Bathroom Units

168 Three-Bedroom / Two-Bathroom Units

4 Four-Bedroom / Two-Bathroom Units

What is the square footage of the units?

One-Bedroom Units - Approx. 651 square feet

Two-Bedroom Units - Approx. 920 square feet

Three-Bedroom Units - Approx. 1,136 square feet

What is the anticipated price point of the units?

One-Bedroom Units - Approx. $888 per month*

Two-Bedroom Units - Approx. $1,066 per month*

Three-Bedroom Units - Approx. $1,233 per month*

*Projected rents are inclusive of utilities. Rates are current as of 2021 and subject to change.

How long does it typically take to lease out the majority of the units?

It is anticipated that it will take about one year to lease up the communities.

How does the developer plan to control the number of residents residing in a single unit? And how will they enforce it?

Dominium has the following occupancy limit for unit types established by HUD and enforced by Dominium:

 

1 Bedroom: 2 People

2 Bedroom: 4 People     

3 Bedroom: 6 People

 

All residents are required to abide by the rules and policies within the Dominium reesident handbook and lease agreement. The resident handbook states, “Only those individuals identified on your lease are permitted to occupy your home. Allowing persons other than those listed on your lease to reside in your home may result in the termination of your lease.”  

 

Guests are allowed to stay for a maximum of two weeks per visit, and not more than 30 days per year.  Additionally, published income limits apply to each unit – combined income from all residents residing in a unit must be at or below in the income requirements. This naturally limits the total residents that can occupy in a unit.  The product Dominium builds and owns long-term is often higher quality than comparable market rate properties.  Dominium residents know this and are motivated to ensure they are able continue calling Dominium properties their home.

How long does Dominium intend to own the property?

Dominium plans on owning the property for a minimum  of 15 years. After an initial compliance period of 15 years, the property can become eligible for recapitalization, in which a substantial rehab takes place with new tax credits. Alternatively, the property can become eligible for the qualified contract process, in which the project can be converted to market rate. As such, Dominium properties do not typically go more than 15 years without receiving substantial improvements.

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Workforce Housing

What is workforce housing?

The residential communities will provide housing for working families or individuals who earn no more than 60% of the Area Median Income for Maricopa County.  While the rents and income requirements are established by the Department of Housing and Urban Development, residents will be responsible for paying their own rent.  In exchange for providing rents well below market rate, the development will receive a federal investment to help fund the construction and ensure the development will be a high-quality asset to the community.

Why is workforce housing needed?

Workforce housing is critical to the health and economic opportunity within a community. Without affordable, stable housing choices, there can be no opportunity for progress and prosperity. With nearly half of Phoenix-area renters being rent burdened, workforce housing is something that impacts all of us.

The West Valley is seeing some of the fastest growth in the metro region. In 2020, the West Valley saw the largest share of single-family residential permits in the Phoenix metro area. The West Valley is also leading in economic development with the expansion of the PV 303 business park and other development along Loop 303.

As the economy grows, so will the population and the need for housing and housing choice. Not every new employee moving to Surprise will be able to own a home. The average home price in the 85388 ZIP code is 85388 is $351,440 - a nearly 22% increase from this time last year. For individuals who cannot yet attain homeownership, workforce housing provides a quality, attainable housing choice.

 

Construction

What is the anticipated timetable for construction?

The construction period is projected to last 24 months.

How many new jobs will this multifamily development create?

The proposed multifamily development is projected to support 494 local jobs due to the direct impact of construction activity (jobs in construction, transportation, utilities and other professional services). We are also projecting 259 local jobs to be supported due to the induced effect of spending income and tax revenues, along with 185 jobs that support the ongoing, annual economic impact that occurs because of newly occupied units.