Auckland-based property developer Redwood Group has opened an office in Phoenix, Arizona, as its headquarters in the United States.
It has bought land in Phoenix and is preparing to build an 84-home complex called O4 City Condos.
Redwood today said it was also working with the City of
Phoenix on a second 180-unit urban infill development.
Founded in 1992, Redwood's projects include the Scene One, Two and Three apartment developments in downtown Auckland, with combined values of $111 million.
It is also launching the Apex Business Centre, valued at more than $100 million, beside State Highway 1 at Mt Wellington.
Company executives spent more than nine months researching world markets, including cities in China and Europe and North America, before selecting Phoenix for the US office, Redwood said.
Group vice-president Andrew Crosby said the choice of Phoenix was based on the city's demographics, growing economy, welcoming business climate and the emerging acceptance of urban landfill development in a city mainly known for large suburban, single-family home subdivisions.
Downtown Phoenix was similar to the Auckland of the early 1990s, Mr Crosby said.
"In the early 1990s, there were few residents and amenities in downtown Auckland. It was primarily a commercial centre.
"Today, Auckland is a vibrant mixed-use centre with more than 20,000 permanent residents and a wide variety of shopping, entertainment and educational facilities."
- NZPA
