Gov. Hobbs Kicks Off Exciting New Chapter with Sycamore Vista Groundbreaking

On Wednesday, October 16, Arizona Governor Katie Hobbs (D) participated in the groundbreaking ceremony for the Sycamore Vista affordable housing project in Camp Verde. This initiative marks a significant step toward addressing the region’s workforce housing shortage, which has been a longstanding concern for local officials.

Camp Verde Mayor Dee Jenkins emphasized the need for more housing options, stating, “We have heard from businesses that workforce is a barrier to their business development and housing is cited as the biggest issue. This project will result in over 300 housing units.” He highlighted the project’s potential impact on local economic growth.

Governor Hobbs noted her administration’s commitment to housing development, mentioning the recent allocation of the largest investment into the state’s Affordable Housing Development Trust Fund. “We’ve already approved 3,000 shovel-ready units,” she said. The Governor also shared information about the Arizona is Home mortgage assistance program, aimed at helping first-time homebuyers, which is projected to support 600 families.

The Sycamore Vista project, developed by an affiliate of Atlantic Development & Investments Inc. from Scottsdale, is set to include 160 housing units across two phases, featuring two-, three-, and four-bedroom townhomes. Notably, two-thirds of those units will serve low-income families.

In addition to affordable units, Atlantic Development plans to construct 178 market-rate housing units in the adjacent Sycamore Villas. The financing for the project involves federal and state Low Income Housing Tax Credits (LIHTC) along with state housing trust funds.

“This project will offer a range of income levels and family sizes, with 12 units designated for permanent housing and associated support services,” Hobbs elaborated. She underscored the community’s commitment to sustainability and child development, mentioning the integration of a Head Start program within the complex.

Joan Serviss, Director of the Arizona Department of Housing (ADOH), detailed the financial backing for the project, stating, “We’re proud of $20 million via the federal low income housing tax credit and $10 million in state low income housing tax credits, as well as $2.5 million from the state housing trust funds to support Sycamore Vista I.” Furthermore, she highlighted a $20 million investment for the second phase.

The project is strategically located in an Opportunity Zone, offering real estate investors potential capital gains tax benefits. W. David Gressly, Executive Director of Friends of the Verde River, mentioned that the initiative would significantly conserve water resources, estimating a reduction of over 150 million gallons in the river over the next five years.

As part of the development plan, Atlantic Development will contribute half an acre of land to the town for a future parking lot, which will facilitate access to a nearby park. “The intention is the parcel backs up to state park land and U.S. Forest Service land,” remarked Camp Verde Town Manager Miranda Fisher.

Future plans include programming for residents of the complex, addressing a critical lack of childcare options in Arizona. Mindy Zapata, director of Early Head Start and Head Start at Southwest Human Development, noted the importance of this adjacency for workforce support.

Atlantic Development’s Jessica Raymond projected that Phase I of Sycamore Vista will be ready for occupancy by July 2025, with completion expected by September 2025. Meanwhile, Phase II is slated to follow closely behind, finishing by the end of 2025, and the Sycamore Villas are anticipated to be done in the first quarter of 2026.