Arizona is getting ready for another year of record-setting real estate values, thanks to a major land development project in the desert near the city of Phoenix.

As of Tuesday, the city’s downtown business district stood at $4.1 billion, up more than 20 percent from a year ago.

The new office and residential buildings, with a total estimated value of $1.6 billion, include the largest condominium project in Phoenix history.

Phoenix is now the seventh-largest city in the United States, and it’s the third-largest metropolitan area in the nation.