CA Residential, the multifamily investment and development division of Chicago-based CA Ventures, in a joint venture with Diamond Realty Investments, Inc., recently celebrated the groundbreaking of The LINK PHX, a 257-unit residential tower at 702 N. 3rd St. in downtown Phoenix. Scheduled to open in August 2019, the 30-story tower represents the first phase of a three-phase mixed-use development that will bring more than 600 rental residences and 21,000 square feet of retail space to the renowned Roosevelt Row Arts District over the next 15 years. The LINK PHX will include 7,000 square feet of retail space, half of which will be set aside for startups, not-for-profits and artists.
During a ceremonial groundbreaking held at the site on Oct. 17, city officials noted the significance of the project.
“Downtown Phoenix has long been known as a place to work and play,” said Councilwoman Kate Gallego (District 8). “It’s projects like this that make downtown Phoenix a true live/work/play destination, further strengthening the downtown economy.”
“Roosevelt Row is a fast-growing community with a vibrant arts scene, and demand for workforce housing in this area will only continue to grow with all that the city of Phoenix is doing to promote conscious planning around sustainable, walkable, and transit-oriented infill development,” said JJ Smith, principal of CA Ventures. “The LINK PHX will address the demand for rental residences that has been fueled by the influx of students to downtown Phoenix as public and private investment and infrastructure projects like the Valley Metro light rail system continue to bring a new generation of young professionals to the area.”
“We’re excited to work with CA Ventures on this market-defining project,” said Mark Stinger, managing director of residential investments at Diamond Realty Investments, Inc. “We believe The LINK PHX will set a new standard for rental living in downtown Phoenix.”
The Shepley Bulfinch-designed residential tower will be built on part of a 1.3-acre vacant lot at the northeast corner of 3rd and Pierce streets, adjacent to the Phoenix Biomedical Campus and a short walk from the Broadway/Central Valley Metro light rail stop, which provides service to the downtown and midtown business districts as well as the Central Avenue Corridor.
“We designed the building to maximize the incredible mountain and valley views that exist at this height,” said Joseph Herzog, principal at Shepley Bulfinch. “The building will also be a landmark for the city skyline, and we are utilizing form and materials that will present a modern, forward-looking vision for downtown Phoenix.”
The LINK PHX will offer a mix of studio, one-bedroom/one-bath and two-bedroom/two-bath residences ranging in size from 450 to 1,450 square feet. Each unit will feature 9-foot ceilings; kitchens with contemporary cabinetry, quartz countertops and stainless steel appliances; and in-unit washer and dryer. Floor-to-ceiling windows will showcase sweeping views from nearly every residence, some of which will feature their own private balcony. Additionally, The LINK PHX will boast 17 penthouse residences that will include upgraded finishes and higher ceilings in select plans.
In addition to well-appointed units, The LINK PHX will boast more than 22,000 square feet of amenity space, including a rooftop deck with an outdoor pool, spa, grilling area, fire pit and ample seating. The building will also feature a 2,000-square-foot fitness center with rooftop access; club room with an expansive test kitchen and a variety of seating options for group entertaining; business center with conference space; media and gaming rooms; and an outdoor dog run.
Residents will also enjoy the eclectic mix of nearby shopping, dining and entertainment destinations, including numerous art galleries, a 24-screen AMC theater and a 12-lane Lucky Strike bowling alley.
“As the name implies, The LINK PHX will give residents convenient access to the central business district as well as the various cultural attractions in the vicinity,” said Smith. “The location also puts residents close to the emerging downtown nightlife scene, providing them with a walkable, urban lifestyle.”
The Scottsdale, Ariz., office of Urban Edge Builders is the general contractor for the CA Ventures project.