Empire Group of Companies, through its luxury urban infill division Aspirant Development, has closed a $131.2 million financing package and broken ground on The Whitney, a new 24-story, 328-unit mixed-use high-rise located at the southwest corner of Central Avenue and McDowell Road in Central Phoenix.
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“The Whitney represents our continued investment in thoughtful, high-density development that enhances Phoenix’s urban core while remaining deeply connected to its surrounding neighborhoods,” said Geoffrey Jacobs, managing partner of Aspirant Development. “This project reflects Aspirant’s vision of delivering elevated residential experiences in locations that support long-term livability, connectivity, and community.”
Positioned within Phoenix’s evolving Arts District, The Whitney will feature more than 22,000 square feet of ground-floor retail and is expected to become a new landmark along the Central Avenue corridor. The project is notably the only high-rise residential development located within the Downtown corridor north of the I-10 freeway, offering residents direct access to downtown amenities while avoiding the congestion typically associated with urban living.
The McDowell Road light rail station sits directly in front of the property, placing residents one stop from the Roosevelt Row Arts District and providing connectivity throughout the Valley. The project’s name pays homage to the Whitney Museum of American Art in New York, a nod to Phoenix’s growing arts and culture scene, and the project’s proximity to the city’s creative districts.
Designed as a modern, design-forward residential experience, The Whitney will offer a state-of-the-art fitness center, co-working and lounge spaces throughout the building, and a rooftop pickleball court with city views. Residences will feature luxury vinyl plank flooring throughout, induction ranges, upgraded appliance packages, tiled bathrooms, and walk-in showers.
Financing for the project was arranged by WAY Capital, which includes an $84.7 million senior loan from Axos Bank and a $46.5 million mezzanine loan from Lionheart Strategic Management and Schroders Capital, the private assets division of Schroders.
“In today’s construction lending environment, certainty of execution, thoughtful structuring, and access to the right capital relationships matter more than ever,” said Malcolm Davies, founder and CEO of WAY Capital. “We are grateful to have advised on this transaction and congratulate all parties involved.”
“We’re pleased to provide financing for a transformative mixed-use development in the heart of Downtown Phoenix’s Arts District,” said Andy Klein, managing director and co-head of investments at Lionheart Strategic Management. “This investment reflects our conviction in the continued evolution of Phoenix’s urban core and our strategy of deploying capital into thoughtful projects that contribute to the long-term growth of emerging markets.”
Paul Bratten, head of U.S. real estate debt investments at Schroders Capital, added: “The Phoenix market benefits from remarkable growth and a diversifying economy, which is foundational for a successful city. Schroders Capital is excited to provide capital to facilitate the construction of this transformative project in the heart of the Arts District.”
Leasing for the retail component of The Whitney will be led by Diversified Partners, which will oversee tenant placement for the project’s mixed-use offering.
“The Whitney is designed to meet the growing demand for high-quality retail and restaurant space in the heart of Central Phoenix,” said Marti Weinstein, partner of Diversified Partners. “We’re creating a dynamic, mixed-use destination that puts tenants in front of a built-in customer base while offering the visibility, accessibility and energy today’s operators need to succeed. By combining an exceptional location with a tenant-first approach, we’re offering retailers and restaurateurs an opportunity to grow alongside a vibrant and evolving neighborhood.”
