Akara Partners, a real estate direct-investment, development and operations firm based in Chicago, has completed the purchase of 355 North Central Avenue in the heart of downtown Phoenix. The site will be home to Kenect Phoenix, a mixed-use residential and retail property. The Phoenix project is one of many new Kenect developments under way around the country.
Designed by RSP Architects of Tempe, Arizona and the Chicago office of Perkins + Will, the modern, 23-story building will entail 320 residential apartment units and approximately 8,000 square feet of ground floor retail space. The property is adjacent to Arizona State University’s downtown campus and Civic Space Park, one block away from the city’s busiest light rail station, and at the center of numerous dining, entertainment and employment options.
Kenect is designed to appeal to millennial residents who rent by choice, preferably in live-work-play neighborhoods. Residents of Kenect will enjoy a lifestyle of convenience and connectivity, supported by on-site amenities, shared social spaces, and many curated experiences and services.
“Phoenix is increasing in population and employment opportunities faster than almost any other city.
We see that growth continuing across the region and especially downtown, which combines the vibrancy of a work-live-play neighborhood with the amenities of an urban core,” said Rajen Shastri, Founder and CEO of Akara. “Our development plan for Kenect has been favorably received by the community, and we’re seeing strong interest in the retail and dining space.”
The residential plan calls for a mix of apartments from studios to three-bedroom units. Building amenities will include integrated furnishings with food and beverage options throughout the building, social and co-working lounges, a state-the-art fitness center, and a rooftop deck with a swimming pool, grills, and fire pits.
The first apartments are scheduled for completion in the fall of 2019.