Real estate development firm Hatteras Sky along with capital partner Bridge Investment Group broke ground earlier this month on a 23-story mixed-use high-rise apartment project located at First Avenue and West McKinley Street, in the heart of downtown Phoenix’s Roosevelt Row neighborhood. Located only a 4-minute walk from the Central Avenue Valley METRO Light Rail station, the new project, named Saiya, will feature 389 multifamily residential units and 12,550 square feet of street-level retail, including the preservation of the historic McKinley Medical Office building.
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“Saiya is a unique and attractive opportunity to bridge the gap between Phoenix’s housing supply and soaring housing demand, while also providing future residents with extraordinary access to the best of Roosevelt Row’s arts, parks, entertainment, food and beverage district as well as all that Downtown Phoenix has to offer,” said Oz Friedmann, Principal and Managing Director of Development at Hatteras Sky. “Phoenix has experienced dramatic growth, especially in downtown, and we are excited to contribute to the changing skyline.”
Roosevelt Row has been named one of the nation’s best neighborhoods and art districts, making it a valued cultural hub for the Phoenix metropolitan area and the State of Arizona. The walkable, creative district connects Downtown Phoenix to many historic residential neighborhoods and is nationally known for its arts and cultural events, award-winning restaurants, galleries, boutiques, festivals, and live music. The area has fostered a Downtown urban renewal with many rehabilitated historic bungalows and new infill projects, and the neighborhood is also a hot spot for local public and street art, and many photo opportunity destinations.
“Bridge focuses on multifamily developments as an avenue to revitalize underserved communities and provide high-quality, essential housing in growing parts of the country,” stated David Coelho, CIO of Bridge’s Opportunity Zone strategy. “The project fits well within our mandate and we are excited about our continued partnership with Hatteras Sky in a dynamic live/work/play neighborhood like Downtown Phoenix.”
Plans call for an amenity deck swimming pool, a rooftop pool, elevated outdoor courtyards offering group seating, grilling, and gaming areas, fitness center, game room, dog park, and rooftop kitchen and bar lounge. Saiya will also feature approximately 12,550 square feet of street-level retail and restaurant space. The first residential units are anticipated to be delivered in the summer of 2024. East West Bank and Poppy Bank are providing the construction financing. JE Dunn will serve as general contractor of the project, which was designed by Shepley Bulfinch. RPA, an Ardurra Company, is the civil engineer.
