The real estate development company Hatteras Sky as well asBridge Investment Group 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 just a 4-minute walk from the Central Avenue Valley METRO light rail station, the new project, named Saiya, will feature 389 multi-family 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 growing housing demand, while providing future residents with extraordinary access to the best of the arts, parks, entertainment, entertainment district Roosevelt Row food and beverage and all that Downtown Phoenix has to offer,” said Oz Friedmann, senior manager and general manager of development at Hatteras Sky. “Phoenix has seen dramatic growth, especially downtown, and we are excited to help shape the skyline.”
Roosevelt Row has been named one of the best neighborhoods and arts districts in the country, making it a beloved cultural center for the Phoenix metro area and the state of Arizona. The creative, walkable district connects downtown Phoenix to many historic residential neighborhoods and is nationally known for its arts and cultural events, award-winning restaurants, galleries, shopping, festivals and music live. The area has fostered a downtown urban renewal with many rehabilitated historic bungalows and new infill projects, and the neighborhood is also a hotspot for local public and street art, and many photo opportunity destinations.
“Bridge is focused on multi-family developments as a way to revitalize underserved communities and provide essential, high-quality housing in growing regions of the country,” said David Coelho, IT director of Opportunity Zone strategy at Bridge. “The project fits well within our mandate and we are excited about our continued partnership with Hatteras Sky in a vibrant live/work/play neighborhood like Downtown Phoenix.”
Plans call for a deck pool, a rooftop pool, elevated outdoor courtyards offering group seating, grills and play areas, a fitness center, game room, dog park and a rooftop kitchen and bar. Saiya will also include approximately 12,550 square feet of street-level retail and restaurant space. The first residential units are expected to be delivered in the summer of 2024. East West Bank and Poppy Bank are providing financing for the construction. JE Dunn will serve as general contractor for the project, which was designed by Shepley Bulfinch. RPA, an Ardurra company, is the civil engineer.