Friday, August 26, 2022 / by Juan Grimaldo
Atlanta developer plans 23-story tower in Phoenix Roosevelt Row Arts District
Atlanta-based Hatteras Sky has broken ground on a 23-story high-rise apartment tower in downtown Phoenix.
With a total development cost of $184 million, the project will include 389 apartment units and 12,550 square feet of street-level retail, including the preservation of the historic McKinley Medical Office Building.
To be called Saiya, the project will include an amenity deck swimming pool, a rooftop pool, elevated outdoor courtyards, fitness center, game room, dog park, rooftop kitchen and bar lounge.
Financing comes from its capital partner, Bridge Investment Group, a Salt Lake City real estate investment group with $38.8 billion of assets under management. Construction financing is being provided by East West Bank and Poppy Bank.
JE Dunn is general contractor for the project at First Avenue and McKinley Street. Shepley Bulfinch is the project architect.
The first residential units are expected to be delivered in the summer of 2024, said Oz Friedmann, principal and managing director of development at Hatteras Sky.
"We finished demolition of two of the three existing structures, and the third existing structure is going to remain," he said.
The building that will remain is the historic 6,500-square-foot McKinley Medical Office Building, or MOB, which was built in the 1940s.
"It has sentimental value to the neighborhood," he said.
Hatteras Sky specializes in adaptive reuse projects, he said.
"It's somewhat tied to what we're passionate about," he said. "We just felt it was a really great building with great bones."
He envisions a "cool restaurant" taking the space in the former MOB.
"We're working with Western Retail Advisors, our retail leasing broker, and we'll..."
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By Angela Gonzales – Senior Reporter, Phoenix Business Journal