Chicago-based LG Group has started construction on what will be one of the largest residential towers in downtown Phoenix once completed.

The new 29-story tower will total 1.4 million square feet with 747 units and nearly 30,000 square feet of retail space at 601 N. Central Ave. and is expected to be completed by 2024.

"It offers a very attractive option at the higher-end for somebody who wants a building that's absolutely, fully amenitized," Brian Goldberg, founder and CEO of LG Group, told the Business Journal.

It will cost just under $300 million to develop and include 104 studio, 345 one-bedroom, 257 two-bedroom and 41 three-bedroom units. The company said it's too early to determine the leasing rates.

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By Audrey Jensen - Reporter, Phoenix Business Journal