Responding to a growing demand for more apartment housing in downtown Phoenix, an Arizona developer has announced plans for the construction of a new upscale 17-story complex.
The Scottsdale-based Aspirant Development, which specializes in both the development and redevelopment of multifamily properties, wants to build the structure on a currently vacant 1.2-acre site at the corner of Third Avenue and Fillmore Street.
Aspirant recently purchased that property, which is located in a part of the city populated with other apartment and office space, for $3.5 million.
As planned, the project will house 254 apartment units of varying sizes, and is expected to cost at least $80 million to build.
Aspirant recently completed construction on the nearby 19-story luxury apartment project known as The Stewart.
That project features some 213 units made up of studio, and one- and two-bedroom apartments.
Work on the new Aspirant project is expected to begin later this spring, with a general completion date of early 2021.
By Garry Boulard
