Hatteras Sky, along with its capital partner Bridge Investment Group, has broken ground on a 389-unit mixed use development project in Phoenix. The asset, Saiya, will be a 23-story build featuring 12,550 square feet of ground-level retail and restaurant space.
East West Bank and Poppy Bank are financing the construction while JE Dunn will be the general contractor. The civil engineer is RPA, an Ardurra Company.
“The site provides future residents with immediate, walkable 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,” Oz Friedmann, principal & managing director of development at Hatteras Sky, told Multi-Housing News.
The high-rise is located at First Avenue and West McKinley Street in the Roosevelt Row neighborhood of downtown Phoenix. Central Avenue Valley METRO Light Rail station is a 4-minute walk away. Saiya is in an area that has undergone urban renewals, rehabilitating historic bungalows and creating new infill projects.
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The community, designed by Shepley Bulfinch, will be constructed to preserve the historic McKinley Medical Office building. The development will feature a deck swimming pool, rooftop pool, game room, fitness center, bar lounge and dog park. According to Yardi Matrix data, select units will have a private balcony/patio area.
In 2021, the Phoenix metro had one of the strongest rental growth performances in the nation, which then moderated in the first quarter of 2022. Bridge Investment Group has been steadily investing in the Arizona marketplace this year, acquiring a Tucson community for $178 million in July. The firm also purchased three multifamily properties in April, two of them located in Phoenix.
The first apartments in Saiya are set to be completed in the summer of 2024.