Ray, VeLa Kick Off Luxury Tower in Downtown Phoenix

The project is backed by an $80 million Axos Bank loan.

Property at 777 N. Central Ave, Phoenix.
Ray Phoenix will rise 30 stories in downtown Phoenix. Image courtesy of Ray and VeLa

Ray and VeLa have broken ground on Ray Phoenix, a 401-unit luxury project in downtown Phoenix. The development team also includes architecture firms Johnston Marklee & Associates and Lamar Johnson Collaborative, alongside MEP Engineer Paul Koehler and interior designer Parts & Labor.

Maricopa County public records reveal Axos Bank provided the co-developers with an $80 million construction loan for this project in December 2023.

Ray Phoenix will encompass studio, one- and two-bedroom floorplans, including duplex and penthouse options, across 26 stories. Plans also call for a four-story, 130,000-square-foot above-ground parking garage, as well as more than 4,500 square feet of ground-level retail.


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Common-area amenities are slated to feature a gym, a yoga studio, a swimming pool, a theatre and workspaces, as well as indoor and outdoor gardens. In addition, Alex Israel—an American multimedia artist—will design a lobby mural inspired by the Phoenix landscape.

Located at 777 N. Central Ave. in a 95-walk-score area, the transit-oriented project is two blocks from Roosevelt Row, where half a dozen bus and rail stations are found. Interstate 10 is less than 1 mile north, Phoenix Sky Harbor International Airport is roughly 5 miles to the southeast, while Interstate 17 is less than 4 miles west.

Towering over downtown Phoenix

Phoenix’s supply pipeline recorded 35,088 units underway in November, as pinpointed by a recent Yardi Matrix report. In terms of submarket activity, downtown Phoenix ranked third, with 2,583 units under construction.

Earlier this year, a joint venture between Hatteras Sky and Bridge Investment Group topped out Saiya, a 23-story project in downtown Phoenix, after breaking ground in 2022. The development is less than 500 feet from Ray Phoenix.

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