Ray, VeLa Kick Off Luxury Tower in Downtown Phoenix
The project is backed by an $80 million Axos Bank loan.
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.
