Ray, VeLa Top Out Downtown Phoenix Tower
This luxury tower is slated for completion by early next year.
Ray and VeLa have topped out their 401-unit downtown Phoenix project. Dubbed Ray Phoenix, the 26-story luxury tower is set to reach completion by early 2026.
Construction debt amounts to $200 million, according to Yardi Matrix data. RXR provided $120 million last June, while Axos Bank originated $80 million in December 2023.
Johnston Marklee & Associates and Lamar Johnson Collaborative provided architectural services, an in-house Ray team together with Parts and Labor Design planned the community’s interiors and Grace Fuller Design handles landscaping. Clayco serves as general contractor. The team kicked off construction last April.
The transit-oriented development is at 777 N. Central Ave., proximate to several bus stops, Roosevelt Row—a walkable arts district—and the Japanese Friendship Garden of Phoenix, a 3.5-acre park.
Upon delivery, Ray Phoenix will feature studio, one- and two-bedroom layouts ranging between 386 and 1,618 square feet. Units are slated to include floor-to-ceiling windows, while the common-area amenities are set to comprise a gym, a swimming pool, workspaces and 4,500 square feet of retail space, to name a few.
This Phoenix development is one of several multifamily projects spearheaded by VeLa and Ray. The duo also teamed up for a $211 million, 367-unit development in downtown Nashville, Tenn. Work began last October and the 32-story tower—dubbed Ray Nashville—is slated for completion in 2027.
New Phoenix projects off to a slow start in 2025
As of April, Greater Phoenix had more than 46,200 apartments underway across 180 projects of 50 or more units, according to Yardi Matrix data. One of the developments is the 722-unit Shorehaven in Tempe, Ariz. Cantor Fitzgerald and Silverstein Properties topped out the tower last year.
Against the backdrop of nearly 24,000 multifamily deliveries last year, construction starts fizzled out during the first quarter with roughly 2,200 units being added to the pipeline. The figure marks a substantial 57.4 percent decrease from the same period of 2024, the same data provider shows.
