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A 24-story mixed-use development that will bring both apartments and retail to Central Avenue and McDowell Road has begun construction.

The development, called the Whitney, is led by Scottsdale-based Aspirant Development, the development arm of Empire Group. The project will include 328 luxury apartment units and 22,000 square feet of ground-floor commercial space, designed for restaurants or stores. About 4,500 square feet of retail space will be at the base of the tower, with the rest to the west of the tower along McDowell Road, Geoffrey Jacobs, managing partner of Aspirant Development, said in an April interview.

The developer closed on a $131.2 million financing package with loans from Axos Bank, Lionheart Strategic Management and Schroders Capital.

“The Whitney represents our continued investment in thoughtful, high-density development that enhances Phoenix’s urban core while remaining deeply connected to its surrounding neighborhoods,” Jacobs said in a statement. “This project reflects Aspirant’s vision of delivering elevated residential experiences in locations that support long-term livability, connectivity and community.” Scottsdale-based Diversified Partners will serve as the leasing brokers for the retail and restaurant portion of the project. “The Whitney is designed to meet the growing demand for high-quality retail and restaurant space in the heart of Central Phoenix,” Marti Weinstein, partner of Diversified Partners, said in a statement. “We’re creating a dynamic, mixed-use destination that puts tenants in front of a built-in customer base while offering the visibility, accessibility and energy today’s operators need to succeed.”

Construction on the project will take about two years.