Posted Feb 7, 2023, 3:16 PM
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Join Date: Jan 2013
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Chicago developer set to start work on second downtown Phoenix apartment tower
Nothing we already don't know...
https://www.bizjournals.com/phoenix/...roosevelt.html
Quote:
Chicago-based The X Co. — which recently started construction on the second phase of its X Phoenix multifamily project in downtown Phoenix — plans to break ground nearby this spring on X Roosevelt.
With 506 beds spanning 20 stories, the first phase of X Phoenix is nearly 100% full, said Ben Brichta, partner of The X Co., which has 11 communities in the pipeline across the country. Construction on the second phase started about six months ago, he said.
Phase two of X Phoenix, which will add another 592 beds over 25 stories, is expected to be completed within two years, he said.
The $100 million project spans a full city block, bounded by Van Buren Street on the north, Second Avenue on the east, Monroe Street on the south and Third Avenue on the west.
While the apartment community includes traditional apartment units, a portion includes a "rent by bedroom" co-living program, where tenants are only responsible for their share of rents and utilities.
Clayco Inc., which took over the general contracting job after Katerra Inc. shuttered its doors in late 2021, also will serve as general contractor for phase two, Brichta said. In October 2021, Chicago-based Clayco moved its residential business unit headquarters to Phoenix.
However, Brichta said he's changing it up for X Roosevelt.
St. Louis-based Brinckmann Constructors has been selected to serve as general contractor for X Roosevelt, Brichta said.
Lamar Johnson Collaborative, which is handling phase two of X Phoenix, also will serve as architect for X Roosevelt, he said.
X Roosevelt will be 19 stories
X Roosevelt will include 400 beds spanning 19 stories on vacant land at 625 N. 2nd Ave. in Phoenix.
"We just see the writing on the wall for what the future of Phoenix looks like," Brichta said. "I've been coming here every couple of weeks for the last five years. The difference in what downtown looks and feels like compared with when I was coming five years ago is totally insane."
The apartment sector can't build enough units in downtown Phoenix to satisfy the demand over the next five to 10 years, he said.
"It's so clear that downtown is going to continue to grow and develop and be the place where young people want to live — not just young people, but a lot of people," Brichta said.
Connie Jiang, a project designer with Shepley Bulfinch, was the design/architect firm for phase one of X Phoenix. She said X Phoenix is helping to revitalize the downtown area.
"For the longest time, downtown Phoenix was a ghost town after business hours," Jiang said. "Now that Arizona State University is down there, if you go to ASU, now you have a reason to stay after you graduate. There are more employment opportunities. It's fun and it's a really good draw for Phoenix."
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