Posted Aug 26, 2022, 3:46 PM
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Join Date: Jan 2013
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Atlanta developer plans 23-story tower in Phoenix Roosevelt Row Arts District
Apparently it broke ground? LOL New name is also Saiya? I prefer First McKinley 
https://www.bizjournals.com/phoenix/...row-tower.html
Quote:
Atlanta-based Hatteras Sky has broken ground on a 23-story high-rise apartment tower in downtown Phoenix.
With a total development cost of $184 million, the project will include 389 apartment units and 12,550 square feet of street-level retail, including the preservation of the historic McKinley Medical Office Building.
To be called Saiya, the project will include an amenity deck swimming pool, a rooftop pool, elevated outdoor courtyards, fitness center, game room, dog park, rooftop kitchen and bar lounge.
Financing comes from its capital partner, Bridge Investment Group, a Salt Lake City real estate investment group with $38.8 billion of assets under management. Construction financing is being provided by East West Bank and Poppy Bank.
JE Dunn is general contractor for the project at First Avenue and McKinley Street. Shepley Bulfinch is the project architect.
The first residential units are expected to be delivered in the summer of 2024, said Oz Friedmann, principal and managing director of development at Hatteras Sky.
"We finished demolition of two of the three existing structures, and the third existing structure is going to remain," he said.
The building that will remain is the historic 6,500-square-foot McKinley Medical Office Building, or MOB, which was built in the 1940s.
"It has sentimental value to the neighborhood," he said.
Hatteras Sky specializes in adaptive reuse projects, he said.
"It's somewhat tied to what we're passionate about," he said. "We just felt it was a really great building with great bones."
He envisions a "cool restaurant" taking the space in the former MOB.
"We're working with Western Retail Advisors, our retail leasing broker, and we'll put our heads together," Friedmann said. "Our intent is to curate retail uses that really fit in the neighborhood as well as differentiate and be able to really create something cool and unique as to what you see in Roosevelt Row."
Friedmann said he was attracted to the area for the potential employment growth at the Phoenix Bioscience Core, which is slated to include 1.7 million square feet of bioscience and medical space.
The parcel he purchased also is within an Opportunity Zone, adding another bonus to the deal, he said.
"I was looking at Phoenix as a target market prior to Opportunity Zones," he said. "The Opportunity Zone program came together perfectly."
Friedmann said he's bullish on the Phoenix market.
"Our intention is to look for some more land," he said. "Although the timing of that is somewhat unknown at this time. I'm hopeful in the short term to be able to find another deal here in Phoenix. It's certainly part of our strategic growth."
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