News Summary
Downtown Phoenix is witnessing a construction surge with over 5,200 new apartment units underway, marking a significant post-pandemic development. Recent analyses rank it as the 21st fastest growing downtown in the U.S. Many high-rises will offer retail, office spaces, and diverse housing options to accommodate the influx of young professionals and families. Notable projects such as The Whitney and PALMTower promise to transform the skyline and enhance urban living.
Phoenix: Downtown Construction Boom with Over 5,200 New Apartment Units and Luxury High-Rises Set to Open by 2026
Downtown Phoenix is experiencing a significant construction boom, with more than 5,200 new apartment units under development. This surge represents a substantial proportion of the apartments built in the city post-pandemic, with one quarter of all recent constructions centralized in the downtown area.
Current analyses from RENTCafe rank downtown Phoenix as the 21st fastest growing downtown in the United States, underscoring its rapid development amid national trends. The majority of construction projects in the area are expected to wrap up by 2025, with ten high-rise mixed-use buildings scheduled to welcome residents this year.
New Developments and Construction Highlights
The high-rise buildings being developed in downtown Phoenix will feature apartments on upper floors while retail shops, office spaces, and restaurants will occupy the ground floors. Among the notable projects are the PALMTower at the Arizona Center, and two high-rises named Sol Modern and The Ray, both located on Central Avenue. A significant new project is the redesigned Central Station, which retains the footprint of the old bus terminal and will include a light rail station alongside ground floor retail and housing options—one for market-rate residents and the other dedicated to student accommodation.
Demographics and Housing Trends
These projects aim to meet the rising demand for housing driven by a diverse influx of newcomers to Phoenix, including young professionals, retirees, and families seeking the area’s affordable cost of living and favorable climate. Many of these newcomers begin their journey as renters, with many later transitioning to home ownership as they establish themselves in the community.
Despite a growing trend towards high-rise rentals, there is a noted decline in the development of condominiums, with existing units currently meeting buyer needs. Nevertheless, the city of Phoenix has successfully preserved its historic areas, permitting the coexistence of numerous single-family homes within the downtown and midtown regions.
The Whitney and Future Prospects
Among the ambitious projects underway is a new 24-story apartment tower named The Whitney, located at the intersection of Central Avenue and McDowell Road. This development will comprise 320 units, including 80 studios, 175 one-bedroom, and 65 two-bedroom apartments. The amenities provided at The Whitney will include a rooftop pickleball court, swimming pool, fitness center, sauna, and co-working space. Empire Group is also working to secure an anchor retail tenant, potentially a specialty grocery store, for the commercial area within the project.
The land for The Whitney was acquired at a price of $13 million from Donnelley Financial Solutions in March 2024, following the demolition of a previous office building on the site. Aspirant Development, a subdivision of Empire Group, is overseeing the construction of multiple high-rise towers, including plans for the upcoming tallest building in Phoenix.
Current Tallest Structure and Future Developments
As of now, the tallest building in Arizona remains the former Chase Tower, located at First and Van Buren, with a height of 483 feet. Visible construction activity for The Whitney is already in progress, further contributing to the skyline transformation of downtown Phoenix.
With the completion of these projects, downtown Phoenix is poised not only to enhance its residential capacity but also to bolster its status as a desirable location for living and working, thus continuing its ascension in the ranks of rapidly growing urban centers across the nation.
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Additional Resources
- AZ Big Media: Booming Downtowns
- Wikipedia: Downtown Phoenix
- AZ Central: 24-Story Apartment Tower
- Google Search: Phoenix Downtown development
- Copper Courier: Affordable Workforce Housing
- Encyclopedia Britannica: Phoenix Arizona
- KTAR: Apartment Complex in Downtown Mesa
- Google News: Phoenix Diverse Housing Trends
