Developer The X Company is getting ready to break ground on Phase II of its X Phoenix co-living and multifamily development near 2nd Avenue and Van Buren.
Phase I began leasing earlier this year and has exceeded expectations, according to company officials.
X Phoenix consists of both traditional apartments and “co-living” units, where residents can lease a bedroom rather than an entire unit. The model is based on private student housing developments and has seen a high degree of acceptance in some smaller markets, particularly those with significant student populations transitioning out of college.
Co-living spaces allow residents to have space in a luxury apartment building at a lower price point that full unit rentals. According to the company website, monthly rents in a four-bedroom co-living unit range from $1,200-$1,400, while a traditional one-bedroom unit rents for $2,000-$2,345.
Phase I of X Phoenix has 300 units and includes leasing options for both rental types. Phase II is planned for 352 units in a 25-story building and will feature more co-living units than Phase I.
Non-residents have the option of paying $275/month to access X Phoenix’s amenities, including the pool and outdoor deck, restaurant and bar, fitness center and coworking space.
Construction is scheduled to start this month and finish in the summer or fall of 2024.
The X Company also plans to start construction later this year on Phase II of X Roosevelt, a 19-story, 370-unit development on 2nd Avenue between Fillmore and McKinley streets. Completion is targeted for Q4 2024. X Roosevelt will also feature both traditional and co-living rental options. (Source)
