Having recently sold off The Stewart luxury apartment development on Central Avenue for $125.5M, The Empire Group/Aspirant Development is setting its sights on building Arizona’s tallest tower: The Astra Phoenix.
The proposed 47-story, 535-foot tower on 2nd Avenue is one of two planned for the development and will supplant the 483-foot Chase Tower as the tallest in the state.
Astra Phoenix will cost approximately $450M to build, according to Empire Group officials, with projected rents exceeding $3/SF. Groundbreaking is planned for next year, opening in 2024, and full completion in 2025.
The Opportunity Zone-located development will feature 400 luxury apartments and a 254-room luxury hotel in the north tower, with 200KSF of office and 295 co-living units in the south tower. Both will feature 18KSF of ground-floor retail and restaurant space.
The general contractor has not been named yet. The design team consists of Solomon Cordwell Buenz and CCBG Architects. (Source)