Real estate development firm Hubbard Street Group and its partner Cresset Real Estate Partners have broken ground on new multifamily project in Phoenix in the US state of Arizona.
The 26-storey building, named Skye on 6th, is located on the southeast corner of 6th Street and Garfield Street in the Roosevelt Row Arts District.
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Planned for completion in summer 2023, the building will feature 309 units including studio, one- and two-bedroom, and penthouse units on the top residential floor.
Located in close proximity to highways, light rail, airport, and several office submarkets, the project will have approximately 6,500ft2 of ground floor space for retail.
Hubbard Street Group managing partner and chief investment officer Kage Brown said: “We believe Skye on 6th will establish a new standard of modern luxury living in Phoenix with a wellness-focused approach, efficiently designed units and an expansive amenity offering located in the heart of the burgeoning Roosevelt Row Arts District and adjacent to the Phoenix Biomedical Campus.
“We are extremely bullish on the Phoenix market and are excited to establish a local presence with Skye on 6th.”
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By GlobalDataClayco is serving as the general contractor for the Skye on 6th development, which is designed by Shepley Bulfinch.
Cresset founder and co-chairman Avy Stein said: “We’ve been investing in opportunity zones since day one and Skye on 6th is something that caught our eye immediately.
“It’s located near several transportation hubs and is surrounded by a growing and diverse set of employers, from cutting edge medical facilities, to universities, to a large legal and financial services presence and an emerging tech community.”
The amenities to feature in the new scheme include a pool deck with cabanas, fitness centre, yoga studio, steam room and sauna, co-working amenity area, outdoor amenity terrace, dog run, and party room.
The other amenities include chef’s grade kitchen for entertainers, package storage room, bicycles storage, indoor parking and storage lockers.
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The Skye on 6th building project is located within an opportunity zone in Phoenix. Credit: Business Wire.
