First Multifamily Project Hines will Develop in the Phoenix Area
PHOENIX, ARIZ. – Hines, the international real estate firm, announced plans to build a 25-story, 379-unit luxury multifamily complex in downtown Phoenix. Located near Talking Stick Resort Arena, home of the Phoenix Suns, the development will be the firm’s first multifamily project in the Phoenix area. Hines has completed the purchase of a 1.5-acre site and received zoning approval from the City of Phoenix. Hines represented itself in the transaction and Jim Fijan at Fijan Advisors, LLC, represented the seller. Construction of the 480,000-square-foot building is expected to commence in the first quarter of 2019 and finish in the fourth quarter of 2020.
“Hines is thrilled its first venture into multifamily in Arizona will be with a luxury, high-rise building in the heart of downtown Phoenix which is currently experiencing a tremendous renaissance,” said Chris Anderson, managing director and Arizona leader for Hines. “We will offer stunning views, highly desirable amenities, immediate access to an exciting entertainment district and also the light rail.”
The complex will be located on the Northwest corner of Jefferson and Third Streets near the Bank of America office tower (Collier Center), directly across from Talking Stick Resort Arena and near the light rail–ideal for residents who want to enjoy the downtown lifestyle. The multifamily complex is expected to have 75 studio, 179 one-bedroom and 125 two-bedroom residences.
The building will also offer spectacular views with floor-to-ceiling windows. Plans call for the second floor, overlooking Jefferson Street, to have an outdoor junior Olympic-size swimming pool, a 2,800-square-foot fitness center, indoor great room with private and group seating, private conference areas and a community kitchen. Also on the second floor, overlooking Third Street, will be elevated outdoor courtyards with an outdoor kitchen, firepits with group and private seating and landscaped gardens. Directly next to the main lobby on the street level will be a dog spa, bike storage, a coffee bar and a concierge service. In addition, the building is expected to have approximately 4,500 square feet of retail or restaurant space on the street level at the corner of Jefferson Street and Third Street.
Three levels of underground parking currently exist at the site which will be used for resident parking. Hines will renovate 10,000 square feet of existing office space and lease it.
Hines will target professionals working in downtown as well as residents who live in other parts of the Phoenix area and want to live in the evolving high-energy, amenity-rich center of downtown Phoenix.
In May 2018, Hines announced it was breaking ground on its first Class A self-storage facility in Gilbert and plans to build three to five more a year in well-populated growing suburban areas with high incomes. In April 2018, Hines topped out the Offices at Chandler Viridian, the capstone to Chandler Viridian, a 25-acre mixed-use development. The Chandler Viridian master plan development includes the Offices at Chandler Viridian, a Cambria hotel & suites, Broadstone Fashion Center luxury apartments, sophisticated retail offerings at Chandler Viridian PRIMEGATE and a pedestrian promenade to the Chandler Fashion Center mall. In September 2017, Hines announced its first residential project in the state, called Asteria Highlands. The new gated neighborhood in North Scottsdale will include 40 acres and 31 single-family lots.Also in the Phoenix market, Hines owns Kierland One, a Class A 175,441-square-foot office building in the North Scottsdale Airpark submarket, and Goodyear Crossing II, a Class A industrial warehouse in Goodyear. Hines provides property management services for Renaissance Square, a two-building, high-rise office complex in downtown Phoenix.
Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 207 cities in 24 countries. Hines has approximately $116.4 billion of assets under management, including $64 billion for which Hines provides fiduciary investment management services, and $52.4 billion for which Hines provides third-party property-level services. The firm has 109 developments currently underway around the world. Historically, Hines has developed, redeveloped or acquired 1,319 properties, totaling over 431 million square feet. The firm’s current property and asset management portfolio includes 527 properties, representing over 224 million square feet. With extensive experience in investments across the risk spectrum and all property types, and a pioneering commitment to sustainability, Hines is one of the largest and most-respected real estate organizations in the world. Visit www.hines.com for more information.