A groundbreaking ceremony was held for the construction of Saiya, a 389-unit mixed-use property in Phoenix. The development will be a 23-story structure with 12,550 square feet of retail and restaurant space on the ground floor.
Saiya in Phoenix is developed by Hatteras Sky, with financial partner Bridge Investment Group. The project is being financed by East West Bank and Poppy Bank, with JE Dunn being the general contractor.
The civil engineer is RPA, a company based near Ardurra.
Data from Yardi Matrix indicates that a few units at the Saiya in Phoenix will feature private balconies or patios. Additionally, the development will have a pool deck, rooftop pool, game room, fitness center, lounge bar and dog park.
Additionally, the high-rise development is located in the Roosevelt Row neighborhood of downtown Phoenix, specifically on First Avenue and West McKinley Street. From there, it would take about 4 minutes on foot to get to the Central Avenue Valley METRO Light Rail station.
Also Read: Sheraton Hotel Renovations in Downtown Phoenix Complete
Additionally, the location provides potential residents with quick, walkable access to the best of Roosevelt Row’s arts, parks, entertainment, food and beverage district. That’s according to Oz Friedmann, Senior Director and General Manager of Development at Hatteras Sky.
Friedmann added that, slated for delivery in the summer of 2024, Saiya in Phoenix will also provide easy access to all that downtown Phoenix has to offer.
The Saiya neighborhood in Phoenix
The neighborhood where Saiya in Phoenix is being developed has seen urban regeneration, restoring old bungalows and building new infill structures. However, the historic McKinley Medical Office building will be preserved by the community, designed by Shepley Bulfinch.
Additionally, one of the country’s best rent growth performers in 2021 came from the Phoenix metro area, which slowed in the first quarter of 2022. Bridge Investment Group has been slowly investing in the Arizona market this year . The company paid $178 million in July to buy a neighborhood in Tucson. In April, the company also purchased three multi-family homes, including two in Phoenix.