Hatteras Sky Breaks Ground on Development in Downtown Phoenix
By Claire Natale -
Wednesday Aug 31, 2022
Real estate development firm Hatteras Sky along with capital partner Bridge Investment Group broke ground earlier this month on a 23-story mixed-use high-rise apartment project located at First Avenue and West McKinley Street, in the heart of downtown Phoenixâ€™s Roosevelt Row neighborhood. Located only a 4-minute walk from the Central Avenue Valley METRO Light Rail station, the new project, named Saiya, will feature 389 multifamily residential units and 12,550 square feet of street-level retail, including the preservation of the historic McKinley Medical Office building.
â€œSaiya is a unique and attractive opportunity to bridge the gap between Phoenixâ€™s housing supply and soaring housing demand, while also providing future residents with extraordinary access to the best of Roosevelt Rowâ€™s arts, parks, entertainment, food and beverage district as well as all that Downtown Phoenix has to offer,â€ said Oz Friedmann, Principal and Managing Director of Development at Hatteras Sky. â€œPhoenix has experienced dramatic growth, especially in downtown, and we are excited to contribute to the changing skyline.â€
Roosevelt Row has been named one of the nationâ€™s best neighborhoods and art districts, making it a valued cultural hub for the Phoenix metropolitan area and the State of Arizona. The walkable, creative district connects Downtown Phoenix to many historic residential neighborhoods and is nationally known for its arts and cultural events, award-winning restaurants, galleries, boutiques, festivals, and live music. The area has fostered a Downtown urban renewal with many rehabilitated historic bungalows and new infill projects, and the neighborhood is also a hot spot for local public and street art, and many photo opportunity destinations.
â€œBridge focuses on multifamily developments as an avenue to revitalize underserved communities and provide high-quality, essential housing in growing parts of the country,â€ stated David Coelho, CIO of Bridgeâ€™s Opportunity Zone strategy. â€œThe project fits well within our mandate and we are excited about our continued partnership with Hatteras Sky in a dynamic live/work/play neighborhood like Downtown Phoenix.â€
Plans call for an amenity deck swimming pool, a rooftop pool, elevated outdoor courtyards offering group seating, grilling, and gaming areas, fitness center, game room, dog park, and rooftop kitchen and bar lounge. Saiya will also feature approximately 12,550 square feet of street-level retail and restaurant space. The first residential units are anticipated to be delivered in the summer of 2024. East West Bank and Poppy Bank are providing the construction financing. JE Dunn will serve as general contractor of the project, which was designed by Shepley Bulfinch. RPA, an Ardurra Company, is the civil engineer.
ABOUT HATTERAS SKY
Hatteras Sky is a commercial real estate firm focused on multifamily and hospitality development in high-growth American markets. In addition to ground-up new construction developments, we renovate, restore, and reactivate our historic buildings. We pride ourselves on our ability to identify unique opportunities that deliver long-term value to our team, our investors, and the communities we serve. While maintaining an entrepreneurial approach, we strive to adhere to the highest standards of integrity, quality, and partnership. We aim to create structures and communities that will be useful, beautiful, and strong for generations. For more information about the firm, its team, and additional projects, please visit the Hatteras Sky website.
ABOUT BRIDGE INVESTMENT GROUP
Bridge is a leading, vertically integrated real estate investment manager, diversified across specialized asset classes, with approximately $38.8 billion of assets under management as of March 31, 2022. Bridge combines its nationwide operating platform with dedicated teams of investment professionals focused on select U.S. real estate verticals: residential rental, office, development, logistics properties, net lease and real estate-backed credit. For more information about the company, please visit the Bridge Investment Group website.