Developer plans 25-story apartment building in downtown Phoenix

PHOENIX — An international real estate company has announced plans to build a 25-story apartment complex in busy downtown Phoenix, to be ready by 2020.

The 379 units at Third and Jefferson streets near Talking Stick Resort Arena will be the first multifamily project in the Valley for Texas-based Hines.

Just a month ago, luxury homebuilder Toll Brothers said it would have nearly 500 units opening near downtown in 2020.

The area, Chris Anderson, managing director and Arizona leader for Hines, said in a Thursday statement, “is currently experiencing a tremendous renaissance.”

The multifamily complex, targeted at downtown professionals, was expected to have 75 studio, 179 one-bedroom and 125 two-bedroom residences.

The second floor was to include a large outdoor swimming pool, private conference areas, a fitness center and a community kitchen.

Residents will be able to park on-site in an existing three-story underground garage.

Privately owned Hines already has another residential project on the books in metro Phoenix. Last year the company signed on to build a gated community in north Scottsdale, its inaugural residential project in Arizona.

Thirty-one single family lots were going to be spread over 40 acres near 128th Street and Alameda Road.

Hines has offices around the world, including San Francisco, Moscow, London, Beijing, Sydney and Sao Paulo.

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