Developer gets preliminary approval for 21-story downtown Phoenix building

A long-planned mixed-use tower near Phoenix’s Roosevelt Row district has received preliminary approval, paving the way for another major project to rise near Phoenix’s buzzy cultural district.

The 21-story high-rise would comprise 320 rental units on a 1.6-acre parcel at 1101 N. 1st St. The 493,034-square-foot building would include four levels of parking; 5,537 square feet of ground-floor retail; and amenity spaces on the first floor, fifth floor and 21st floor — which would also feature terraces and a pool deck, according to documents obtained by the Business Journal. The ground level is set to include a sport court with a TV gathering area; a dog run and dog wash; work-from-home space and a bike room.

The project received preliminary approval from the city on May 26, during a site plan review meeting.

Five years ago, Chicago-based JRG Capital Partners acquired the 1.61-acre property in downtown Phoenix, marking the company’s first real estate acquisition outside of its home state. JRG Capital paid Arizona Moreland Developments LLC $7.75 million for the property, which sits on the northeast corner of First and Portland streets.

This story is posted in partnership with Phoenix Business Journal. Click to read the full story.

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