ARIZONA NEWS

Arizona’s tallest apartment tower finally on track to start construction

Apr 15, 2024, 4:05 AM

Stretching 541 feet skyward, the Astra will be the tallest tower in Arizona. (Aspirant Development ...

Stretching 541 feet skyward, the Astra will be the tallest tower in Arizona. (Aspirant Development Rendering)

(Aspirant Development Rendering)

Aspirant Development has unveiled new architectural renderings of what is slated to become Arizona’s tallest tower.

Plans now call for a construction start date in the first or second quarter of 2025, with leasing to begin in late 2027 for residents and mid-2026 for office and retail tenants, said Geoff Jacobs, partner with Aspirant Development, which is part of The Empire Group of Cos.

Last summer, the Scottsdale-based developer received Phoenix City Council approval for a Government Property Lease Excise Tax agreement, or GPLET, allowing Aspirant to convey title of the property to the city when it is issued a certificate of occupancy. At that point, the city will lease the property back to the developer for up to eight years, while taxes on the project are abated during that time.

The project actually involves a pair of towers. A 44-floor residential tower is approved for 541 feet, surpassing the former Chase Tower at 483 feet. A second tower will span 34 floors and rise 424 feet high, Jacobs said.

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

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Arizona’s tallest apartment tower finally on track to start construction