Empire Group of Cos. has closed on a $131.2 million financing package and broken ground on The Whitney.
The Phoenix Business Journal reports total development costs for the 24-story tower at the southwest corner of Central Avenue and McDowell Road in Phoenix are estimated at around $170 million. Financing includes an $84.7 million senior loan from Axos Bank and a $46.5 million mezzanine loan from Lionheart Strategic Management and Schroders Capital.
The 328-unit apartment community will include more than 22,000 square feet of ground-floor retail. Amenities will include a rooftop pickleball court with city views, a fitness center, coworking and lounge spaces throughout the building.
It is diagonally across the street from the Phoenix Art Museum and the Phoenix Theatre Co. The project gets its name from the Whitney Museum of American Art in New York, a nod to Phoenix’s growing arts and culture scene.
