The land has now been purchased for the coming construction of what is expected to be the tallest high-rise in the state of Arizona.
The 2.8-acre site, located near Second Avenue and Van Buran Street in downtown Phoenix, was purchased for $9.2 million by Scottsdale-based Aspirant Development.
Months in the planning stage, the $420 million project will actually see the construction of two towers, with the tallest topping out at 535 feet. That’s more than 50 feet higher than the record-holder, the Chase Tower, also in Phoenix, which was built in 1972.
The second new tower will reach 380 feet.
Combined, the two towers will comprise some 1.8 million square feet, with nearly 400 luxury apartments and a 254-room four-star hotel.
Plans are additionally calling for 290 co-living units, 15,000 square feet of restaurant and retail space, and 190,000 square feet of Class A office space.
What is being called the Astra Phoenix, on a site that is currently a parking lot, won the approval of the Phoenix City Council in November.
Work is expected to begin on the project in sometime in the third quarter of 2021.
By Garry Boulard
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