Empire Advancing Plans for State’s Tallest Tower
Empire Group of Companies, through its luxury urban infill division Aspirant Development, rebranded its Downtown Phoenix high-rise project from its working name, Astra, to Arro – a mixed-use development poised to become the tallest building in Arizona upon completion. Spanning approximately 1.8 million square feet, Arro will be anchored by a 541-foot tall north tower and a 425-foot tall south tower. The project is designed to include residential, hospitality, office and retail offerings
Arro will include The Optimist, a 250-key luxury lifestyle hotel concept planned for the north tower. The development will also feature a 380-unit Class A+ residential tower within the north tower, along with a rooftop restaurant. The south tower will include approximately 150,000 square feet of Class A office space, 30,000 square feet of retail and restaurant space, and a 275-unit luxury co-living component.
Diversified Partners is leading leasing efforts for the project’s retail . The project is expected to be permit-ready by the end of 2026, with an anticipated three-year construction timeline.
Other News
RK Investors Lands $81M Construction Loan for 299-Unit Charlotte Rental Community
An RK Investors-led team obtained an $81 million construction loan for Sutherland at Piper Glen, a 299-unit multifamily development underway in Charlotte’s Piper Glen neighborhood. The financing was provided by Western-Southern Life Insurance Company. The financing was arranged by Nate Sittema, Kristen Reilley and Elliott Voreis with CBRE’s Debt & Structured Finance team. Currently under...
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Pasadena Offices Sell for Residential Conversion
NAI Capital Commercial EVPs John S. Archibald and Guillermo Olaiz, alongside senior associate Stephen Lam of the Investment Services Group in the Pasadena office, represented the seller, Star Horizon, LLC, in the sale of ZK Plaza, a 41,586-square-foot office building in Pasadena. The property sold for $13,400,000, representing a 3.5% premium over asking. Located at...
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Berkadia Negotiates Student Housing Property Sale in Kansas
Berkadia announced the sale of Orchard Corners & Suites, a 139-unit, 264-bed, garden-style student housing property serving The University of Kansas in Lawrence, Kansas. Berkadia’s Student Housing and Kansas City investment sales teams collaborated to facilitate the transaction on behalf of the seller, Utah-based Redstone Residential. The Berkadia team included Senior Managing Directors Travis Prince...
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout