Hatteras Sky Opens 23-Story Mixed-Use Development in Downtown Phoenix’s Roosevelt Row Arts District

Rendering of Hatteras Sky’s new project, Saiya, a 23-story mixed-use development in downtown Phoenix’s Roosevelt Row Arts District.

“Phoenix has seen dramatic growth, particularly in the downtown core, and we’re excited to help shape the skyline’s evolution,” said Oz Friedmann, senior director and general manager of development at Hatteras Sky.

Real estate development company Hatteras Sky and its financial partner Bridge Investment Group broke ground earlier this month on a 23-story mixed-use high-rise apartment project located at First Avenue and West McKinley Street in the heart of the Roosevelt neighborhood. Row of downtown Phoenix. Located just a 4-minute walk from the Central Avenue Valley METRO light rail station, the new project, named Saiya, will feature 389 multi-family residential units and 12,550 square feet of street-level retail, including the preservation of the historic McKinley Medical Office building.

“Saiya is a unique and compelling opportunity to bridge the gap between Phoenix’s housing supply and growing housing demand, while providing future residents with extraordinary access to the best in arts, parks, entertainment, food and beverages from Roosevelt Row as well as all that Downtown Phoenix has to offer,” said Oz Friedmann, senior manager and general manager of development at Hatteras Sky. “Phoenix has experienced dramatic growth, particularly in downtown, and we’re excited to help shape the horizon.”

Roosevelt Row has been named one of the best neighborhoods and arts districts in the country, making it a beloved cultural center for the Phoenix metro area and the state of Arizona. The creative, walkable district connects downtown Phoenix to many historic residential neighborhoods and is nationally known for its arts and cultural events, award-winning restaurants, galleries, shopping, festivals and music live. The area has fostered a downtown urban renewal with many rehabilitated historic bungalows and new infill projects, and the neighborhood is also a hotspot for local public and street art, and many photo opportunity destinations.

“Bridge is focused on multi-family developments as a way to revitalize underserved communities and provide essential, high-quality housing in growing regions of the country,” said David Coelho, IT director of Opportunity Zone strategy at Bridge. “The project fits well within our mandate and we are excited about our continued partnership with Hatteras Sky in a vibrant live/work/play neighborhood like downtown Phoenix.”

Plans call for a deck pool, a rooftop pool, elevated outdoor courtyards offering group seating, grills and play areas, a fitness center, game room, dog park and a rooftop kitchen and bar. Saiya will also include approximately 12,550 square feet of street-level retail and restaurant space. The first residential units are expected to be delivered in the summer of 2024. East West Bank and Poppy Bank are providing financing for the construction. JE Dunn will serve as general contractor for the project, which was designed by Shepley Bulfinch. RPA, an Ardurra company, is the civil engineer.

ABOUT HATTERA SKY

Hatteras Sky is a commercial real estate company focused on multifamily and hotel development in high-growth US markets. In addition to new building developments, we renovate, restore and reactivate our historic buildings. We pride ourselves on our ability to identify unique opportunities that deliver long-term value to our team, our investors and the communities we serve. While maintaining an entrepreneurial approach, we strive to uphold the highest standards of integrity, quality and partnership. We aim to create structures and communities that will be useful, beautiful and strong for generations. For more information about the company, its team and other projects, please visit the Hatteras Sky website.

ABOUT BRIDGE INVESTMENT GROUP

Bridge is a leading vertically integrated real estate investment manager, diversified across specialty asset classes, with approximately $38.8 billion in assets under management as of March 31, 2022. Bridge combines its national operating platform with dedicated teams of investment professionals focused on select US real estate. real estate verticals: residential leasing, offices, development, logistics real estate, net lease and mortgage backed by real estate. For more information about the company, please visit the Bridge Investment Group website.

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