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Posted on Feb 1, 2016 in Blog | 0 comments

Posh apartments going up on prime central Phoenix corner

Posh apartments going up on prime central Phoenix corner

Developer Lennar has started construction on The Muse at the northwest corner of Central Avenue and McDowell Road

New upscale apartments and a coffee shop are going up on one of central Phoenix’s most prominent vacant corners.

Developer Lennar has started construction on The Muse at the northwest corner of Central Avenue and McDowell Road.

The highly anticipated project will have 367 apartments, a fitness center with yoga room, dog washing room, pool with Zen garden, car charging stations and outdoor terrace with views of central Phoenix.

Press Coffee Roasters is opening a coffee shop at The Muse.  Salon D’Shayn is moving from another central Phoenix site into the new development.

Nathan Stum, development manager of Lennar Multifamily, said more people want the urban living experience in Phoenix.

The Muse is on a “high-profile corner, which is located in one of the city’s most culturally rich areas, neighboring the Phoenix Art Museum, Heard Museum and Arizona Opera,” he said.

Central Phoenix has become a hotspot for condo and apartment development. Several urban housing developments in the area are underway including Union@Roosevelt, en Hance Park and Portland On The Park.

An official groundbreaking for The Muse with Mayor Greg Stanton in attendance is planned for Dec. 10. Plans call for the development to be open to renters in March 2017.

Lennar paid $12.75 million for The Muse site last fall. Several housing projects have been planned at various times over the past few decades.

A group including Israel-based BSR Group sold the Phoenix corner to Lennar. BSR paid $25.6 million for the site during the housing boom in 2006. BSR had planned to build three residential towers with 1,200 apartments and retail.

Lennar, known as one the nation’s largest homebuilders, has expanded into the apartment and condo market. Its multifamily division developed the luxury apartment complex in Tempe called Skywater at Town Lake.

Apartments at The Muse will range from 506 to about 1,300 square feet. No estimate on rents yet.

Read the original article from AZ Central here.

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