PHOENIX, AZ - Banyan Residential has announced the start of new construction at 5321 E. Washington in Phoenix, Arizona, marking the company's second ground-breaking in the area this year. Centrally located just east of the Loop 202 Freeway and directly adjacent to the Valley Metro light rail, the project will offer 223 market-rate apartment units to residents seeking luxury multifamily housing and proximate access to the downtown hubs of Tempe, Scottsdale, and Phoenix. The project is located in an Opportunity Zone, part of a revitalization program formed under the Tax Cuts and Jobs Act of 2017.
"We at the City of Phoenix are excited to see Banyan Residential start the development of this Opportunity Zone project," said Christine Mackay, Community and Economic Development Director for the City of Phoenix. "The strategic location of this development is driving additional interest in the area, and these projects are adding vitality, economic opportunity, and infrastructure improvement to our city."
Designed by local architect CCBG, the community will feature an industrial design motif and include a resort-style pool, fitness center, rooftop deck, mobile workspace hub, and fenced dog run area. Individual unit interiors feature stainless steel appliances, engineered stone countertops, and plank flooring, as well as glass showers and balconies in select units.
"Together with our exceptional partners at Mountain Pacific Opportunity Partners, we are excited to announce the start of construction at Banyan Washington," said Ben Brosseau, the founder of Banyan Residential. "This project will be a welcome addition to the fast-developing corridor along Washington."
Construction will begin in September, led by general contractor Hardison Downey. Banyan anticipates delivering first units for occupancy in late 2021.
Max Friedman, a partner at Banyan Residential, added "We are very pleased to announce the ground breaking, especially considering the massive impact that the COVID-19 pandemic has had on jobs across the region. Banyan Washington represents a significant financial investment in the Phoenix community, and will create 150 construction jobs for residents in the area. New apartments will help support the growing workforce in Phoenix, one of the leading markets in the US for job gains."