Construction has started on a 30-story apartment tower called the Link Phx that will add to downtown Phoenix’s growing skyline.
The high-rise, going up on the northeast corner of Third and Pierce streets, will bring 257 apartments and 7,000 square feet of retail space to the area in August 2019.
Link Phx is one of several apartment or condominium towers planned or under construction in downtown Phoenix, including a 31-story residential tower on the Arizona Center's grassy lawn just a block away.
“The Link Phx will address the demand for rental residences that has been fueled by the influx of students to downtown Phoenix,” said JJ Smith, principal of Chicago-based CA Ventures, which is developing the project with Diamond Realty Investments, Mitsubishi Corp.’s real-estate division.
He said public and private investment and infrastructure projects such as light rail continue to "bring a new generation of young professionals to the downtown area."
Future plans call for the development to grow in three phases to 600 apartment homes and 21,000 square feet of retail space.
CA Ventures has developed several student housing apartment projects, including Rise on Apache in Tempe. But Link Phx isn’t a student-housing development, spokeswoman Sara Williams said.
The first Shepley Bulfinch-designed tower is going up on a 1.3-acre vacant lot that CA Ventures started piecing together through land purchases in 2014, according to property records. The developer has spent at least $3 million on the lot.
At a recent groundbreaking for the development, Phoenix Councilwoman Kate Gallego, who represents the area, said projects such as Link Phx will make downtown Phoenix a true live/work/play destination.
Rents for the apartments that will range from 450 to 1,450 square feet aren’t yet available.
The tower also will have 17 larger penthouses.