The Moontower Phoenix apartment property was completed in 2023 after developer LV Collective underwent two years of significant challenges including construction supply chain disruptions, labor shortages and struggles in finding willing investment partners in the middle of a pandemic.
The finished product has 326 rental units along with other elements designed to complement features in the surrounding Roosevelt Row neighborhood, where several developers have transformed older downtown commercial buildings into a walk-friendly arts district with galleries, restaurants, bars and shops.
Moontower Phoenix has a curated art collection spotlighting local artists along with an artist-in-residence program that lets seven artists live rent-free with access to on-site creative spaces. There is also a fireplace lounge, a ground-floor cafe serving fresh-ground espresso and a lobby evoking a boutique hotel.
For its design elements and amenities that are well matched to its surroundings in a burgeoning downtown neighborhood, a panel of local judges selected the project for a 2024 CoStar Impact Award in the category of multifamily development of the year for Phoenix.
About the Project: The 24-story Moontower Phoenix is at 811 Third St. in downtown's Roosevelt Row neighborhood.
What the Judges Said: "True to the area, inviting seven local artists to live rent-free in exchange for adding to the local creative culture fulfills the artistic spirit of the area," said Jeff Foster, regional vice president and market officer for global logistics developer Prologis. ViaWest Group Founding Partner Steven Schwarz called the on-site artist program "really unique, creative and good for the community" in an urban infill project "that seems very well developed." Realty Economic Advisors Senior Vice President Stephen Leach lauded a building design "that fits the character of the neighborhood."
UPDATED They Made It Happen: Alex Drake, Chelsea Kloss, Payton DeMarco, Nathan Seaworth, Taylor Haymour, Brendan Morrow, Francisco Rios, David Kanne and Kendall Guinn of developer LV Collective; Alison Rainey of architecture firm Shepley Bulfinch; Julia Dubcak of design firm Michael Hsu Office of Architecture; Bill McCarthy of contractor JE Dunn Construction. Greystar is the property manager.