What’s that new tower near Roosevelt Row in downtown Phoenix?

Article originally posted on AZ Central on December 1, 2025

Location: 777 N. Central Ave., on the southwest corner of McKinley Street in downtown Phoenix.

Description: A new apartment tower called Ray Phoenix is under construction near Roosevelt Row.

VeLa Development Partners, a Connecticut-based real estate developer, and Ray, an investment firm that supports multifamily projects, are partnering to build the 26-story high-rise that will include 401 apartments.

When complete, the building will sit about a block away from a Valley Metro light rail station and feature a host of amenities like a fitness center, yoga studio, a communal kitchen and fireplace lounge, co-working space and dog wash stations.

On the fifth floor, a pool deck will be available, featuring a hot tub, a cabana and views of downtown Phoenix.

About 4,500 square feet of ground-level retail space will be available for prospective businesses to lease.

A four-story parking garage is being built next to the tower.

The residential units include studios, one-bedroom apartments and two-bedroom penthouses, ranging in size from 386 square feet to 1,768 square feet. Monthly rents will start at nearly $1,800 and go as high as $7,340.

According to Ray, each apartment will feature floor-to-ceiling windows. Inside the penthouses, tenants will have spacious layouts, top-of-the-line appliances and a retractable wall of windows with panoramic views of Camelback Mountain and Phoenix’s skyline.

History: Ray, VeLa and their construction partners broke ground on the $180 million project in May 2024.

The companies have begun marketing the apartments, opening pre-leasing opportunities to prospective tenants.

When will the work be done? Ray Phoenix is expected to be open by spring 2026, according to the developers.