Chicago Developer Quietly Prepping Land for 19-story Apartment Tower in Downtown Phoenix

Chicago-based The X Co. is quietly prepping a small vacant parcel in downtown Phoenix to build a 19-story residential tower.

The developer of the 100% leased X Phoenix a few blocks away at Van Buren Street and 2nd Avenue is planning to break ground in the next few weeks on X Roosevelt, a 19-story tower totaling 400 beds at 625-629 N. 2nd Ave.

The X Co. paid $2.85 million to an entity tracing to Fred Orr in September 2020 for the 0.64-acre parcel south of the southwest corner of Central Avenue and Roosevelt Street, according to Tempe-based Vizzda LLC real estate database.

That was around the time when the developer began construction of X Phoenix, which spans an entire city block bounded by Van Buren, Second Avenue, Monroe Street and Third Avenue.

The first phase of X Phoenix is fully stabilized, said Ben Brichta, partner with The X Co.

The second phase adding 592 beds spanning 25 stories is underway and expected to be completed next year.

Total development costs for both phases of X Phoenix and the new X Roosevelt a few blocks away are around $500 million, Brichta said.