Empire Group breaks ground on $170M luxury apartment tower; plus more Valley residential deals Article originally posted on Phoenix Business Journal on May 27, 2026 Scottsdale-based Empire Group of Cos., through its luxury urban infill division Aspirant Development, has closed on a $131.2 million financing package and broken ground on The Whitney. Total development costs for the 24-story tower at the southwest corner of Central Avenue and McDowell Road in Phoenix are estimated around $170 million, Geoffrey Jacobs, managing partner of Aspirant Development, told the Business Journal. The 328-unit apartment community will include more than 22,000 square feet of ground floor retail. It is diagonally across the street from the Phoenix Art Museum and The Phoenix Theatre Co. Positioned within Phoenix’s evolving Arts District, it is directly across the street from the McDowell Road light rail station, placing residents one stop from the Roosevelt Row Arts District. The project’s name pays homage to the Whitney Museum of American Art in New York, a nod to Phoenix’s growing arts and culture scene, Jacobs said. Amenities will include a rooftop pickleball court with city views, a fitness center, coworking and lounge spaces throughout the building. Financing for the project was arranged by Way Capital, which includes an $84.7 million senior loan from California-based Axos Bank and a $46.5 million mezzanine loan from Lionheart Strategic Management and Schroders Capital, the private assets division of Schroders. The project in midtown Phoenix is part of a $1.2 billion in total development costs the Scottsdale developer has on its plate across four apartment tower projects. It also has another $1.07 billion in build-to-rent projects totaling 3,500 units across 15 properties in metro Phoenix. • Originally listed for $5.75 million, the 23-unit Playton Place has dropped in price to $4.9 million. The apartment community at 3625 N. 16th St. is 100% occupied, said Jim Kasten, team leader for Coldwell Banker Commercial Investment Group. Kasten and Rick Kehm are co-listing agents for the seller. “The owner knows our market is still under pressure from the new apartment construction and lender rates are still up a bit,” Kasten said. “The only reason for selling now is to raise money for family issues.” The owner paid $5.6 million for the property a couple of years ago. “Since no one believes proforma numbers, we recently dropped the price to $5.2 million,” Kasten said. “Still with no offers, we dropped again to $4.9 million. In reality, in our ugly market this is a fair price, even using typical expenses for this size property. The property is great. The owners are in a financial bind that has nothing to do with the property.” Find Complete Article Here: https://www.bizjournals.com/phoenix/news/2026/05/27/real-estate-roundup-empire-group-the-whitney.html