Atlanta-based developer Hatteras Sky is building its first Phoenix project, a 23-story apartment tower near First Avenue and McKinley Street.
A luxury apartment complex beginning construction in downtown Phoenix will incorporate a 75-year-old former medical office building on the site.
The $184 million project will include 389 units, and is named “Saiya,” a Hindi name meaning “shadow,” the developer said.Oz Friedmann, principal and managing director for Hatteras Sky, said the company focuses on urban infill projects. The downtown Phoenix site was especially attractive because of the preservation and adaptive reuse opportunity of the building on the site, originally called the McKinley Club.
The McKinley Club was built in 1947 as a medical center for Drs. H.D. Ketcherside and Joseph Bank, and six other physicians, according to city documents. Restaurant owners and operators want to see progress on a development before leasing space, Friedmann said, but the company is hoping to attract businesses that will complement what already exists in the Roosevelt Row Arts District.
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