In the first week of May the construction fence went up and building started on what will be known as “Elevation Central,” a 266-unit, multi-family complex. Bruce Hart, an executive team member with Vedura Residential Operating LLC, says the development company plans to open in 15 months and all the construction is expected to be completed in 18 months.
Located on 3.4 acres at the southwest corner of Central and Highland avenues, just south of Camelback Road, it will face Central Avenue and lie directly west across Central Avenue from Brophy College Preparatory school.
“It incorporates some of the Brophy architecture across the street,” says Hart. “We wanted an exciting entry,” he adds. So a two-story storefront glass widow will showcase the entry and “provide great views into the lobby, fitness center and leasing office,” he explains.
For rent will be a range from studios to two-bedroom, two-bath units; rents will range from $850 to $1,500 a month.
The property is located between two light rail stops for easy access to downtown Phoenix, sporting events and jobs, a great benefit for tenants, Hart points out. It’s also just south of the shopping center which houses Hula’s Modern Tiki and Swirl, as well as other retail stores.
“Riding by on the light rail, you’ll see the energy,” Hart says. What you won’t see is the six-story parking garage. “It’s what we call a wrap,” he explains. Residents will enter off of Highland or Coolidge and drive to the level where they live. The garage will have climate-controlled corridors for folks to walk to and from their parking spot. Street level parking also will available.
Future residents can choose from three finishes. Each unit will have granite counter tops, vinyl wood plank floors and stainless steel appliances. There also will be on-site recycling.
Amenities include a fitness center, swimming pool deck, an outdoor fireplace and gas grills for barbecuing. The rooftop deck faces south and will have a negative edge fountain.
“We’ll have green building components,” Hart says, which include low-flow plumbing, Energy Star appliances, Low-E windows and the use of Low-C paints.
This property sat vacant for a number of years and until recently was used by Brophy students and the adjacent shopping center for overflow parking.
Vedura purchased the property from Sunbelt Holdings Inc. for an undisclosed price; Sunbelt paid $2.9 million for the site in 2010. It was previously zoned for high-rise development.
Vedura first submitted its development plans to the city in August 2012 and received final approval from the Phoenix City Council in April 2013.