Situated at 440 E. Van Buren St., a one-acre parcel within the 16-acre Arizona Center is slated for the construction of a $100 million 31-story residential building, Phoenix's second tallest. Palm Court Tower is set to feature 350 luxury units, ranging from 500-square-foot studios to 1,300-square-foot three-bedroom apartments on top of a six-story parking garage. This new Will Bruder Architects designed building will join the $25M renovation currently underway at Downtown's Arizona Center.
The downtown location provides immediate access to the some of Phoenix's largest employers, along with sporting venues, upscale bars, restaurants and shopping destinations. The Arizona State University Walter Cronkite School of Journalism, ASU Center for Law and Society, and University of Arizona College of Medicine are all just blocks from Arizona Center.
The new tower will provide housing options for a large group of Arizona's workforce that seek living options closer to Downtown's expanding landscape. As reported by Elon Graves of Downtown Devil:
"Chris Chamberlain, a partner of North American Development Group, said the downtown Phoenix community pushed for the workforce housing units. He said the topic “repeatedly came up as a need in downtown” during discussions with city staff, council members and activists in the neighborhood.
Workforce housing provides affordable housing for households with annual incomes between approximately $39,000 and $59,000, according to Phoenix’s Economic Development Department. Typically, these households earn a combined income that is inadequate considering the cost of living in areas near their place of work.
In total, 35 of the 350 apartment units in Palm Court Tower will be classified as workforce housing. The price of the units will range from $1,000 to $1,200 and the sizes will vary in respect to income level."
Construction at Palm Court Tower will also begin later this year and the estimated time of completion is late 2020.