Another major high-rise development is officially underway in Midtown Phoenix.
Scottsdale-based Empire Group of Companies recently broke ground on The Whitney, a 24-story luxury apartment tower that will bring 328 new apartments and more than 22,000 square feet of retail space to one of Phoenix’s fastest-evolving urban corridors.
With an estimated development cost of $170 million, The Whitney represents one of the most significant multifamily projects currently under construction in the Valley and highlights continued investment in Midtown Phoenix despite recent challenges in the apartment market.
A New Landmark for Midtown Phoenix
The Whitney is being built at the southwest corner of Central Avenue and McDowell Road, directly across from the Phoenix Art Museum and The Phoenix Theatre Company.
The location places residents in the heart of Phoenix’s growing Arts District while providing direct access to the Valley Metro Light Rail. Residents will be just one stop away from Roosevelt Row, one of the most vibrant arts and entertainment destinations in Arizona.
The building’s name is inspired by New York City’s Whitney Museum of American Art, reflecting the project’s connection to the surrounding arts and cultural institutions.
What Residents Can Expect
When completed, The Whitney will feature:
- 328 luxury apartment homes
- More than 22,000 square feet of ground-floor retail space
- Rooftop pickleball court with skyline views
- Fitness center
- Coworking spaces
- Resident lounges and gathering areas
- Walkable access to light rail
- Proximity to museums, theaters, restaurants, and entertainment
The project is designed to appeal to professionals seeking an urban lifestyle with convenient access to employment centers, entertainment, and public transit.
A Major Investment in Urban Phoenix
Empire Group recently secured a $131.2 million financing package to move the project forward.
The financing includes:
- An $84.7 million senior loan from Axos Bank
- A $46.5 million mezzanine loan from Lionheart Strategic Management and Schroders Capital
Securing financing of this magnitude in today’s lending environment is noteworthy and demonstrates continued confidence from institutional lenders in Phoenix’s long-term growth prospects.
Why Midtown Phoenix Continues to Attract Investment
For years, Downtown Phoenix received most of the attention from developers pursuing high-rise projects. That trend has gradually expanded north into Midtown.
The Central Avenue corridor offers several advantages:
- Direct light rail access
- Proximity to major employers
- Established cultural amenities
- Walkability
- Limited development opportunities compared to suburban markets
As more residents seek urban living options, developers continue to invest heavily in projects that combine housing, retail, and transit-oriented design.
The Whitney is a textbook example of this strategy.
A Bold Bet on Phoenix’s Future
The timing of the project is particularly interesting.
Apartment developers across the Valley have faced pressure from a historic wave of new multifamily construction over the past several years. Rent growth has slowed, concessions have increased, and investors have become more cautious.
Despite these short-term challenges, Empire Group is making a substantial bet on the future of urban Phoenix.
The company currently has approximately $1.2 billion worth of apartment tower developments in its pipeline across four projects. In addition, Empire has another $1.07 billion in build-to-rent developments representing roughly 3,500 units across 15 Valley properties.
That level of investment suggests developers remain confident that Phoenix’s population growth and job creation will continue driving long-term housing demand.
What This Means for Renters
Projects like The Whitney increase housing supply and create additional options for renters who want an urban lifestyle.
While luxury developments are often criticized for their price points, new construction plays an important role in meeting demand and reducing pressure on older housing stock. As new units enter the market, residents gain more choices, helping improve overall market balance.
The Whitney is expected to become one of the most prominent residential towers in Midtown Phoenix and serves as another sign that Phoenix’s urban core continues to evolve into a more walkable, connected, and amenity-rich destination.
For residents, investors, and city leaders alike, it is another major milestone in the ongoing transformation of Midtown Phoenix.