The Phoenix skyline continues to rise as the Ray & VeLa mixed-use tower reaches its topping out milestone. This project marks another major investment in downtown’s residential growth—adding both height and housing to one of the nation’s most dynamic multifamily markets.
Project Highlights:
- Location: 777 N. Central Avenue, Downtown Phoenix
- Developer: Transwestern Development Company, with co-investor Allstate
- Design & Construction: ESG Architects and Clayco
- Structure: 26 stories tall, over 600,000 square feet
- Units: 401 multifamily apartments, branded as Ray and VeLa
- Ground-floor retail: 12,550 sq. ft. of commercial space
- Parking: 280 structured parking spots
Amenities Include:
- Two separate lobbies and clubhouses
- Sky lounge, fitness center, pool deck
- Coworking areas and event kitchens
- Package lockers and smart access control
Target Audience:
- Young professionals, remote workers, and students seeking urban lifestyle
- Positioned to meet rising demand from Arizona State University’s downtown campus and nearby employment hubs
Broader Implications for Investors:
- Reflects strong investor confidence in Phoenix’s urban core
- Responds to growing demand for rental housing, especially with tech, healthcare, and education growth downtown
- The project aligns with the trend of high-density, amenity-rich developments in walkable neighborhoods